Seoul City to Supply 2,800 Rental Housing Units with Jeonse Loan Support

[Asia Economy Reporter Onyu Lim] The Seoul Metropolitan Government announced on the 16th that it will supply a total of 2,800 units of 'Jeonse Deposit Support Public Rental Housing' this year, including 2,500 units for low-income households and 300 units for newlyweds.

The Jeonse Deposit Support type is a public rental housing system where applicants select a desired residence and apply to the Seoul Housing and Communities Corporation (SH Corporation). After review, the corporation contracts the selected housing and subleases it to the applicant.

For low-income households, up to 110 million KRW per household is lent at a low interest rate covering 95% of the deposit. Any amount exceeding 110 million KRW is borne by the tenant.

For newlyweds, the loan amount varies depending on income and other classifications.

As of the announcement date on the 17th, applicants must be non-homeowners registered as household members residing in Seoul. The rental period is two years, and depending on the type, tenants can renew the contract up to nine times as long as they maintain eligibility, allowing for a maximum use of 20 years.

Applicants should check criteria such as exclusive area, Jeonse deposit or monthly rent conversion deposit, and internal structure. For detailed information, please refer to the Seoul Housing and Communities Corporation website.

Kim Seongbo, Director of the Housing and Architecture Headquarters of Seoul City, stated, "As the rise in monthly rent prices in the housing rental market increases the housing cost burden for ordinary citizens, the role of Jeonse Deposit Support Public Housing is significant."

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