The project implementation period is from the 4th until the budget is exhausted... Support available for deposits under 300 million KRW and meeting income criteria by category
Eunpyeong-gu (Mayor Kim Mi-kyung) announced on the 4th that it will implement the ‘Jeonse Deposit Return Guarantee Premium Support Project’ to prevent tenants from suffering losses by not receiving their deposits back due to jeonse fraud and other issues.
The ‘Jeonse Deposit Return Guarantee Insurance’ is an insurance product in which the guarantee institution returns the deposit to the tenant if the tenant does not receive the deposit back after the contract period ends. The subscribing institutions include the Housing and Urban Guarantee Corporation (HUG), Seoul Guarantee Insurance (SGI), and Korea Housing Finance Corporation (HF).
The ‘Jeonse Deposit Return Guarantee Premium Support Project’ targets tenants who have completed subscribing to and paying for the return guarantee insurance after signing the lease contract. It supports the full or partial amount of the premium already paid, up to a maximum of 300,000 KRW.
The support targets are non-homeowners residing in residential buildings with deposits of 300 million KRW or less in Eunpyeong-gu. Applicants must meet income criteria of ▲youth with an annual income of 50 million KRW or less ▲non-youth with an annual income of 60 million KRW or less ▲newlyweds with a combined annual income of 75 million KRW or less.
Unlike last year, when the Ministry of Land, Infrastructure and Transport conducted the support project targeting youth, this year it is expanded to all age groups with 50% national funding and 50% city funding. Applications are accepted online via Government24 and in person at the Housing Division of Eunpyeong-gu Office until the budget is exhausted.
More detailed eligibility criteria can be found in the notices and support project announcements on the Eunpyeong-gu Office website.
Meanwhile, the ‘Eunpyeong-gu Lease Deposit Return Guarantee Premium Support Project,’ which was first implemented last year in Seoul targeting all age groups, will not be conducted this year as the support target of this project has been expanded to all age groups.
Kim Mi-kyung, Mayor of Eunpyeong-gu, said, “As this is a minimum precaution to prevent jeonse fraud damage, I hope many Eunpyeong-gu residents receive support and that it helps stabilize their housing.”
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