Gangnam-gu Provides 200 Million KRW Support for Newlyweds and Youth Monthly Rent Deposit Loan Interest

Supporting Niche Groups with Higher Income Criteria than Seoul City, Newlyweds Receive Up to 1.5 Million KRW Annually, Youth Up to 1 Million KRW... Selection Criteria Improved by Adding Deposit Standards to Existing Housing Area Criteria for Beneficiary Increase

Gangnam-gu (District Mayor Jo Seong-myeong) is recruiting applicants for a newlywed couple and youth jeonse and monthly rent deposit loan interest support project worth 200 million KRW from May 1 to 31.

This project aims to alleviate the economic burden of many young people and newlywed couples living in Gangnam-gu, where housing costs are higher than in other districts. Newlywed couples can receive up to 1.5 million KRW per year for deposits up to 150 million KRW, and youths can receive up to 1 million KRW per year for deposits up to 100 million KRW. This is a measure to support gap groups such as newlywed couples with an annual income exceeding 97 million KRW and youths with an annual income exceeding 40 million KRW, who are excluded from the Seoul Metropolitan Government’s jeonse and monthly rent loan interest support project income criteria. The project received great response from residents, supporting a total of 164 households with 161.2 million KRW last year.

Over the past year, the district improved the selection criteria to address the issue of blind spots in support during implementation. The Seoul Metropolitan Government’s support project bases eligibility on housing deposits, supporting those with deposits below 700 million KRW (newlywed couples) and 300 million KRW (youths). Gangnam-gu’s support project bases eligibility on housing area, supporting those with areas below 85㎡ (newlywed couples) and 60㎡ (youths). Cases arose where youth households exceeded the Seoul income criteria and had deposits under 300 million KRW but housing areas over 60㎡, making them ineligible for support. Therefore, the deposit criterion was added this time. Applicants can choose the criterion?either housing area or deposit?that is more advantageous to them, which is expected to increase the number of beneficiaries.

The support targets are: newlywed couples who have registered their marriage within 7 years as of the announcement date and have resident registration in Gangnam-gu; both spouses must be non-homeowners; combined annual income between 97 million and 120 million KRW; and households where the applicant (or spouse) has signed a lease contract for a residential house or residential officetel with an exclusive or contract area of 85㎡ or less or a deposit of 700 million KRW or less.

For youths, the criteria are: single residents aged 19 to 39 with resident registration in Gangnam-gu; non-homeowners with annual income between 40 million and 60 million KRW; and households where the applicant has signed a lease contract for a residential house or residential officetel with an exclusive or contract area of 60㎡ or less or a deposit of 300 million KRW or less as of the announcement date.

The district plans to prioritize new applicants this year and select those applying for extension following last year as secondary priority. If the number of applicants exceeds the budget, beneficiaries will be selected based on a scoring system. The support period is up to 3 years, with annual eligibility reviews. Support funds are expected to be paid in June after document submission and review. For detailed inquiries, contact the Housing Division of Gangnam-gu Office.

Jo Seong-myeong, Mayor of Gangnam-gu, stated, “We hope this helps newlywed couples and youths struggling with the high housing costs in Gangnam-gu achieve housing stability and a foundation for independence,” and added, “We will continue to provide policy support that young people can truly feel.”

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