Table of Contents
Key Changes to Busan Youth Loans
Busan City has significantly improved the 'Murmur Loan', which is a rental deposit loan and interest support program for youth. Now, this program will be available for application without a limit on the number of participants starting from April.
Previously, there was a problem where only the first 50 applicants were accepted, leading to a closure within 10 minutes. However, thanks to the improved system, all youth are now provided with a fair opportunity to apply.
In particular, an additional budget of 500 million won has been added, bringing the total size to 2.5 billion won, and the number of annual beneficiaries has increased from 550 to 950, which is a significant change.
This policy is receiving attention as an important project that is expected to have a substantial effect in the field of youth housing stability.
Overview of Application Method, Period, and Procedure
This project can easily be applied for online.
The application period is from 9 AM on the 1st to 6 PM on the 10th of each month and applications can be submitted online through the Busan Youth Platform. The results will be announced on the 15th of each month.
The most notable change is the removal of the participant limit and the reduction of the review period from 20 days to 5 days. As a result, the process of checking the results after application has become much faster.
The documentation process has been simplified, which reduces the burden. Previously, three documents were required: a resident registration certificate, a family relationship certificate, and a lease contract. Now, only the family relationship certificate and the lease contract are required. These changes will provide convenience for many people.
Summary of Support Content and Loan Conditions
The Murmur Loan is a special product that includes interest support, unlike typical loans.
The loan limit is set at a maximum of 100 million won, and the loan ratio can be up to 90% of the deposit.
Additionally, interest support can be up to 2.5% per year, with a maximum of 2.5 million won.
The support period is generally 2 years, and it can be extended for up to 4 years if necessary.
Interest support for loans is applied differently based on income level.
If the annual income is below 45 million won, the interest support is 2.5%, with a personal contribution set at 1%.
If the income exceeds this amount, the interest support decreases to 2%, and the personal contribution increases to 1.5%.
Furthermore, the stability is enhanced by the 100% guarantee from the Korea Housing Finance Corporation and the loan execution by Busan Bank.
Eligibility and Income Criteria
Eligibility requires meeting the following conditions.
First, applicants must be youth aged between 19 and 39, and a housing condition of being a head of a household without a home is essential.
Moreover, residency must be registered in Busan.
Finally, the income criteria are that personal annual income must be below 60 million won, and the combined income of a married couple must be below 100 million won.
For housing with a rental deposit of 200 million won or less, a down payment of at least 5% must be completed. Also, only registered housing in the building register is recognized. In particular, newlyweds fall under a separate project category, so care must be taken not to confuse this.
Outlook for Youth Housing Support in Busan
The recent reform of the Murmur Loan is being recognized as a crucial policy that encourages youth settlement beyond mere institutional improvements.
Busan City has set attracting and settling youth in development areas such as Dadaepo, North Port, and Eco Delta as major tasks.
This housing cost reduction policy is closely related to improving the city's competitiveness.
In conclusion, this initiative creates a chain structure of "loan support → housing stability → regional settlement." If application competition decreases and infrastructure expands in the future, Busan is likely to develop further into a city where youth want to stay.
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Frequently Asked Questions (FAQ)
Q. What are the main changes to the Busan youth rental deposit loan 'Murmur Loan'?
The Murmur Loan is a rental deposit loan service with no participant limit, increased budget, and more beneficiaries.
Busan City has significantly improved the Murmur Loan for youth by removing limits on the number of applicants and increasing the total budget to 2.5 billion won with an additional 500 million won. Consequently, the number of annual beneficiaries has expanded from 550 to 950, attracting attention as a policy that provides substantial help for youth housing stability.
Q. What is the application method and period for the Murmur Loan?
Applications can be submitted online through the Busan Youth Platform from the 1st to the 10th of each month, and results will be announced on the 15th.
Applications will be processed online via the Busan Youth Platform. The application period runs from 9 AM on the 1st to 6 PM on the 10th of each month, and unlike the previous first-come, first-served method, there are no limits on the number of participants, allowing everyone to fairly participate. The review period has been shortened from 20 days to 5 days, with results announced on the 15th of each month.
Q. What are the loan conditions and support content for the Murmur Loan?
The loan limit is up to 100 million won, up to 90% of the deposit can be borrowed, and interest is supported up to 2.5%.
This loan allows for borrowing up to 100 million won within the 90% range of the rental deposit, with interest support expanded to between 2% and 2.5%, providing up to 250 million won. The loan period is initially 2 years, and can be extended for up to 4 years if necessary. Safety is ensured through the 100% guarantee by the Korea Housing Finance Corporation and execution of loans by Busan Bank.
Q. What are the eligibility and income criteria for the Murmur Loan?
Must be a head of household youth resident in Busan aged 19 to 39 with an individual annual income below 60 million won, and a couple's combined income below 100 million won.
The eligibility is for youth aged between 19 and 39 who are registered residents of Busan and who are heads of households without housing. The income criteria are that individual annual income must not exceed 60 million won or couples’ combined income must be below 100 million won, with higher interest support (2.5%) available for those with an annual income below 45 million won. The personal contribution ratio varies according to conditions.
Q. What documents are required for the Murmur Loan application, and have there been any changes to the submission process?
The resident registration certificate is excluded, and only two documents: the family relationship certificate and the lease agreement are required.
Previously, applicants were required to submit three documents: a resident registration certificate, a family relationship certificate, and a lease contract. However, the system has been simplified so now only the family relationship certificate and the lease contract are required. This reduces burden and significantly improves convenience in the application process.
