Suwon City Supports Rental Deposit Loan Interest of 500,000 to 1,000,000 KRW for Homeless Youth and Newlywed Couples

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Suwon City in Gyeonggi Province will support the interest on rental deposit loans for homeless youth and newlywed households. The support amount is 500,000 KRW for homeless youth and 1,000,000 KRW for newlyweds.

On the 16th, Suwon City announced that it will carry out the "Youth and Newlywed Hope Touch Deposit Interest Support" project, which supports 1% interest on the loan balance for homeless individuals aged 18 to 39 who have received monthly rent deposit loans from financial institutions and newlywed couples within 7 years of their marriage registration, among those registered residents in Suwon.

The selection criteria for youth applicants are ▲ unmarried and residing in a housing unit of 60㎡ or less located in Suwon ▲ deposit (jeonse conversion price) of 150 million KRW or less ▲ below 200% of the standard median income (3,889,624 KRW per month for one person) ▲ net assets of 292 million KRW or less, and vehicle value of 34.96 million KRW or less.

The selection criteria for newlywed couples are ▲ both spouses are homeless ▲ residing in a housing unit of 85㎡ or less located in Suwon ▲ deposit (jeonse conversion price) of 350 million KRW or less ▲ below 200% of the standard median income (6,520,170 KRW per month for two persons, 8,389,402 KRW per month for three or more persons) ▲ net assets of 292 million KRW or less, and vehicle value of 34.96 million KRW or less.

The city supports 1% interest on the loan balance, with a maximum of 500,000 KRW for youth. Youth who have worked for more than 3 months within the past year will receive an additional 0.1% (up to 50,000 KRW).

Newlywed couples can receive up to 1,000,000 KRW, with an additional 0.05% per child and 0.2% for four or more children.

If applications exceed the budget, priority will be determined based on total scores using a scoring table.

The city will accept applications from the 28th of this month to the 8th of next month through the survey and application board on the Suwon Manmin Square website. The city plans to notify selected youth and newlywed couples of their selection via text message around June 10.

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