Seongnam City Supports Up to 50 Million KRW for Jeonse and Monthly Rent Deposits to Stabilize Youth Housing

[Asia Economy (Seongnam) = Reporter Lee Young-gyu] Seongnam City in Gyeonggi Province will support loans for housing rental deposits of up to 50 million KRW to help young people stabilize their housing. It will also support 3% interest on the loan amount.

To this end, Seongnam City signed a business agreement with Korea Housing Finance Corporation and NH Nonghyup Bank Seongnam Branch on the 1st, and will accept applications from 50 eligible young people through the Seongnam City website from the 5th to the 30th.

Eligible applicants are unmarried, single-person young household heads aged 19 to 34 as of the application date who do not own a home.

Applicants with current income must have an annual income of 40 million KRW or less, and those without income must have parents with an annual income of 70 million KRW or less to receive support for rental deposit loans and interest.

The eligible housing includes houses or residential officetels located in the area with a exclusive area of 60㎡ or less, rental deposits of 150 million KRW or less, and monthly rent of 700,000 KRW or less.

After Seongnam City’s qualification screening, applicants must pass loan screening by Korea Housing Finance Corporation and NH Nonghyup Bank Seongnam Branch to be finally selected as beneficiaries and receive related support.

The loan repayment period is a lump-sum payment at maturity after 2 years, with two possible extensions for a maximum of 6 years. Interest support from Seongnam City continues during the repayment extension period.

A city official stated, "We expect that the housing rental deposit loan and interest support project will provide practical help for young people taking their first steps into society to stabilize their housing."

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