Youth Housing Guarantee Program Expands Eligibility to Age 39

The eligibility for the 'Youth Housing Guarantee Program' has been expanded from age 34 to age 39. Additionally, the loan limit for newlywed and child-rearing households has increased from 200 million won to a maximum of 300 million won.

The Korea Housing Finance Corporation announced on October 8 that it is enhancing support for the Youth Housing Guarantee Program for those without homes. This move aligns with the government's comprehensive financial measures announced in August aimed at stabilizing the real estate market and supporting genuine demand from young people. The new eligibility criteria will take effect for applications submitted starting October 19.

Previously, only those under 34 years old could apply for the Youth Housing Guarantee Program, but now individuals up to 39 years old are eligible. The loan limit will be raised to 300 million won specifically for newlywed and child-rearing households.

Newlywed households are defined as those applying for a loan within seven years of their marriage registration date, including those who plan to marry within three months of the application date. Child-rearing households are those with at least one minor child, including unborn children.

Income requirements will also be relaxed. Households with a combined annual income exceeding 70 million won can still qualify if one spouse earns 70 million won or less. However, the individual who meets the income requirement must be the one to apply for the loan.

The maximum guarantee limit of 300 million won for newlywed households applies within the range of 90% of the rental deposit. The actual limit available may vary based on the borrower's income and debt status as assessed during the guarantee review.

Other requirements remain unchanged. The rental deposit must be 700 million won or less (500 million won in provincial areas), and the total of senior claims and rental deposits must not exceed 90% of the housing price. The guarantee ratio is set at 100%, with the guarantee fee rate at the lowest level of 0.02%.