Daejeon City Provides Interest Support for Youth Housing Lease Deposit Loans

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City announced on the 26th that it will recruit applicants to participate in the ‘Youth Housing Lease Deposit Interest Support Project’ from the 1st to the 10th of next month.

The project targets youth preparing for independence such as students and job seekers, as well as young workers, self-employed individuals, and freelancers who need residential support.

Applications are open to youth whose address is in Daejeon or who attend school or work at a business located in Daejeon.

Starting next month, the city plans to recruit applicants monthly from the 1st to the 10th, selecting beneficiaries after eligibility screening based on age, income, and other criteria. Afterwards, selected applicants will undergo loan screening at Hana Bank branches.

After the loan screening, beneficiaries can receive interest support when renting housing in Daejeon with a lease deposit of up to 150 million KRW. Of the 3.8% loan interest rate, the city covers 2.9%, and the beneficiary only pays the actual 0.9% interest.

Park Ji-ho, head of the Youth Policy Division of the city, said, “We hope this support project will help reduce the burden of monthly rent and deposit costs for local youth and assist their independence,” adding, “The city will continue to strive to prepare various support measures for local youth.”

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