Up to 200 Million KRW Interest-Free Support... Busan City Implements 'Newlywed Housing Loan and Interest Support Program'

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] The "Newlywed Couple Housing Loan and Interest Support Project," which successfully concluded its first and second quarter operations this year, will continue its third quarter project with interest-free support despite the rise in loan interest rates.

Busan City is implementing the "2022 3rd Quarter Newlywed Couple Housing Loan and Interest Support Project" targeting 500 newlywed households to alleviate housing cost burdens for newlyweds and create a marriage and childbirth-friendly environment.

The Newlywed Couple Housing Loan and Interest Support Project provides loans of up to 200 million KRW for rental deposits to newlywed couples and supports the full loan interest for two years.

Despite the recent sharp increase in the base interest rate, the third quarter support project has maintained the existing support policy through public-private cooperation.

Busan Bank, which handles the loans, slightly raised the loan interest rate by 0.5 percentage points from 1.5% to 2.0%, contributing to the local community as a regional financial institution. The city will fully support the increased loan interest due to the interest rate hike to ease the housing cost burden for newlywed couples.

The third quarter support project can be applied for via the Busan Bank mobile banking app from 9 a.m. on July 4 to 4 p.m. on July 5. A total of 500 households will be selected by random draw among applicants for support.

Applicants must be newlywed couples residing in Busan as of the application date, within seven years of their marriage registration date, or prospective newlyweds within three months before marriage, with a combined household income of 80 million KRW or less and no home ownership.

However, basic livelihood security recipients, those who have signed lease contracts with their parents, residents of public rental housing, and beneficiaries of similar support projects are excluded from eligibility due to prohibition of duplicate benefits.

The selection results will be announced on July 7, and loan execution will take place from July 21 to September 30. Detailed information can be found in the notices/announcements section on the Busan City website.

Park Hyung-jun, Mayor of Busan, stated, "I hope this support project will alleviate the housing cost burden for newlywed couples and create an environment conducive to having and raising children. We will continue to steadily promote support policies that newlywed couples need."

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