"Marriage is a Bonus"... Ruling Party Eases Income Criteria for Newlywed Loans and Increases Subscription Opportunities to Twice

People Power Party Youth Policy Network Announces 'Normalization of Marriage Penalty'
Kim Ki-hyun "Marriage Should Be a Bonus, Not a Penalty"

The People Power Party announced on the 11th that it will relax the income criteria for special housing loans for newlyweds. The housing subscription opportunity, which was limited to once per newlywed couple, will also be expanded to a total of two times.

Kim Ki-hyun, leader of the People Power Party, is participating in a mock wedding event related to housing stability measures for newlyweds held at the Yeouido party headquarters on the 11th.
[Photo by Yonhap News]

The People Power Party Youth Policy Network (Cheongjeongnet) Special Committee announced the fourth youth policy, "Normalization of Marriage Penalty," at the central party office in Yeouido on the morning of the same day. This is interpreted as a move to actively win the support of the youth ahead of next year's general election.

First, they plan to ease the income requirements for the 'My Home Foundation Loan' and 'Supportive Jeonse Loan,' which provide low-interest housing funds to newlyweds. Currently, newlywed couples must have a combined annual income of 70 million KRW or less to qualify for the government's special low-interest housing purchase loans, but the plan is to raise the income limit to around 100 million KRW. The income criteria for the special Jeonse loan will also be raised from the current 60 million KRW for newlywed couples.

Additionally, the housing subscription opportunity, which was previously limited to one applicant per couple, will be expanded to allow each spouse to apply individually. Until now, if a couple did not register their marriage, each could apply once, but if they registered their marriage, the subscription opportunity was halved. Under the new plan, they will be able to apply a total of two times.

Kim Byung-min, a Supreme Council member, stated, "When newlyweds register their marriage, contradictory disadvantages arise in the benefits for home purchase and housing stability, such as loan restrictions and subscription opportunity limits, which led to the coining of the term 'marriage penalty.' We will realistically relax and adjust the income requirements for the My Home Foundation Loan and Supportive Jeonse Loan upon marriage registration."

Kim Ki-hyun, co-chairman of the Youth Policy Network, said at the policy announcement, "While the term 'sham divorce' has existed, I have never heard of 'sham single.' We will continuously work on resolving this issue throughout the next year so that marriage becomes a bonus, not a penalty."

Before the policy announcement, a performance was held where Kim Ki-hyun presided over the wedding ceremony of an actual couple two weeks before their wedding. Kim presented a model apartment to the engaged couple, symbolizing the commitment to relieve newlyweds' housing concerns.

So far, Cheongjeongnet has announced policies such as extending the validity period of TOEIC scores (from 2 years to 5 years), guaranteeing three rights for reservists (mobility, learning, and livelihood rights), and policies on notification, destruction, and obligation to inform regarding personal information.

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