Busan City Provides Interest-Free Jeonse Loans Up to 200 Million KRW for Newlyweds

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan City is implementing the ‘2022 2nd Quarter Newlywed Housing Loan and Interest Support Project’ to create a marriage and childbirth-friendly environment by alleviating the housing cost burden for newlyweds.

The ‘Newlywed Housing Loan and Interest Support Project’ is a program that provides up to 200 million KRW in housing loans and covers all loan interest for newlyweds, which has been in effect since May 2020.

At the beginning of the program, the housing loan support limit was 150 million KRW, and the loan interest was shared between the city and the newlyweds.

Since then, following Mayor Park Hyung-jun’s pledge, the housing loan support limit was significantly increased to 200 million KRW starting from August last year, and the city has been covering the entire loan interest.

The 2nd quarter support project can be applied for through the Busan Bank mobile banking app from the 11th to the 12th of this month.

A total of 400 households will be selected for support. Eligible applicants are newlyweds who have registered their marriage within 7 years as of the application date and reside in Busan City, or prospective newlyweds within 3 months before their marriage registration, with a combined household income of 80 million KRW or less and no home ownership.

Recipients of basic living subsidies, those who have signed lease contracts with their parents, residents of public rental housing, and beneficiaries of similar support programs are excluded from applying due to overlapping benefits.

The selection results will be announced on the 14th, and loan execution will take place from the 28th until June 30.

Detailed information can be found in the notices/announcements section on the Busan City website.

Mayor Park Hyung-jun said, “I hope this support project will ease the housing cost burden for newlyweds and foster a marriage and childbirth-friendly environment. We will continue to promote support policies that newlyweds need.”

Since May 2020 until the end of December 2021, Busan City has supported housing loans and loan interest for a total of 1,703 households. In the first quarter of this year, 300 households also applied for loans under the support project.

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