Youth Jeonse Deposit, Busan City Protects More Securely ... Expansion of 'Return Guarantee' Fee Support

by Kim Yongu

Published 22 Jun.2021 09:17(KST)

Updated 11 Aug.2025 18:13(KST)

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Support for Guarantee Fees Already Paid to Housing and Urban Guarantee Corporation, Korea Housing Finance Corporation, and SGI Seoul Guarantee

Busan Residents Aged 19-34, Annual Income Under 50 Million KRW, Jeonse Tenants of Homes Priced Under 300

Changes from the existing business content.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The Busan Metropolitan City is expanding a project that safely protects the jeonse deposit of young citizens.

Busan Metropolitan City (Mayor Park Hyung-jun) announced on the 22nd that it will expand the 'Youth Safe Jeonse Deposit Return Guarantee Fee Support' project.

The Youth Safe Jeonse Deposit Return Guarantee Fee Support project is a system designed to reduce the legal procedures and loss risks for young people who must take recovery actions when landlords cannot return the jeonse deposit after the lease contract ends.

Previously, for the jeonse deposit return guarantee fee support, young people applied for the return guarantee by visiting the Housing and Urban Guarantee Corporation or online, and after screening, Busan City supported the guarantee fee.

The expanded support now includes guarantee fees paid for jeonse deposit return guarantees subscribed through not only the Housing and Urban Guarantee Corporation but also the Korea Housing Finance Corporation and SGI Seoul Guarantee.

Since it is common to subscribe to the jeonse deposit return guarantee simultaneously with loan guarantees when taking out jeonse deposit loans from financial institutions, applicants can receive support by applying to Busan City for the guarantee fees paid at that time.

Eligible applicants are young tenants aged 19 to 34 registered as residents in Busan, with an annual income of 50 million KRW or less (80 million KRW or less for dual-income couples), and residing in residential housing with a jeonse deposit of 300 million KRW or less.

Oh Mi-kyung, head of the Youth Hope Policy Division of Busan City, said, “We are expanding this project to provide some help to young people suffering from employment difficulties and financial hardship due to the prolonged COVID-19 pandemic.”