Gwangju City, Additional Recruitment for Youth Customized Lease Deposit Interest Support Beneficiaries

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 16th that it will additionally recruit candidates for the ‘2020 Youth Customized Housing Lease Deposit Interest Support’ project until the budget is exhausted.

This project supports lease deposit loans and interest on the loans to reduce the housing cost burden for job seekers and young workers who find it difficult to save a large sum of money. According to the business agreement signed in April, Korea Housing Finance Corporation is responsible for housing finance credit guarantees, and Gwangju Bank handles loan execution and management.

Eligibility requires applicants to be non-homeowners with a registered address in Gwangju, aged 19 to 39 as of the loan execution date, including university (graduate) students, job seekers, employees, and entrepreneurs who meet the annual income criteria.

The loan limit is the smaller amount between up to 70 million KRW or 90% of the housing lease deposit under 150 million KRW. The city supports 2% of the 2.5% loan interest, so selected applicants only bear an annual interest rate of 0.5%.

However, beneficiaries of public housing support policies such as housing benefits, Korea Land & Housing Corporation (LH) rental housing, Butimok Jeonse loans, and Small and Medium Enterprise Youth Jeonse loans are excluded.

Applications are accepted from the 17th until the budget is exhausted. Document screening and loan review will be conducted in the order of document submission through the Gwangju city website, and interest support is confirmed only for those who execute the loan within three months from the completion date of document screening.

Son Ok-su, head of the Youth and Adolescents Division of the city, said, “We hope this will help young people, such as job seekers and low-income entrepreneurs who face a heavy burden of housing costs, to settle stably as members of our local community.”

This content was produced with the assistance of AI translation services.