Newlywed Couples to Receive 4,900 Units of 'Jeonse Lease II'... Applications Open from the 20th

(Data=LH)

[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH) announced on the 16th that it will begin the regular recruitment of tenants for 4,900 units of the Newlywed Couple Jeonse Lease Type II starting from the 20th.

Jeonse lease housing is a type of housing where the eligible tenant searches for a jeonse (long-term deposit) house, LH signs a jeonse contract with the owner of the house, and then subleases it to the tenant.

The Newlywed Couple Type II is characterized by relaxed income eligibility criteria and increased support limits compared to Newlywed Couple Type I.

Starting this year, the eligibility has been expanded so that couples with children under the age of 6 can apply regardless of their marriage duration, even if they are not newlyweds.

The eligible applicants include newlywed couples or prospective newlyweds within 7 years of marriage, single-parent families with children under 6 years old, and married households. Applicants must be members of a household without home ownership, have a monthly income as of the announcement date that is 100% or less of the previous year's average monthly income per household member for urban workers (120% or less for dual-income couples), and total assets must be 288 million KRW or less (including 24.68 million KRW or less in automobiles).

The maximum jeonse deposit support amount is 240 million KRW in the metropolitan area, 160 million KRW in metropolitan cities, and 130 million KRW in other regions. Tenants pay a rental deposit of about 20% of the jeonse support amount and a monthly rent on the remaining amount after subtracting the rental deposit from the jeonse support amount, with an interest rate of 1-2% per year.

The lease period is 2 years, with the possibility of two renewals of 2 years each if income and asset criteria are met. If there are children, two additional renewals are allowed, enabling a maximum residence period of up to 10 years.

Applications can be submitted online only through the LH subscription center from the 20th to the 29th.

After receiving applications, LH will conduct eligibility screening and individually notify successful applicants about 10 weeks later. For recipients of government assistance, low-income households, and single-parent families under protection, submitting the relevant certificates will shorten the eligibility screening period, allowing for faster support.

This content was produced with the assistance of AI translation services.