Namwon City to Support Homeownership for Young People and Newlyweds

Applications Accepted Until September 5
Easing the Housing Burden for Young People and Newlyweds

Namwon City in North Jeolla Province announced on August 13 that it will implement a new home purchase support policy this year to help young people and newlyweds secure housing.

Despite challenging fiscal conditions, the city will allocate its own budget to expand support from rent and lease assistance to cash subsidies for home purchase loan interest payments.

2025 Namwon City Youth Housing Settlement Support Project (Home Purchase) Recruitment Poster. Provided by Namwon City

This support initiative aims to ease the housing burden for young people and newlyweds, encourage a culture of marriage and childbirth, and create a stable residential environment.

Through this policy, the city has established a comprehensive youth housing welfare network, including: the Youth Housing Settlement Support Project (Monthly Rent), which provides up to 160,000 won per month; the Jeonse Loan Interest Support Project, which covers up to 3% of the interest on jeonse loans; and the Youth Housing Settlement Support Project (Home Purchase), which assists with the outstanding balance of home purchase loans.

Eligibility criteria are as follows: young people aged 19 to 45 with an annual income of 50 million won or less, and newlyweds within seven years of marriage registration with an annual income of 95 million won or less. The city will provide up to 3% of the outstanding loan balance once per year, for up to five years.

Applications will be accepted until 6:00 p.m. on September 5. After a qualification review, recipients will be selected in September, with support scheduled for December. For more details, applicants can visit the Namwon City website or contact the Planning and Budget Division.

Mayor Choi Kyung Sik stated, "I hope that our home purchase financial support will provide real relief from housing costs for young people and newlyweds searching for homes. As the city builds a housing ladder at every stage, I look forward to seeing citizens choose suitable homes in a timely manner and realize their dream of homeownership."

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