Changwon City Greatly Expands Support Targets for Jeonse Deposit Return Guarantee

Residential officetel tenants, deposit range 150 million won

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Changwon City in Gyeongnam Province is significantly expanding the scope of support for the 'Jeonse Deposit Return Guarantee Fee Support.'

On the 29th, Changwon City announced that starting this year, residential officetels will be added to the support targets, and the deposit range will be expanded from 100 million KRW to 150 million KRW.

The city revised the ordinance last year to reflect the increase in young people living in residential officetels and the rise in Jeonse prices.

Due to recent instability in the real estate market, disputes over the return of deposits by Jeonse contract tenants are increasing, and subscribing to the Jeonse Deposit Return Guarantee is being recognized as a safety measure to effectively protect deposits.

Last year, the city supported guarantee fees totaling 20.28 million KRW for 157 tenant households and protected Jeonse deposits amounting to 14.6 billion KRW, alleviating concerns about non-return of deposits.

The support targets are tenants of lease contracts who meet all of the following: single-family or multi-family housing and residential officetels, deposits of 150 million KRW or less, and household income at or below 200% of the median income.

After subscribing to the guarantee through guarantee institutions such as the Housing and Urban Guarantee Corporation (HUG), applicants can apply at the Building Permit Division of the district office where the residence is located.

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