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Busan Metropolitan City to Accept Applications for “Jeonse Deposit Loan and Interest Support Program for Youth” Without Quota Starting April

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Busan Metropolitan City (Mayor Park Heong-joon) announced that it will revise the recruitment method for the “Jeonse Deposit Loan and Interest Support Program for Youth (Meomuljari Loan),” which supports housing stability for young people in Busan, starting in April.

The key change in this revision is shifting from the previous first-come, first-served recruitment of 50 applicants to an open application system without a quota beginning in April.
Previously, from January to March this year, new applicants were recruited on a monthly first-come, first-served basis limited to 50 individuals to prevent early depletion of the budget. However, as applications closed within 10 minutes of opening and demand surged, it became evident that broader and more equitable access was needed for youth who were unable to secure an opportunity. Accordingly, the recruitment method has been improved to accept applications without a quota starting in April.

Through the first supplementary budget of 2026, an additional KRW 500 million has been secured (bringing the total to KRW 2.5 billion), and the number of beneficiaries will be expanded in line with demand so that more young people can benefit from housing support.
The annual number of new beneficiaries will increase from 550 to 950 (an increase of 400), which is expected to eliminate unnecessary competition and inconvenience caused by the previous first-come, first-served system.

In addition, since January this year, the city has continuously improved the program to enhance application convenience, including reducing the loan screening period (from 20 days to 5 days) and simplifying required documents.
Required documents have been reduced from three (resident registration certificate, family relations certificate, and lease contract) to two (family relations certificate and lease contract).

The “Meomuljari Loan” program supports unmarried, non-homeowning youth aged 19 to 39 by providing jeonse deposit loans of up to KRW 100 million and interest support of 2–2.5%, helping to ease housing cost burdens and promote stable settlement in the region.

The city provides annual interest support of 2–2.5% (up to KRW 2.5 million per year) for up to two years (extendable up to four years). The Korea Housing Finance Corporation guarantees 100% of the loan amount, while Busan Bank provides loans of up to KRW 100 million within 90% of the jeonse deposit.

From 2017 to 2025, the program has supported 4,081 young people with jeonse deposit loans totaling KRW 80.38 billion and interest support amounting to KRW 4.16 billion.

Eligible applicants who wish to receive support can check the qualification requirements and apply through the Busan Youth Platform website (https://young.busan.go.kr/) from 9:00 a.m. on the 1st to 6:00 p.m. on the 10th of each month. The selection results can be confirmed on the Busan Youth Platform on the 15th of each month.

Mayor Park Heong-joon stated, “In response to the strong interest and demand from young people for the ‘Meomuljari Loan,’ we have secured additional funding and worked to expand support so that more youth can benefit.” He added, “We will continue to do our best to make Busan a city where young people want to live through sustained support for the ‘Meomuljari Loan’ program.”