Busan City, Recruitment of Eligible Newlywed Couples for Jeonse Loan Interest Support Program in Q2 2025
Busan City is resuming its policy to alleviate the housing cost burden for newlywed couples without a home.
The application period for the 'Newlywed Housing Loan and Interest Support Project' will be from March 27 to April 10, 2025.
This year, a total of 400 households will be included as eligible recipients.
This will be a significant opportunity for newlywed couples residing in Busan.
What is the Newlywed Jeonse Loan Interest Support Project?
Since 2020, Busan City has been implementing policies to reduce the burden of housing costs. The core of this project is to support the interest on Jeonse loans so that newlywed couples can create a stable living environment.
In this quarter, a total of 400 households will be selected, and interest of up to 2.0% will be supported for two years. Additionally, benefits to extend the support period up to 10 years can be provided in cases of special circumstances such as childbirth or pregnancy. This policy is expected to be a great help to newlywed couples.
What are the income criteria, loan limits, and interest rate conditions?
New eligibility requirements that will take effect in the second quarter of 2025 have been announced.
First, the income criterion is set to a combined annual income of 130 million won or less for the couple. Second, the rental deposit qualifies if the Jeonse deposit is 400 million won or less. Third, the loan limit is a maximum of 200 million won, which is restricted to within 90% of the rental deposit.
Additionally, the loan interest rate is set at a fixed rate of 3.5% per annum. If the annual income is less than 100 million won, the support interest rate from Busan City is 2.0%, with a personal burden of 1.5%. Conversely, if the annual income exceeds 100 million won, the support interest rate from Busan City is adjusted to 1.8%, with a personal burden of 1.7%.
The loan execution will be managed by Busan Bank, and the full amount of the loan will be guaranteed by the Korea Housing Finance Corporation.
Application Eligibility and Methods
As of March 27, 2025, newlywed couples without a home (married for 7 years or less) or prospective newlywed couples (marriage planned within 3 months) registered as residents in Busan are eligible for support.
However, the following cases are excluded from eligibility. Recipients of basic livelihood security or previous beneficiaries are not eligible, nor are those living in a house under the name of parents or who have concluded a lease contract. Furthermore, those living in public rental housing or owning a house are also not eligible for support.
Therefore, it is crucial to verify one's situation before applying.
Applications can be made through the Busan Bank mobile banking app from 9 AM on March 27 to 4 PM on April 10. Applications can also be made on weekends and holidays, making it convenient.
When applying, a lease contract with a confirmed date must be provided, so it's important to plan the signing date in advance.
Access Path: Loan → Loan Application Management → Consent, Agreement, Reservation → Preliminary Application for Newlywed Jeonse Fund Loan
Announcement of Results and Subsequent Procedures
The selection announcement schedule will be published on the Busan City website on April 15, 2025. The loan execution period is from April 30 to June 30, 2025.
However, even if selected, be aware that the actual loan may not be implemented depending on the loan and qualification review results from Busan Bank.
If you are concerned about marriage, childbirth, and housing?
Busan City emphasized that “this policy is a system that can significantly enhance housing stability for newlywed and dual-income couples,” and stated that it will continue various efforts to establish itself as a city conducive to childbirth and child-rearing.
Whether your income is high or your Jeonse deposit is considerable, don’t worry and make good use of this Q2 application opportunity. If you are planning a Jeonse contract, now is the right time to apply.
For more information, please visit the official Busan City website (https://www.busan.go.kr/childcare/childcare010106) or contact the Busan Bank call center (1588-6200).
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