Gyeonggi-do Supports Guarantee Fees for Jeonse Deposit Return Guarantees

Gyeonggi Province is launching the ‘Jeonse Deposit Return Guarantee Premium Support Project’ to establish a safe Jeonse culture.

The Jeonse Deposit Return Guarantee is a guarantee product provided by Housing and Urban Guarantee Corporation (HUG), Korea Housing Finance Corporation (HF), Seoul Guarantee Insurance (SGI), etc., which ensures that tenants can receive their deposits back from landlords when the Jeonse contract ends.

Gyeonggi Province supports the guarantee premiums for tenants with a deposit of 300 million KRW or less and who are non-homeowners of all ages with annual income limits of 50 million KRW for youth, 60 million KRW for others, and 75 million KRW for newlyweds.

Youth (aged 19?39) and newlyweds will receive full reimbursement of the premiums they have already paid, while others will receive 90% of the premiums paid, up to a maximum of 300,000 KRW.

However, foreigners, overseas Koreans not residing in Korea, tenants living in rental housing registered under the ‘Special Act on Private Rental Housing,’ and tenants who are corporations are excluded from the support.

Gyeonggi Provincial Government

The total budget for this project is 3.6 billion KRW, including 1.8 billion KRW from the central government, 540 million KRW from the provincial government, and 1.26 billion KRW from city and county governments.

Applications can be submitted online through Bojogeum24 (https://www.gov.kr) or by visiting the city, county, or district office or administrative welfare center at the applicant’s registered address.

Gyeonggi Province will notify applicants of the guarantee premium application results within 30 days via text message and email after verification by the local city or county official. If approved, the support will be paid to the applicant’s designated account within 15 days of the decision notification.

Lee Gye-sam, Director of the Urban Housing Office of Gyeonggi Province, explained, "The premium support is an essential policy to prevent Jeonse-related damages. It is a significant project as Gyeonggi Province’s proposals and efforts have been reflected in government policies, leading to expansion not only in Gyeonggi but nationwide."