'Easing Housing Costs for Youth'... Incheon City Seeks Additional Applicants for Loan Interest Support Program

Incheon City will begin accepting additional applications for new participants in its "Housing Lease Deposit Loan Interest Support Program" starting August 18, in an effort to ease the housing cost burden for young people.

Eligible applicants are unmarried young adults between the ages of 19 and 39 who are registered residents of Incheon or planning to move to the city, and who do not own a home. Individual annual income must not exceed 60 million won, and combined annual income for married couples must not exceed 80 million won. The lease deposit must be 250 million won or less for jeonse or deposit-based monthly rent (banjeonse), and the housing unit, including officetels, must be no larger than 85 square meters.

However, those receiving housing benefits or using loan products from the Housing and Urban Fund are excluded due to overlapping support. Applicants who have signed a lease agreement with their parents are also ineligible.

Incheon City Hall

The program covers up to 90% of the lease deposit, with a maximum support limit of 100 million won. The interest support rate varies depending on household composition: households with at least one child receive an annual interest subsidy of 3.5%, while other households receive 3.0% per year.

The support period is two years and can be extended for up to four years. Borrowers are only required to pay the remaining interest not covered by Incheon City directly to the bank.

Once selected, recipients must sign a housing lease agreement and complete the loan process within three months of notification. They must also file a move-in report within one month of the loan execution date.

Applications will be accepted online from August 18 to 29. If the number of applicants exceeds 30, the application period may close early. Applications can be submitted through the Incheon Youth Portal "Incheon Youth Toktok."

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