Jinju City Supports Interest on Housing Lease Loans for Newlyweds This Year

Expanded Eligibility and Scope for Broader Support ... Applications Accepted from July 11 to 22

Jinju City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province, is implementing the ‘Housing Jeonse Loan Interest Support Project’ for newlywed households.

Since 2019, this project has been carried out annually to assist newlyweds struggling with rising jeonse deposit costs. This year, the eligibility period has been extended from within 5 years of marriage to within 7 years, and the loan amount criteria have been removed to allow more newlywed couples to benefit. Approximately 400 households will be supported with a total budget of 400 million KRW.

However, the income criterion remains at 180% or less of the median income (5.868 million KRW for two persons), prioritizing support for low-income families. Recipients of basic living security benefits and residents of public rental housing, who are already receiving housing benefits, are excluded from eligibility.

The support covers 1.5% of the outstanding housing jeonse loan balance, up to 1 million KRW annually, once per year. To expand support for families with multiple children, an additional 20% per child is added to the support amount, up to a maximum of 1.5 million KRW.

Applications can be submitted from July 11 to 22 by visiting the local eup/myeon office or dong administrative welfare center with the application form and supporting documents. Eligibility will be determined by the end of August based on income criteria, residence period, number of children, and within the budget.

A Jinju City official stated, “The newlywed jeonse loan interest support project provides significant help to newlyweds who had avoided marriage and childbirth due to housing cost burdens,” adding, “We will continue to promote projects to reduce housing expenses.”

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