Namwon-si Expands Support for Newlywed Couples' Jeonse Loan Interest

Published 09 Jul.2021 11:51(KST)

[Namwon=Asia Economy Honam Reporting Headquarters Reporter Jeong Young-kwon] Namwon City, Jeonbuk (Mayor Lee Hwan-joo) announced on the 9th that it will expand support for the "Jeonse Loan Interest Support Project" to stabilize housing for newlywed couples in the region.

This project was first implemented last year targeting newlywed couples without housing, providing loan interest support to 30 households in the previous year and 15 households in the first half of this year, receiving great response from newlywed couples feeling the burden of housing costs.

The city expanded the loan interest support target from newlywed couples within 5 years of marriage registration to those within 7 years, and additionally included young workers aged 19 to 39 to help establish a stable residential base, significantly broadening the support target.

Also, to address the current situation where housing cost burdens are increasing for low-income groups due to soaring Jeonse prices, the city removed the exclusion of those who received loans from the Housing and Urban Fund from the exclusion list, easing support criteria so that more beneficiaries can receive assistance.

The support targets for Namwon City's Jeonse loan interest support project are newlywed couples without housing whose combined income is below 95 million KRW per year and who are within 7 years of marriage registration, and unmarried youth aged 19 to 39 with an annual income below 50 million KRW, all of whom must reside in the jurisdiction as of the announcement date.

The support amount can be up to 3% of the loan balance, with a maximum of 2 million KRW per year.

However, recipients of basic livelihood, medical, or housing benefits, residents of public, national, or purchased rental housing, and general or credit loan borrowers are excluded from support.

Mayor Lee Hwan-joo said, "We will actively discover and promote various housing support projects to reduce the housing cost burden on young people," adding, "We hope to create an environment where young people do not avoid marriage and childbirth due to economic problems, helping to make Namwon a good place to marry and live."