Siheung City to Provide Up to 1 Million Won in Jeonse Loan Interest Support for Newlyweds... Applications Open August 10-14

Siheung City in Gyeonggi Province will provide support for interest on jeonse loan repayments to help newlyweds alleviate their housing cost burdens.

View of Siheung City Hall. Provided by Siheung City

On July 30, Siheung City (Mayor Lim Byeongtaek) announced that it will accept applications for the “Newlywed Jeonse Loan Interest Support Program” from August 10 to August 14.

The program targets newlywed couples who, as of the announcement date, have registered their marriage within the past seven years. The city will provide support equivalent to 1.5% of the remaining jeonse loan balance, with a maximum of 700,000 won per household. For households with children, an additional 0.5% per child will be provided, raising the maximum amount up to 1 million won per household within the allocated budget.

Eligible applicants are newlywed couples without a home, where both spouses have been registered residents of Siheung for at least one month, and whose combined income does not exceed 180% of the national median income (for a two-person household, this is a monthly income of up to 7,559,000 won).

Applicants must also be residing in a privately leased housing unit of 85 square meters or less, with a converted jeonse value of 290 million won or less. The loan purpose must be specified as “housing,” “lease,” or “jeonse.”

However, those who receive livelihood, medical, or housing benefits; public rental housing residents; recipients of Siheung’s own housing cost support programs; lottery-winning applicants; and owners of housing pre-sale rights, as well as those who have received support from similar programs, are excluded from eligibility.

Those wishing to apply should prepare the required documents listed in the official notice and visit their local administrative welfare center. Eligible applicants will be individually notified following a review process.

For more details, applicants can check the notice on the Siheung City Hall website, or contact the Housing Welfare Team at the Siheung City Housing Division, or their local administrative welfare center.

Mayor Lim Byeongtaek stated, “For newlyweds, housing costs are among the greatest burdens. I hope this support will provide practical help in their daily lives, and I expect many newlywed couples will benefit and establish a stable foundation for their housing.”

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