Miryang City Provides Up to 7.5 Million KRW Interest Support for Newlywed Couples' Jeonse Loans

Support Provided to 60 Newlywed Couples in the First Project Phase This Year

Gyeongnam Miryang City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Wook] Miryang City in Gyeongnam is attracting attention by implementing a bold policy to ease the burden of housing (jeonse) preparation, which has become a major concern due to the MZ generation's aversion to marriage.

On the 20th, Miryang City announced that it will actively respond to population issues caused by declining marriage and birth rates and will additionally recruit applicants for the newlywed couple jeonse loan interest support project to alleviate housing cost burdens and create stable living conditions for newlyweds.

Sixty newlywed couples received support through the first application process on September 1st, and additional applications can be submitted from the 20th of this month until December 15th. The project will end once the budget is exhausted.

Applicants must meet the following criteria as of the application date: both spouses must reside at the same address in Miryang City; combined annual income of the couple must be 100 million KRW or less; newlywed couples within seven years of marriage who do not own a home and have taken out a jeonse loan; recipients of basic living security benefits and residents of public rental housing are excluded from eligibility. Selection of beneficiaries will be made within the budget based on priority factors such as application date, number of children, and annual income.

Applications can be submitted by presenting the application form and supporting documents at the local eup, myeon, or dong administrative welfare center. Selected applicants can receive support once a year up to 1.5% of the outstanding jeonse loan balance, with a maximum limit of 1.5 million KRW per year, for up to five times.

Mayor Park Il-ho said, “Following the first project, I hope that many newlywed couples will apply for this additional recruitment for jeonse loan interest support, helping to ease their housing cost burdens and establish stable living conditions.”

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