“Young Adults' Jeonse Deposit Protection”… Ulsan City Supports Up to 300,000 KRW for ‘Return Guarantee Fee’
A project supporting the guarantee fee for the return of jeonse deposit is being launched in Ulsan.
This project was prepared to prevent damages where tenants cannot get their deposits back even after the lease contract ends due to jeonse fraud or reverse jeonse phenomena.
The support targets household heads without homes aged between 19 and 39, with conditions of a rental deposit of 300 million KRW or less and an annual income of 50 million KRW or less. The support covers guarantee fees up to 300,000 KRW for those who joined a ‘Jeonse Deposit Return Guarantee Institution’ after January 1, 2023.
Detailed requirements and application methods can be found in the announcement on the website of the district or county office with jurisdiction over the applicant’s address.
The ‘Jeonse Deposit Return Guarantee’ is a guarantee product that compensates tenants for damages when they do not receive their deposit back despite the auction or public sale of the leased house or the termination or expiration of the jeonse or monthly rent contract.
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The guarantee institutions offering this product include Housing and Urban Guarantee Corporation (HUG), Korea Housing Finance Corporation (HF), and SGI Seoul Guarantee. Applications can be made through the guarantee institutions’ websites.
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