Yongin City Supports Up to 300,000 KRW for Youth Jeonse Deposit Return Guarantee Fees

Yongin Youth Jeonse Deposit Return Guarantee Fee Support Project Promotional Poster

[Asia Economy (Yongin) = Reporter Lee Young-gyu] Yongin City in Gyeonggi Province will launch a project next year to support a 300,000 KRW guarantee fee for the Jeonse deposit return guarantee for young people.

The Jeonse deposit return guarantee is a guarantee product in which the guarantee institution returns the Jeonse deposit to the tenant on behalf of the landlord if the landlord does not return the deposit after the Jeonse contract ends.

Subscription to the return guarantee product can be done on the websites of guarantee institutions such as Korea Housing & Urban Guarantee Corporation, Korea Housing Finance Corporation, and SGI Seoul Guarantee.

Online subscription is also available through Naver Real Estate, Kakao Pay, KB Kookmin Card, and in-person applications can be made at the guarantee institutions’ branch offices or designated banks.

In addition to Jeonse tenants, tenants with monthly rent contracts that include a deposit can also subscribe.

Yongin City will support young tenants with up to 300,000 KRW of the paid guarantee fee only if the guarantee period is valid. However, tenants must first pay the guarantee fee to the guarantee institution when subscribing to the return guarantee.

The support targets are young people aged 18 to 39 in Yongin City without home ownership as of 2023, with Jeonse or monthly rent deposits under 300 million KRW, households with income below 180% of the median income, and those who have completed subscription and payment of the Jeonse deposit return guarantee fee.

Youth wishing to receive the guarantee fee support can apply through the city hall website from February 1 to March 31 next year.

The city will review each requirement, finalize 500 eligible recipients by the end of April, and disburse the support funds by the end of May.

Youths who have already subscribed to the return guarantee can apply regardless of the subscription date, as long as the guarantee period is valid as of the application date.

Youth tenants who have not yet subscribed to the return guarantee can apply within the application period after paying the guarantee fee and receiving the guarantee certificate.

A city official said, "We ask for the active interest of young people in the newly launched Yongin Youth Jeonse Deposit Return Guarantee Fee Support Project," adding, "The city will continue to do its best to develop customized policies to help young people who are vulnerable in housing."

The city is also implementing various projects for youth housing welfare, including ▲ Yongin Youth Real Estate Brokerage Fee Reduction Project ▲ Temporary Special Support for Youth Monthly Rent ▲ Interest Support for Newlywed Couples’ Jeonse Loans ▲ Interest Support for Multi-child Families’ Jeonse Loans.