Busan City Supports Youth Lease Deposit Loan Interest in Q2... Maximum Loan Limit 100 Million Won

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan City will begin accepting applications for the second quarter beneficiaries of the ‘Meomuljari Loan,’ which supports interest on youth rental deposit loans, starting from the 16th.

The ‘Meomuljari Loan’ is a program by Busan City that fully supports loan interest up to 2 million KRW per year for a maximum of four years to alleviate the housing cost burden on youth and create a stable living environment.

The Korea Housing Finance Corporation guarantees 100% of the loan amount, and Busan Bank provides rental deposit loans up to 100 million KRW at an annual interest rate of 2.0%.

The program recruits beneficiaries quarterly, with 500 people eligible for support in the second quarter. The application period is from the 16th to June 12.

Eligible applicants must be homeless youth household heads aged 19 to 34 residing in Busan as of the application date, and meet conditions such as an annual income of 40 million KRW or less (combined for couples) and having paid at least 5% of the deposit after signing the lease contract.

The loan period ranges from one year to two years, lasting until the expiration of the current lease contract.

The loan can be extended once for two years, and upon extension, 5% of the initial loan amount must be repaid.

Eligible housing includes residences and residential officetels located in Busan with rental deposits of 200 million KRW or less and a jeonse-to-monthly rent conversion rate of 6.1% or less.

Homeowners, basic livelihood security recipients, participants in government housing support programs, and those who have previously received the Meomuljari Loan are not eligible to use this loan.

For more details, refer to the ‘Meomuljari Loan Guide Video’ and announcement produced by Busan City, available on the Busan Youth Platform.

Mayor Park Hyung-jun stated, “We will do our utmost to create a Busan where youth, the future leaders, can settle down with stable housing, get married, and have children.”

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