Gurye-gun Offers Up to 200 Million KRW Loans for Rural Housing Construction Costs

New Rural Area Housing Construction and Renovation Costs Up to 200 Million KRW with 2% Interest Rate for 10 Years Repayment

[Gurye=Asia Economy Honam Reporting Headquarters, Reporter Yuk Miseok] Gurye-gun, Jeollanam-do announced that starting from the 24th, it will promote a rural housing improvement project that provides long-term low-interest loans for new house construction and renovation to improve the pleasant living environment of rural residents.

The rural housing improvement project is a program that offers long-term loans at lower interest rates than the market for up to 20 years to those who wish to renovate or build new old houses.

This year, Gurye-gun received an allocation of 107 units from Jeollanam-do and plans to accept applications from prospective participants at the town and township offices and proceed with construction within the first half of the year.

According to the credit regulations of NongHyup, loans of up to 200 million KRW are available for new construction, and up to 100 million KRW for extensions, repairs, and remodeling, with the loan limit determined based on NongHyup’s screening results.

Repayment options include a 1-year grace period followed by 19 years of installment repayment or a 3-year grace period followed by 17 years of installment repayment. Applicants can choose between a fixed interest rate of 2% or a variable interest rate.

The project targets non-homeowners including household members (as of the completion date, one homeowner is allowed until completion), and the scope of renovation covers houses with a total floor area including auxiliary buildings of 150㎡ or less.

When constructing or renovating a house under this project, beneficiaries can also receive a 30% reduction in cadastral survey fees and a maximum acquisition tax reduction of 2.8 million KRW. Flood victims can receive additional reductions in cadastral survey fees by attaching a damage confirmation certificate.

A county official stated, “We will do our best to establish a pleasant residential culture for residents through the renovation of old and poor-quality houses via the rural housing improvement project.”

Gurye=Asia Economy Honam Reporting Headquarters, Reporter Yuk Miseok kun5783@asiae.co.kr

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