Yangcheon-gu Expands Support for Jeonse Deposit Return Guarantee Fees... Age Restrictions Removed

Significant Expansion of Eligibility from 'Youth and Newlyweds' to All Age Groups to Promote Housing Stability for Vulnerable Tenants
Support for Renters Without Homes with Lease Deposits Up to 300 Million KRW Enrolled in Jeonse Deposit Return Guarantee Insurance
Up to 300,000 KRW in Guarantee Fees Supported, Encouraging Enrollment in Jeonse Deposit Return Guarantee Insurance, Full Efforts to Prevent Jeonse Damage

Yangcheon-gu (District Mayor Lee Gi-jae) announced on the 24th that, in order to prevent the recently increasing jeonse (lease deposit) damages and create a stable residential environment, it will expand the target of the ‘Jeonse Deposit Return Guarantee Insurance Premium’ support project from youth to all age groups starting this year.

The ‘Jeonse Deposit Return Guarantee Insurance Premium’ support is a project that supports up to 300,000 KRW of the insurance premium paid by the jeonse deposit insurance subscribers to the guarantee institution.

This was established to prevent jeonse damages and ensure stable residential life by encouraging tenants to subscribe to the jeonse deposit return guarantee insurance by supporting the insurance premium, as the damage to tenants who do not receive their jeonse deposit back even after the contract period ends has emerged as a serious social problem.

Since July last year, the district has supported insurance premiums for low-income youth (aged 19 to 39) and newlyweds, but from this year, it has abolished the age limit and relaxed the income eligibility criteria.

The support target is tenants without housing who have subscribed to a jeonse deposit return guarantee institution (HUG, HF, SGI) with a valid guarantee as of the application date and whose tenant deposit is 300 million KRW or less. However, tenants living in rental housing of registered rental business operators under the 「Special Act on Private Rental Housing」, homeowners, and corporate tenants are excluded.

The annual income criteria are ▲ youth 50 million KRW or less ▲ others 60 million KRW or less ▲ newlyweds (within 7 years of marriage registration as of the application date) with a combined income of 75 million KRW or less.

After screening, selected recipients will receive support up to 300,000 KRW, with ▲ youth and newlyweds receiving the full amount of the insurance premium ▲ others receiving 90% of the insurance premium.

Applications can be submitted online via Government24 or in person at the Real Estate Information Division of Yangcheon-gu Office, and the application period lasts until the 2024 budget is exhausted.

Meanwhile, to report jeonse damage cases and provide support linkage, the district has been operating the Yangcheon-gu Jeonse Damage Support Center since June last year, offering legal consultations with lawyers.

Lee Gi-jae, Mayor of Yangcheon-gu, stated, “As the target of this jeonse deposit return guarantee insurance premium support project expands to all age groups, we hope that more residents will benefit and that it will help prevent jeonse fraud damages among vulnerable housing groups and support stable residential life.”

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