If Moving from Semi-basement to Ground Floor, Monthly Rent and Deposit Loans Can Be 'Double Supported'

The Seoul Metropolitan Government and the Ministry of Land, Infrastructure and Transport (MOLIT) are realistically revising the support system for households living in semi-basement units. Going forward, residents of semi-basements will be able to receive overlapping monthly rent and deposit loan support from both institutions, which is expected to further promote relocation to above-ground floors.

Seoul announced on the 10th that when semi-basement households move to above-ground floors, they will be eligible for overlapping benefits of the Semi-basement Specific Voucher (200,000 KRW per month, supported by Seoul) and interest-free deposit loans (up to 50 million KRW, supported by MOLIT). Additionally, it will now be possible to purchase semi-basement units individually when acquiring multi-family or row houses.

Seoul and MOLIT explained, "Considering that housing costs in Seoul are significantly higher compared to other regions, it was difficult for households to relocate and settle on above-ground floors with only the 'Semi-basement Specific Voucher' or the 'Butimok Jeonse Deposit Loan' support alone. Therefore, through cooperation between the two institutions, the system has been improved to allow overlapping support."

The 'Semi-basement Specific Voucher,' which Seoul has been supporting since December last year, provides 200,000 KRW per month for up to two years to semi-basement households relocating to above-ground floors. MOLIT’s 'Butimok Jeonse Deposit Loan for Relocation from Abnormal Residences' offers interest-free loans of up to 50 million KRW for deposits, for up to 10 years, to non-homeowner tenants moving from semi-basements, gosiwons, or other vulnerable housing at risk of disasters to above-ground floors.

With the possibility of overlapping support, assuming a monthly rent-to-deposit conversion rate of about 4.5% (based on multi-family and row houses in Seoul), eligible households are expected to receive support equivalent to approximately 400,000 KRW per month.

Currently, households living in semi-basements who wish to move to above-ground floors can apply for the 'MOLIT Butimok Jeonse Deposit Loan' through five major commercial banks (Woori, Kookmin, NH Nonghyup, Shinhan, and Hana Bank). After completing the actual relocation, they can visit their local community service center to apply for the 'Semi-basement Specific Voucher.'

Furthermore, through this cooperation, individual purchase of semi-basement units has also become possible. The city expects that the easing of purchase criteria will lead to more active acquisition of semi-basement units in the future.

Han Byung-yong, Director of the Seoul Housing Policy Office, said, "With this system improvement, semi-basement households who found it burdensome to move to above-ground floors due to high housing costs can now consider relocation more actively. We will continue close cooperation with MOLIT to ensure that Seoul citizens can maintain safe and comfortable living conditions."

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