Jeonbuk Province Expands Rental Deposit Support for Newlyweds and Young Adults

Up to 50 Million KRW Per Household
Maximum Support Period of 10 Years

Jeonbuk Special Self-Governing Province will expand its public rental housing deposit support program.

According to the province on the 25th, this support program was implemented to ease the housing burden for newlywed couples and young people without homes and to create a stable residential environment.

Newlywed Couples and Youth Rental Deposit Support Program Guide Poster. Provided by Jeonbuk Province

The province first introduced the rental deposit support program in 2023 to reduce housing costs for newlywed couples, and last year expanded it to include young people as well.

Starting this year, the maximum support limit has been increased from the previous 20 million KRW to up to 30 million KRW for young people, up to 40 million KRW for newlywed couples, and up to 50 million KRW for newlywed couples with one or more children.

In addition, the support period for young people and newlywed couples can be extended from the basic 2 years to up to 6 years, and for those with children, an additional 2 years can be added per child, allowing for an interest-free stay of up to 10 years.

Households wishing to receive rental deposit support must sign a lease contract with a public rental housing provider such as Korea Land & Housing Corporation (LH) or Jeonbuk Development Corporation, and submit an application to the city or county where the house is located. After a qualification review, they can receive support for the rental deposit.

For more details, please refer to the announcements of each city or county.

A provincial official said, "Through this expanded support, we expect to help stabilize housing for young people and newlywed couples and encourage them to settle in the province," adding, "As more than 93% responded positively in last year's satisfaction survey, the expanded support is expected to provide substantial help."

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