Daejeon City Lowers Interest Rates and Expands Eligibility for Youth Housing Lease Deposit Support

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Starting next month, Daejeon City will lower the interest rate for the ‘Youth Housing Lease Deposit Interest Support Project’ and include young couples as eligible beneficiaries.

The project provides loan recommendations and interest support benefits to young people who need housing support while preparing for independence, after undergoing certain qualification screenings.

Eligible individuals are young people whose registered address is in Daejeon or who are enrolled or employed at schools or workplaces located in Daejeon.

The city assists eligible youth with loans for lease deposits of monthly or yearly rental housing and residential officetels (including those planned for contract) with lease deposits up to 150 million KRW within Daejeon.

In particular, starting next month, the total interest rate will be reduced from 3.8% to 3.0%, and the youth’s self-burden interest rate will also decrease from 0.9% to 0.7%, thereby easing the housing cost burden for young people, according to the city.

Additionally, the scope of eligible beneficiaries, which was previously limited to ‘unmarried’ youth, will be expanded so that ‘young couples’ can receive the same benefits starting next month.

However, support is only available if the combined income of the young couple is 60 million KRW or less, and both spouses are aged between 19 and 39 years old.

Park Ji-ho, head of the Youth Policy Division of the city, said, “We hope this support project will help improve the living conditions of young people,” and added, “We ask for the interest and applications of local youth.”

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