Gwangyang-si Implements Rural Housing Improvement Project This Year

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Gwangyang City announced on the 22nd that it will promote the ‘2021 Rural Housing Improvement Project’ to improve the residential environment in rural areas and encourage population inflow.

The Rural Housing Improvement Project is a system that supports low-interest loans from lending institutions (Nonghyup) of up to 200 million KRW for new construction (up to 100 million KRW for repair or extension) when building or renovating a detached house with a total area of 150㎡ or less in rural areas.

Eligible applicants include those without housing living in rural areas, those renovating their own old houses, those relocating from urban areas to rural areas, and farmers who wish to provide housing for the welfare of domestic and foreign workers.

The first application period is from the 22nd to the 26th and can be submitted by the head of household or spouse through the town, township, or neighborhood office. The loan amount is calculated based on the appraised value of the renovated house and Nonghyup’s credit regulations.

The loan interest rate can be chosen between a fixed rate (annual 2%) or a variable rate (financial institution’s announced rate), and the repayment conditions can also be selected between a 1-year grace period with 19 years of installment repayment or a 3-year grace period with 17 years of installment repayment.

Additionally, those selected as housing improvement beneficiaries will receive benefits such as acquisition tax reduction and a 30% discount on cadastral survey fees.

Lee Eun-gwan, head of the Architecture Department, said, “We will provide benefits to citizens who need loans when constructing rural houses to realize residential welfare through improving the residential environment in rural areas, enhance the quality of life for rural residents, and promote revitalization of rural areas through population inflow.”

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