Youth Jeonse Loan Support: Who Qualifies and What You Get
Learn how young adults in South Korea can access low-interest loans to help cover their Jeonse housing deposits.
This scheme provides low-interest loans to help young people cover the cost of a Jeonse deposit, which is a large lump-sum payment used to rent a home in South Korea.
Who it's for
This support is available to single-person households where the individual is under 34 years of age and earns an annual income of less than 50 million KRW.
What you get
You can access a low-interest loan to help pay for your Jeonse deposit. The loan amount can go up to 200 million KRW.
What it costs you
While this is a loan rather than a grant, you will need to undergo a credit check and provide a formal lease agreement. You are also required to pay a 5% deposit on the property yourself.
The catch to know
Not every home is eligible for this support. The property you intend to rent must meet specific requirements regarding its size and its total market value.
How to apply
- Verify that your annual income and age meet the requirements.
- Find a property that fits the size and value limits.
- Sign a lease agreement for the property.
- Contact the issuing body to begin the loan application process.