Seongnam City to Provide Up to 300,000 KRW in Jeonse Deposit Return Guarantee Fee Support

Seongnam City in Gyeonggi Province will expand the eligibility for its Jeonse Deposit Return Guarantee Fee Support Project to all age groups starting this year.

The Jeonse Deposit Return Guarantee Fee Support Project is designed to prevent losses for tenants who are unable to recover their jeonse deposits at the end of their lease contracts. The project provides support for guarantee fees paid by subscribers, covering up to 300,000 KRW.

Since July of last year, Seongnam City has been supporting guarantee fees to encourage young people to enroll in the Jeonse Deposit Return Guarantee. However, starting this year, the city has removed age restrictions and eased application requirements.

Eligible applicants are those who, as of the application date, are non-homeowners with a jeonse deposit of 300 million KRW or less and hold a valid Jeonse Deposit Return Guarantee (HUG, HF, SGI).

Seongnam City Jeonse Deposit Return Guarantee Fee Support Project Information Poster

The annual income criteria are as follows: for youth aged 18 to 39, 50 million KRW or less; for those outside the youth category, 60 million KRW or less; and for newlywed couples who have registered their marriage within seven years as of the application date, 75 million KRW or less.

The eligibility requirement regarding the guarantee insurance subscription date has also been relaxed. Applicants are now eligible as long as they hold a valid Jeonse Deposit Return Guarantee as of the application date, rather than being limited to those who enrolled after January 1, 2023.

Additionally, among applicants who applied for support before June 30 of this year, youth or newlywed couples who were enrolled in the Jeonse Deposit Return Guarantee between January 1 and March 3, 2024, will be retroactively supported even if their guarantee insurance is no longer valid.

Applications can be submitted in person at the local administrative welfare center or online via the Gyeonggi Minwon24 website (https://gg24.gg.go.kr/).

A Seongnam City official stated, "We will do our best to prevent jeonse fraud and contribute to housing stability for citizens by expanding the implementation of the guarantee fee support program."