Busan Bank Signs Financial Support Agreement to Promote Youth Rental Housing Project

Loan Support for Local Youth Rental Housing Supply Project, with Planned Fee and Interest Rate Benefits

From the left in the photo: Bindaein, President of BNK Busan Bank; Byun Seongwan, Acting Mayor of Busan Metropolitan City; Lee Jeonghwan, President of Korea Housing Finance Corporation; Seong Seokdong, President of Busan Branch of Korea Housing Construction Association. (Photo by BNK Busan Bank)

[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] BNK Busan Bank announced on the 16th that it signed a "Financial Support Business Agreement for the Activation of the Busan Dream Apartment Project" with Busan Metropolitan City, Korea Housing Finance Corporation, Woori Bank, and the Korea Housing Construction Association (Busan Metropolitan City Chapter) at Busan City Hall.

Through this agreement, Busan Bank plans to promote the activation of the project by providing loan support and preferential treatment on fees and interest rates for the youth rental housing supply project involving local construction companies, thereby revitalizing the local economy and supporting housing stability for newlyweds and young adults starting their careers.

Additionally, Busan Bank plans to expand financial consultation and support for local construction companies wishing to participate in the youth rental housing construction project through its five real estate development specialized branches operating in the central commercial areas of Busan.

The agreement institutions will collaborate organically as follows: ▲ Busan Metropolitan City will provide administrative support such as easing floor area ratio and height restrictions through the Dream Apartment policy and simplifying other permit procedures ▲ Korea Housing Finance Corporation will support loan guarantees from banks and the Housing and Urban Fund for construction businesses ▲ Woori Bank will provide construction cost support using Housing and Urban Fund loans ▲ The Korea Housing Construction Association will promote the Dream Apartment project to its local construction member companies to activate the project.

Lee Seung-je, Head of IB Business Division at Busan Bank, stated, "We will fulfill our social responsibility as a representative local bank by providing financial support to local construction companies wishing to supply youth rental housing and contributing to alleviating housing instability among young people."

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