Osan City to Provide Housing Deposit Loan Interest Support for Young Adults and Newlyweds

Up to 1 Million Won, Within 1.5% of Remaining Loan Balance

On October 20, the city of Osan, Gyeonggi Province, announced that it will provide support for housing deposit loan interest to ease the housing cost burden for young adults and newlyweds without homes, starting this year.

This program targets young adults aged 19 to 39 and newlyweds within seven years of marriage registration who are registered residents of Osan and have taken out housing deposit loans from financial institutions while not owning a home.

Eligible applicants are households with an income at or below 180% of the median income. They can receive interest support of up to 1.5% per year on their remaining loan balance, with a maximum limit of 1 million won. The city plans to allocate a budget of 100 million won to support a total of 100 households.

Those interested can apply from October 20 to November 3. The application form can be downloaded from the Osan City Hall website. Completed applications and supporting documents should be submitted via email to the designated official.

An Osan city official stated, "This is the first time the city is implementing such a program, and it aims to substantially reduce the housing cost burden for young adults and newlyweds." The official added, "We will continue to develop various policies to promote housing stability for young people and support the settlement of newlyweds."

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