Up to 300,000 KRW Support for Youth Enrolled in Jeonse Deposit Return Guarantee
Gwangyang City in Jeollanam-do announced on the 18th that it will continue the "Youth Jeonse Deposit Return Guarantee Fee Support" project in 2024 to protect low-income young adults, including those new to society, from jeonse fraud.
This project was established to prevent jeonse fraud damage and support housing stability by encouraging young people, who are relatively more vulnerable to jeonse fraud, to subscribe to the jeonse deposit guarantee.
The support targets are young tenants aged 19 to 45 residing in Gwangyang City who have no home ownership, with a deposit of 300 million KRW or less, and an annual income of 50 million KRW or less (70 million KRW or less for newlyweds), who subscribed to the jeonse deposit return guarantee from HUG, HF, or SGI after January 1, 2023.
However, tenants living in rental housing owned by registered rental business operators under the "Special Act on Private Rental Housing" and tenants who are corporations are excluded from the support.
Applicants for the guarantee fee support must pay the guarantee fee to the guarantee institution after subscribing to the guarantee and then visit the resident center in their local eup, myeon, or dong with the application form and required documents to apply.
The city will review the applications and support the applicant’s account with all or part of the jeonse deposit return guarantee fee already paid by the applicant (up to a maximum of 300,000 KRW).
Kim Sun-yeol, Director of the Architecture Division, said, "We hope this guarantee fee support project will help young people vulnerable to jeonse fraud lead stable housing lives."
Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr
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