The Seoul city government said on the 15th that it will recruit additional participants for the "2025 safe home repair loan support," which it is promoting to improve the residential environment of aging low-rise dwellings.
This support program offers up to 60 million won in home repair expense at a low annual rate of 0.7%. Additional applications will be accepted through Oct. 31. Eligible properties are aging low-rise dwellings that received use approval at least 20 years ago and have an appraised value of 900 million won or less. Up to 80% of the total construction cost, with a maximum of 60 million won, is supported at an interest rate of 0.7% per year. Repayment is a 3-year grace period followed by 10 years of equal installments, with no prepayment fee.
By dwelling type, the support amounts are 10 million to 60 million won for single-family dwellings, multi-household dwellings, and boarding houses, and 10 million to 30 million won per unit for multi-family dwellings and row houses. The support funds can be used for work to improve aging dwellings, from wallpapering, flooring, and replacing sinks to full-scale remodeling.
However, apartments, neighborhood living facilities, buildings within maintenance zones, and buildings in violation are excluded from eligibility.
To apply, visit a Shinhan Bank branch that handles the product to check loan availability and the amount, then submit the required documents to the application reception office of your district office within the application period. Even within the recruitment period, applications may close if the budget is exhausted.