Incheon City announced on the 4th that it will promote a Jeonse deposit refund guarantee support project in response to the recent increase in Jeonse fraud cases.
This initiative aims to prevent Jeonse damage by encouraging low-income households to subscribe to the Jeonse deposit refund guarantee, providing support for the actual premium paid by subscribers up to a maximum of 300,000 KRW.
The city implemented the project for low-income youth starting in July last year, but from this year, it has decided to expand the support target to include all age groups of low-income households.
The support target includes tenants residing in Incheon City who have subscribed to a valid Jeonse deposit refund guarantee as of the application date, with a rental deposit of 300 million KRW or less, and who are non-homeowners with an annual income of ▲ 50 million KRW or less for youth ▲ 60 million KRW or less for non-youth ▲ 75 million KRW or less for newlyweds.
However, foreigners under the law, tenants living in rental housing owned by registered rental business operators obligated to subscribe to the overseas return guarantee, or tenants who are corporations are excluded from the support target. Applications can be submitted online (Government24), and if online application is difficult, applicants can visit the district or county office with jurisdiction over their address to apply.
An official from Incheon City stated, "Young people such as social newcomers and newlyweds, who have little experience with lease contracts, often do not subscribe to guarantees due to cost burdens, making them vulnerable to Jeonse fraud. We hope that through this project, more low-income households will subscribe to guarantees and prevent damage."
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