South Gyeongsang Province is accelerating its "zero rental deposit era" initiative to provide housing stability for low-income residents struggling to secure lump-sum funds.
The provincial government announced on the 13th that it will allocate 726 million won this year to provide interest-free rental deposit support for 72 low-income households.
Eligible recipients are homeless basic livelihood recipients and near-poverty households residing in the province. Those scheduled to move into long-term public rental housing—including permanent rental, national rental, and Happy Housing units—supplied by Korea Land and Housing Corporation (LH) or Gyeongnam Development Corporation can receive the benefits.
Applications can be submitted at city, county, or district administrative welfare centers after signing a lease contract. Selected households can receive up to 20 million won per household for the remaining deposit balance, excluding the down payment they paid. The support period is designed to allow interest-free residence for up to six years, with a basic two-year term and two possible extensions.
The program began in 2011. Through last year, it has supported 1,048 households with 8.889 billion won, serving as a solid pillar for housing-vulnerable groups.
The initiative has been recognized as a successful "housing ladder" model that reduces household debt and improves quality of life by enabling families previously dependent on high-interest private loans to switch to interest-free financing. The province estimates that supported households save more than 1.2 million won annually in interest payments.
The saved funds are being redirected to medical expenses, education costs, and living expenses, driving improvements in quality of life for low-income households.
Shin Jong-woo, Director of the Urban Housing Bureau of South Gyeongsang Province, said, "Rental deposit support is a policy that provides practical help to low-income groups who struggle to secure lump-sum funds," adding, "We will expand housing stability policies so that more residents can enjoy stable lives without worrying about housing costs."