Ultra-low interest loans under 1%... Na Kyung-won proposes 'Hungarian-style low birthrate solution' bill

Support for Interest and Other Benefits Based on Number of Children

On the 31st, Na Kyung-won, a member of the People Power Party, proposed the first bill, an amendment to the Basic Housing Act containing the 'Hungarian-style low birthrate solution.'

Na Kyung-won, member of the People Power Party. [Photo by Yonhap News]

The bill allows newlywed couples to borrow up to 200 million won in housing funds at an ultra-low interest rate of less than 1% per year, and provides support for loan interest and principal according to the number of children born. The government compensates for the difference between the financial institution's loan interest rate and the support interest rate borne by the newlywed couples.

Last January, when Na was the vice chairman of the Presidential Committee on Ageing Society and Population Policy, she advocated for the Hungarian-style low birthrate countermeasure.

Na emphasized, "The recent continuous increase in housing costs negatively affects decisions on marriage and childbirth," adding, "It is necessary to prepare more innovative and improved policies."

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