Seoul City Significantly Increases Interest-Free Loans Up to 60 Million KRW for 'Energy Efficiency Improvement Home Repairs'

Seoul City Signs Agreement with Shinhan Bank to Support Housing and Building Energy Efficiency Loans... Applications Open from the 26th

[Asia Economy Reporter Lim Cheol-young] Seoul City announced on the 25th that with Shinhan Bank newly participating in the Building Energy Efficiency Project (BRP), the loan support limit for the housing sector has been significantly increased from the original 15 million KRW to a maximum of 60 million KRW.

Seoul City has been promoting the '2021 Building Energy Efficiency (BRP) Loan Support' project since April this year, providing interest-free loans for energy efficiency improvement works in private buildings and houses. To expand the choice of financial institutions available to citizens, an agreement was signed with Shinhan Bank, allowing loan applications to be submitted to Shinhan Bank starting from the 26th.

With the agreement with Shinhan Bank raising the loan support limit for the housing sector, Seoul City expects to reduce citizens' self-payments and prevent the use of substandard materials.

The support target is buildings that are more than 10 years old as of the application date, and the loan must be repaid in equal principal installments within 8 years. Applications are accepted through the Seoul City Building Energy Efficiency Project online loan and subsidy application website. Once the application is received, the Seoul City Loan Review Committee holds a review to assess suitability and feasibility, and after the construction is completed, the construction costs can be supported according to the loan procedures of the contracted financial institution.

Yoo Yeon-sik, Head of Seoul City Climate and Environment Headquarters, said, “In order to respond to the increasingly severe climate crisis, the efforts of each citizen to reduce greenhouse gases are urgently needed,” adding, “We hope for active interest and participation from citizens in the Building Energy Efficiency Project, which not only reduces greenhouse gases but also saves heating and electricity costs. Seoul City will promote building greenhouse gas reduction policies that reflect field demands, including the development of various financial products.”

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