Lease Contracts Under 200 Million KRW for Homeless Youth and Newlyweds
[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongsangnam-do announced on the 16th that it is implementing a support project for the Jeonse Deposit Return Guarantee Fee.
The "Jeonse Deposit Return Guarantee" is insurance that compensates tenants who have signed a housing lease contract for losses incurred when the Jeonse deposit is not returned.
Since March, Gyeongnam Province has been promoting the support project to prevent Jeonse deposit return accidents for homeless youth and newlywed tenants, fully supporting the insurance premium.
The support target is homeless youth or newlyweds with a household income below 180% of the median income, living in seven cities and counties including Tongyeong, Sacheon, Gimhae, Miryang, Haman, Changnyeong, and Goseong, who have signed a lease contract with a Jeonse deposit of 200 million KRW or less, regardless of the housing area.
Youth are defined as those aged 19 to 39, and newlyweds can apply anytime throughout the year regardless of age if the marriage period is within 7 years, until the budget is exhausted.
Before applying for support, applicants must first subscribe to the return guarantee at the Housing and Urban Guarantee Corporation, Korea Housing Finance Corporation, or entrusted financial institutions such as NH Nonghyup or Gyeongnam Bank, then apply at the city or county office where the rental housing is located or through the Gyeongnam Baro Service website.
Heo Dongsik, Director of the Urban Housing Bureau, said, "Youth and newlyweds, who are vulnerable in housing, suffer significant mental and financial damage when guarantee accidents occur," and added, "We hope many will apply to protect their valuable Jeonse deposits and reduce the economic burden of guarantee fees."
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