Seoul invests 487.6 billion won in supporting newlyweds

The Seoul Metropolitan Government will provide newlywed couples with more support regarding loans for jeonse and monthly lease deposits, and interest payments. It will also help soon-to-be-married couples have better access to city-provided wedding halls and schooling programs.

The capital city on Thursday announced a policy package to support newlywed couples as part of its efforts to boost birth rates. With this, it will spend a total of 487.6 billion won providing support to newlyweds starting this year through 2026.

Part of the city’s budget plan is to expand financial support for newlywed couples paying residential lease fees from 3.6 percent to 4 percent annually. The aim is to reduce the burden of couples who have been married for less than seven years (with an annual income of 97 million won or above) paying interest on loans for jeonse and monthly lease deposits for up to 10 years. The program has since 2018 given interest subsidies to a total of 47,322 households. The city government also agreed with banks to increase the limit of loans concerning house lease deposits from 200 million to 300 million won.

Added to this, a larger number of public facilities will open the door to expectant newlyweds who find it hard to reserve a wedding hall. Seoul plans to increase the number of public facilities accessible to these newlyweds to 24 from 19 places, which have been used as a wedding hall since March, including Dream Forest and the city hall. Given an increasing number of wedding guests following the recovery from COVID-19, the city will also allow these facilities to house up to 1,000 guests per wedding – up from 100 visitors previously. The hanok-type “Seongbuk Yehyangjae” charges 500,000 won, while Seoul Citizen Hall and Gwangnaru Jangmiwon are free.

“The city will spare no policy-wise and financial support so that young couples who decide to get married can start a married life in stable living environments,” Seoul Mayor Oh Se-hoon said.


4g1@donga.com