Gangnam-gu opens second round of jeonse and monthly rent loan interest support for newlyweds, youth

Gangnam-gu announced Wednesday it is accepting second-round applications for its jeonse and monthly rent loan interest support project, aimed at easing housing costs for newlyweds and young residents. Applications will be accepted from Aug. 18 to Sept. 17, with annual support of up to 3 million won ($2,050) for newlyweds and up to 2 million won for youth.

Of the 450 million won budget secured this year, the district provided 310 million won to 159 households through the first-round project in the first half of the year. The second round will draw on the remaining roughly 140 million won to extend benefits to more newlyweds and young residents. The district also added email as a new submission option alongside in-person and mail applications to make the process more convenient.

Eligible applicants are housing-insecure newlyweds and youth residing in Gangnam-gu. Newlywed couples must have registered their marriage within the past seven years and have a combined annual household income of no more than 130 million won. Youth applicants must be between 19 and 39 years old with an annual income of no more than 60 million won. Eligible properties include housing and residential officetel units in Gangnam-gu. Newlyweds must meet an exclusive use area limit of no more than 85 square meters or a deposit cap of no more than 700 million won; youth must meet a limit of no more than 60 square meters or a deposit cap of no more than 300 million won.

Support is provided for up to three years, with first-time applicants this year given priority. Recipients will be selected through document review and deliberation in October, with payments to be disbursed by the end of October.

Gangnam-gu has run the jeonse and monthly rent loan interest support project since 2023, assisting 544 households over the past three years through last year. After doubling the support amount last year compared with the previous year, the district has maintained the same budget level of 450 million won this year.

"Gangnam has higher jeonse and monthly rent costs than other districts, placing a heavy housing burden on newlyweds and young residents," district mayor Kim Hyeon-gi said. "I hope this support helps ease that burden and allows the younger generation to settle stably in Gangnam."