Jinju City Supports Guarantee Fees for Jeonse Deposit Return Guarantee for Youth and Newlyweds

For Young Adults and Newlyweds Without Homes with Jeonse Deposits of 200 Million KRW or Less Who Enrolled in Guarantee Insurance in 2022

Jinju City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province, will launch a support program for the jeonse deposit return guarantee insurance premium for young adults and newlyweds starting in April.

The "Jeonse Deposit Return Guarantee Insurance Premium Support Program" is designed to fully cover the insurance premium when tenants of residential housing purchase insurance to prepare for cases where the tenant cannot recover the jeonse deposit due to auction or public sale of the jeonse property, or when the jeonse contract is terminated or ended but the deposit is not returned.

The eligible applicants are non-homeowners residing in Jinju with a standard median income of 180% or less, who rented apartments or detached/multi-family houses with a jeonse deposit of 200 million KRW or less, and who enrolled in guarantee insurance in 2022. This includes young adults aged 19 to 39 and newlyweds (regardless of age, within 7 years of marriage).

The city will accept applications online and in person at the Housing and Landscape Division of Jinju City Hall, providing support until the budget is exhausted.

A city official stated, "This is a good policy to alleviate the financial burden on economically struggling young adults and newlywed households and to prevent incidents of non-return of jeonse deposits. We hope many people will apply."