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County government introduces mortgage interest subsidy for young property buyers

County government introduces mortgage interest subsidy for young property buyers
2017/08/15
Reporter: Weng Wei-Chih / County government’s report

In order to mitigate the housing burden on young people, the county government will accept applications for mortgage interest subsidy for property purchase or construction loans from August 15 to September 15. The program provides loans to residents with a household registration in Kinmen who are buying or building their own homes in Kinmen. Two-year interest subsidy for mortgage loans up to NT $ 3 million are offered.
This year, 160 households are expected to be benefited from the program, and a review will be conducted after a one-year trial period.
Eligibility:
(1) Kinmen County residents aged between 20 and 45.
(2) Have a spouse, minor children or dependent parents and in the same household as the parents.
(3) Neither the applicant nor family members has owned a residence.
(4) The average monthly income of each family member is less than six times the county’s minimum of subsistence in the current year (NT $61,740).
(5) Both self-built (registered as “first registration”) or purchased (registered as “buying and selling”) residences are eligible for applications. Residences need to be located in Kinmen.
The County’s Economic Affairs Department points out that the interest-free mortgage loan program for young buyers has been implemented by the county government for many years. However, there have been opinions expressed by many citizens concerning the insufficiency of interest subsidies, the unavailability of highly demanded loan subsidies for self-built residences, and other comments.
Therefore, after soliciting opinions from relevant units, this year's scheme will increase the loan portfolio from the original NT $2 million to NT $3 million, lower the eligibility criteria, and include self-built residences in the subsidy coverage. This will effectively reduce financing pressure on young property buyers and those constructing their own homes.
Applications for loan interest subsidy are accepted from August 15 to September 15. Eligible citizens should get an application form from the county government during the application period, or download it from the county government’s website, and submit it together with relevant documents before the deadline. Applications should be submitted by mail or by courier to the 1F, Urban Planning Section, Economic Affairs Department, Kinmen County Government. For inquiries, please call 082-318823 ext. 62398 or 62327.

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  • Date:2017-12-12