"Busan Youth No More Worries About Jeonse Deposit Loss" Nationwide First Return Guarantee Fee Support

Busan City Signs Business Agreement on the 8th for 'Jeonse Deposit Return Guarantee Fee Support Project'
Busan City Supports Guarantee Fees, HUG Provides Youth-Only Jeonse Deposit Return Guarantee
For Jeonse Tenants Aged 19-34 with Annual Income Bel

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Young people in the Busan area will have less worry about losing their jeonse deposit.

Busan City is the first in the nation to promote a youth-tailored jeonse deposit return guarantee premium support project.

The city announced that on the 8th at 4 p.m., it will sign a business agreement with the Korea Housing & Urban Guarantee Corporation (HUG) in the International Protocol Room on the 7th floor of City Hall to promote the project.

The "Youth Safe Jeonse Deposit Return Guarantee Premium Support Project" is a system designed to reduce the burden on young people who must take legal procedures and face loss risks when landlords cannot return the jeonse deposit after the lease contract ends.

▲ When Busan City supports the jeonse deposit return guarantee premium to HUG, ▲ HUG provides a Busan youth-exclusive jeonse deposit return guarantee (payment of guarantee premium using the support fund and a 10% discount on the premium) and conducts housing-related financial education to protect young tenants.

Eligible applicants are those aged 19 to 34 living in Busan based on their resident registration, with an annual income of 50 million KRW or less, and who have a jeonse lease contract for a house priced at 300 million KRW or less.

Applicants can visit the HUG Busan-Ulsan branch or apply online (HUG Smart Jeonse Support Center). Busan City and HUG will verify the eligibility of applicants and support the guarantee premium upon subscription.

Byun Sung-wan, Acting Mayor of Busan, said, "We will continuously promote the provision of a legal protection network that can serve as a practical safety device for housing stability and property rights protection for youth, as well as financial and housing policy education."

For more details, visit the Busan City Youth Policy Platform. Inquiries can be made to the Youth Hope Policy Division Youth Life Team or the Korea Housing & Urban Guarantee Corporation.

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