Changwon Special City Strengthens Practical Housing Support for Youth and Newlyweds

Jeonse Deposit Return Guarantee Fee

Housing Purchase Loan Interest Project Implementation

Changwon Special City in Gyeongnam Province is focusing on housing stability for young people and newlyweds by promoting various support projects that can help alleviate the actual burden of housing costs.

Gyeongnam Changwon Special City Munsang-sik, Director of Urban Policy, is giving a briefing.

To prevent damage caused by the non-return of jeonse deposits to young people and first-time workers, the city is promoting the "Jeonse Deposit Return Guarantee Insurance Premium Support Project."

This project encourages tenants of residential housing to subscribe to jeonse deposit return guarantee insurance through the Housing and Urban Guarantee Corporation (HUG), Korea Housing Finance Corporation (HF), and SGI Seoul Guarantee, so that if tenants cannot receive their jeonse deposits back due to issues such as "empty jeonse" even after the lease contract ends, they can be compensated for the damage incurred. The project supports up to 300,000 KRW of the insurance premium paid by the tenant.

The support targets young residents of Changwon City aged 19 to 39 who meet all of the following conditions: ▲ tenants of detached or multi-family houses and residential officetels ▲ deposit of 300 million KRW or less ▲ annual income of 50 million KRW or less. Eligible young people can apply online (Gyeongsangnam-do Baro Service) starting in August.

The city will also implement the "Newlywed Couple Housing Purchase Loan Interest Support Project," which supports loan interest for housing purchases by newlywed households without home ownership.

This project, which was piloted by Gyeongsangnam-do in the second half of last year and is now promoted by the city from this year, plans to support interest up to 3% of the housing purchase loan balance (up to 50 million KRW), with a maximum annual support of 1.5 million KRW.

The support targets newlywed couples who have purchased and live in a house in Changwon City and meet all of the following requirements: ▲ the applicant resides in the house as of the announcement date ▲ married within 5 years ▲ combined annual income of the couple is 80 million KRW or less ▲ exclusive area of 85㎡ or less, and housing price of 400 million KRW or less. Interested newlywed couples can apply in August by visiting their local eup/myeon/dong administrative welfare center or online (Gyeongsangnam-do Baro Service). Detailed information on support contents and conditions for each project will be announced by the end of this month. After qualification screening of applicants, beneficiaries will be selected and support will be provided promptly.

Moon Sang-sik, Director of the Urban Policy Bureau, said, "Support projects for young people and newlyweds are policies aimed at increasing population and attracting young people, and are expected to greatly contribute to alleviating housing cost burdens and ensuring housing stability." He added, "We will continue to strengthen various customized housing support measures to help young people settle stably in the region in the long term."

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