Chungnam Increases Youth Housing Stability Loan Amounts to a Maximum of 70 Million Won

[Asia Economy (Naepo) Reporter Jeong Il-woong] Chungnam Province will increase the maximum loan amount to 70 million KRW and support part of the interest this year to help stabilize housing for young people.

On the 18th, the province announced that applications for the "Youth Housing Lease Deposit Interest Support Project" will be accepted starting from the 24th.

This year, the loan limit that local youth can receive under the name of lease deposit will increase by 20 million KRW from last year's 50 million KRW.

The eligible housing will also be expanded from houses priced under 100 million KRW to those under 150 million KRW, including rental and monthly lease types as well as residential officetels.

Additionally, the application eligibility conditions have been relaxed so that any young person aged 19 to 39 who is a household head without a home, residing in Chungnam or enrolled/working at a university or workplace located in Chungnam, can receive support regardless of occupation, according to the province.

However, income criteria apply: salaried workers must have an individual income of 45 million KRW or less; newlyweds must have a combined income between 60 million KRW and 90 million KRW or less; university (graduate) students or job seekers must have a combined parental annual income of 70 million KRW or less to be eligible.

The province supports 2.9% (up to 2.03 million KRW) of the 3.2% loan interest rate, reducing the actual interest burden for youth to 0.3%, making the interest burden relatively low. The loan period is basically 2 years with one extension possible, allowing support for up to 4 years.

Applications can be made through the province's website. The province will select eligible candidates through a first document screening and finalize support recipients through loan screening by NongHyup Bank.

For more detailed information, inquiries can be made through the province's Youth Policy Division.

Kim Seong-sik, head of the province's Youth Policy Division, said, "We hope the Youth Housing Lease Deposit Interest Support Project will provide practical help for young people to settle in the region and overcome the low birthrate crisis."

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