Suncheon City Supports Youth Settlement by Reducing Housing Cost Burden

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Suncheon City (Mayor Heo Seok) announced on the 8th that it is recruiting applicants for the ‘Newlywed Couple Housing Jeonse Loan Interest Support Project,’ which is being implemented to alleviate the housing cost burden for young people.

The Newlywed Couple Housing Jeonse Loan Interest Support Project targets newlywed couples without a house who both have their address registered in Suncheon City as of the application date and have been married within 5 years from the date of marriage registration. It supports the loan interest on housing jeonse funds up to 100,000 KRW per month for 2 years.

The city relaxed the combined income criteria for couples to 75 million KRW or less to reduce the housing cost burden for more newlywed couples, and this year expanded the scope of loan banks from the previous 2 banks to all commercial banks.

A Suncheon City official stated, “We hope this project will help increase the disposable income of young newlywed couples during the difficult times of COVID-19.” He added, “With the expansion of financial institutions and relaxation of income criteria, we expect more newlywed couples to benefit, which will help young people settle in Suncheon.”

Meanwhile, the newlywed couple jeonse loan interest support project is a pledge project of Mayor Heo Seok during the 7th local government term and has been implemented since 2019, benefiting about 70 households to date.

For more detailed information about the recruitment of applicants, please visit the Suncheon City website or contact the Youth Support Team of the Investment and Job Creation Division of Suncheon City.

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