Support for Jeonse Deposit Return Guarantee Fee, Age Restrictions Removed and Support Scope Expanded

Age Restrictions Lifted... Support Scope Expanded

The Ministry of Land, Infrastructure and Transport announced on the 4th that the guarantee fee support for the Jeonse Deposit Return Guarantee product will be expanded to cover all ages.

The guarantee fee support program provides up to 300,000 KRW in guarantee fee support to subscribers of the Jeonse Deposit Return Guarantee product to prevent Jeonse fraud. Previously, the target group was youth aged 39 or younger with an annual income of 50 million KRW or less (70 million KRW for newlyweds), and in Jeonnam and Gangwon, youth aged 45 or younger. However, under the expanded implementation plan, the age limit has been removed, and the income criteria and guarantee coverage have been expanded. The income criteria have been raised to 50 million KRW or less for youth, 60 million KRW or less for other age groups, and 75 million KRW or less for newlyweds, and the support coverage has been expanded to guarantees valid as of the application date.

The government announced the "Housing Market Stabilization Plan," which includes strengthening the comprehensive real estate tax on high-priced housing and regulating mortgage loans for apartments priced over 1.5 billion won in speculative and overheated speculation areas. On the 17th, a price list was posted at a real estate agency office in Songpa-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

Guarantee fee support can be applied for in person at the city, county, or district office with jurisdiction over the tenant's housing address. Some local governments also allow online applications. Plans are underway to enable guarantee fee support applications at the time of subscribing to the Jeonse Deposit Return Guarantee in the future.

Refunds for guarantee fees already paid are also possible. After local government review, 90% of the paid guarantee fee (up to 300,000 KRW) can be refunded, and youth and newlyweds can receive a 100% refund (up to 300,000 KRW).

Kim Gyu-cheol, Director of the Housing and Land Office at the Ministry of Land, Infrastructure and Transport, stated, "We hope that through the guarantee fee support program, more tenants will be strongly protected from Jeonse fraud," and added, "We will continue to promote various policies to reduce Jeonse fraud damage."