Incheon City to Provide Mortgage Interest Support for Newborn Households... Up to 3 Million Won Annually

Incheon City will provide partial support for mortgage interest payments to ease the housing cost burden on households with newborns.

On September 1, the city announced that it will newly implement the "Newborn Household Homeownership 1.0 Mortgage Interest Support Program" as part of its Incheon-style low birthrate policy, the "i+ Home Dream" project.

The program targets households with newborns born between January and August of this year, with a plan to select and support a total of 3,000 households. Eligibility requirements include a combined annual income of 130 million won or less for the couple, ownership of a home in Incheon with an exclusive area of 85 square meters or less and a real transaction price of 600 million won or less, actual residence in a single home per household, and the registration of both spouses and children at the address.

Incheon City Hall

Applications can be submitted online via the "Incheon Housing Portal" from September 18 to October 10. If more than 3,000 households apply, recipients will be selected in order of highest scores based on a scoring table.

The support covers up to 1% of the remaining mortgage balance (up to 300 million won), with a maximum of 3 million won per household per year for five years. For this year, up to 2 million won will be provided for interest payments from January to August.

An official from Incheon City stated, "The high cost of housing is a major factor that discourages childbirth. Through this program, we aim to help newlyweds and families with newborns to secure stable housing and raise their children with peace of mind."

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