Gwangju City Promotes Interest Support Program for Newlywed Couples' Jeonse and Monthly Rent Loan Funds

by Lee jonggu

Published 21 Jan.2025 12:50(KST)

Gwangju City, Gyeonggi Province (Mayor Bang Se-hwan) announced on the 21st that it will promote the ‘2025 Newlywed Couple Jeonse and Monthly Rent Loan Interest Support Project’ to alleviate the housing cost burden of newlywed couples and create a stable residential environment.

Gwangju City Hall view. Provided by Gyeonggi Gwangju City

The ‘2025 Newlywed Couple Jeonse and Monthly Rent Loan Interest Support Project’ is a program that supports interest of up to 1% to 1.5% of the outstanding loan balance for jeonse or monthly rent loans taken out by newlywed households from financial institutions, with a maximum support amount of 1 million KRW.

The newlywed couple jeonse and monthly rent loan interest support project applies to newlywed couples without home ownership who meet all of the following conditions as of the announcement date (January 20, 2025): both spouses reside in Gwangju City; marriage registration within 7 years (January 1, 2018 to January 20, 2025); income at or below 180% of the median income (7,079,000 KRW or less for two persons); and rental housing located in Gwangju City with an exclusive area of 85㎡ or less under the name of the newlywed couple’s loan. However, recipients of basic living, medical, or housing benefits, residents of public rental housing, those who have signed lease contracts with first-degree relatives or their spouses, and cases where the loan purpose is for credit or general use are excluded from support.

In particular, from 2025, the required documents to be submitted by applicants have been simplified, and applications can be made by visiting the administrative welfare center of the applicant’s address or online through Government24 from February 17 to 28.

The support funds will be allocated to at least 50 households in March 2025, selected by priority according to the selection criteria within the budget.

Detailed information and schedules about the project can be found on the city’s website under public notices and news boards, and inquiries can be made to the Gwangju City Housing Welfare Center.