Seongnam City Provides Up to 1 Million KRW Support for Multi-Child Families' Jeonse Loan Interest

Poster for Seongnam City's Multi-Child Household Loan Interest Support Program 안내

Seongnam City in Gyeonggi Province will support up to 1 million KRW in jeonse loan interest for 'multi-child families' with three or more children.

The support targets Seongnam residents without a home who have three or more children aged 18 or younger as of the application date. Additionally, both parents and children must have their address registered in Seongnam and actually live there, and the household income must be below 180% of the median income for the region (12,053,000 KRW per month for a family of five) based on loans taken from financial institutions for jeonse deposits within the area.

Loans for jeonse deposits on multi-unit housing, rooftop floors, or places not classified as residential in the building register, as well as recipients of livelihood, medical, or housing benefits, and residents of public rental housing who are already receiving benefits, are excluded.

Eligible applicants will receive support equivalent to 1.5% of the outstanding balance of their jeonse loan from the bank, up to a maximum of 1 million KRW.

If the eligibility criteria are maintained, reapplications are accepted and support is provided for up to five years.

Seongnam City plans to support 220 households this year and has secured a budget of 220 million KRW for the project.

Applications can be submitted online through the Seongnam City Hall website.

After reviewing eligibility, Seongnam City will deposit the support amount into the applicant's account within 30 days.

Seongnam City introduced this program in 2021 to reduce the burden of repaying jeonse loan interest for multi-child families and to assist with child-rearing.

Over the past three years, the city has supported 541 households with a total of 520 million KRW in jeonse loan interest payments.

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