Suwon City to Support Interest on Rental Deposit for Homeless Youth and Newlyweds

Poster for Suwon City's Jeonse and Monthly Rent Deposit Support Program for Homeless Youth and Newlyweds

The city of Suwon in Gyeonggi Province will support the interest on rental deposit loans for young adults and newlywed households without homes.

On the 23rd, Suwon City announced that it will carry out the "Youth and Newlywed Hope Touch Deposit Interest Support" project, providing 1% interest support on the outstanding loan balance to young adults aged 18 to 39 (born between March 18, 1983, and March 17, 2005) and couples within 7 years of their marriage registration date (married after March 17, 2016) who are registered residents of Suwon and have taken out rental deposit loans from financial institutions.

From the 3rd to the 12th of next month, the city will select 200 households, including 100 youth households and 100 newlywed households, providing up to 500,000 KRW per year for youth and up to 1,000,000 KRW for newlywed couples.

The selection criteria for youth applicants include: ▲ unmarried and living alone in a residence in Suwon with a net floor area of 60㎡ or less ▲ deposit (jeonse conversion value) of 150 million KRW or less ▲ household income at or below 200% of the median income ▲ net assets of 292 million KRW or less, and vehicle value of 34.96 million KRW or less.

The selection criteria for newlywed couples include: ▲ both spouses are without homes ▲ residing in a residence in Suwon with a net floor area of 85㎡ or less ▲ deposit (jeonse conversion value) of 350 million KRW or less ▲ household income at or below 200% of the median income ▲ net assets of 292 million KRW or less, and vehicle value of 34.96 million KRW or less.

A city official stated, "We will continue to implement housing welfare projects that provide practical support to the youth so that they can plan and open their futures."

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