Reducing Rental Deposit Burden for Newlyweds... Pohang-si, Gyeongbuk Supports Loan Interest up to 2.5%

Pohang City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Yeo Jong-gu] Pohang City, Gyeongbuk Province, is implementing the ‘Newlywed Couple Lease Deposit Interest Support Project’ to alleviate the housing cost burden for newlywed couples.

The support targets non-homeowners who are registered residents of Gyeongbuk Province or are scheduled to move into the province. Eligible applicants are newlywed couples within 7 years of their marriage registration date or engaged couples planning to marry within 3 months. The combined annual income of the couple must be 80 million KRW or less.

The support covers housing with a lease deposit of up to 300 million KRW, allowing loans of up to 200 million KRW, with loan interest subsidized up to 2.5% annually depending on the couple’s income and number of children.

After consulting with a partner bank for the loan, applicants can apply through the Gyeongbuk Province Housing Welfare System website. Upon qualification verification, a recommendation letter will be issued, which must be submitted to the partner bank to proceed with the loan.

A Pohang City official stated, “We hope to ease the burden on newlywed couples starting a new chapter by supporting their lease deposit interest,” adding, “We will strive to provide better housing environments and stable housing support.”

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