TAIPEI (Taiwan News) — The Ministry of Finance announced on Thursday the “Preferential Housing Loans for the Youth” program reached NT$26.64 billion (US$832 million) in January.

The ministry said the figure represents a 25% decrease compared to the previous month, setting a record low. In January, 3,393 loans were approved, a decrease of around 25.7% from December, per CNA.

Land Bank of Taiwan handled the most loans under the program, processing 1,094 cases. Bank of Taiwan followed with 792 cases, while Taiwan Cooperative Bank and Taiwan Business Bank each approved over 400 loans.

The Central Bank said the demand for youth housing loans declined primarily due to the Lunar New Year holiday and its credit control measures. To prevent subletting and the abuse of loans, it has instructed financial institutions to enhance loan management in line with Article 72 of the Banking Act.

The ministry said the program processed 4,571 cases in December, a 5.49% increase from the previous month. The loan amount approved was NT$35.56 billion, reflecting a 5.23% month-on-month increase.

Bank of Taiwan processed the most loans in December, handling 1,344 cases, an increase of 195 from November. Taiwan Business Bank followed with 563 cases, and Chang Hwa Bank had 268.

As of September, the loan program assisted more than 80,000 households, with approved loan amounts reaching NT$642.1 billion.

The program, launched in August 2023, offers a maximum loan of NT$10 million. Applicants must be at least 18 years old and have no property ownership, including for their spouse or minor children. The loan repayment period can be as long as 40 years.