Youth Lease Deposit Loan Interest Support Program 'Meomuljari Loan'... Applications Open from the 1st

Loan Limit Up to 100 Million KRW and 2% Interest Rate for Rent Deposit Loans for 19-39 Year-Old Homeless Youth

Support Qualifications Relaxed This Year for More Youth Benefits, Age and Income Criteria

Apply from 1st to 10th Monthly via Busan

Busan City will start accepting applications from the 1st for the 'Meomuljari Loan' program, which supports loan interest on rental deposit loans for young people.

The 'Meomuljari Loan' is a project that supports loan interest on rental deposits to alleviate the housing cost burden for young people and create a stable living environment.

▲ The city supports an annual loan interest rate of 2%, up to 2 million KRW per year for 2 years (extendable up to 4 years), ▲ Korea Housing Finance Corporation guarantees 100% of the loan amount, and ▲ Busan Bank provides rental deposit loans up to 100 million KRW.

This year, the city lowered the entry barriers by expanding the eligible age range and relaxing income criteria to allow more young people to benefit from the support.

The eligible age range has been expanded from the previous 19?34 years to 19?39 years. This change enables an additional 190,000 young people to receive support.

Also, the income criteria have been relaxed from the previous individual (combined couple) income of 40 million KRW or less to individual income of 45 million KRW or combined couple income of 80 million KRW or less. The doubling of the combined couple income threshold is expected to reduce reverse discrimination caused by marriage.

Youth who wish to apply should check the eligibility requirements and apply through the Busan Youth Platform from 9 a.m. on the 1st to 6 p.m. on the 10th of each month. The selection results can be checked on the Busan Youth Platform at the end of each month.

The support conditions require applicants to be non-homeowning youth household heads aged 19 to 39 registered as residents in the city as of the application date, with ▲ annual income of up to 45 million KRW individually or 80 million KRW combined for couples ▲ rental deposit of 200 million KRW or less and a monthly rent conversion rate of 6.1% or less ▲ and having paid at least 5% of the deposit after signing the lease contract.

However, homeowners, basic livelihood security recipients (living and housing), participants in government housing support projects, and those who have previously received the Meomuljari Loan support are not eligible to use the Meomuljari Loan.

For more detailed information, please refer to the announcement on the Busan Youth Platform.

Mayor Park Hyung-jun stated, “Due to the recent economic downturn, young people’s concerns about housing costs are serious. We hope this loan interest support project will help reduce their housing cost burden even a little, and we will continue to create a city where young people want to live through various customized youth policies.”

Busan City Hall.

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