Seoul Jung-gu Supports Up to 300,000 KRW for Jeonse Deposit Return Guarantee Fees

Support for Non-Homeowning Tenants
with Jeonse Deposits of 300 Million KRW or Less

Jung-gu, Seoul (Mayor Kim Gil-seong) is providing support for the ‘Jeonse Deposit Return Guarantee Insurance Premium’ to assist non-homeowning tenants in preventing jeonse fraud and stabilizing housing for low-income residents.

Jeonse Deposit Return Guarantee Fee Support Promotional Image. Provided by Jung-gu.

The Jeonse Deposit Return Guarantee Insurance is a policy where guarantee institutions such as the Housing and Urban Guarantee Corporation, Korea Housing Finance Corporation, and Seoul Guarantee Insurance pay the deposit on behalf of the landlord if the landlord fails to return the jeonse deposit. Many tenants hesitate to subscribe due to the burden of the insurance premium, so Jung-gu supports the premium to reduce the burden on subscribers.

The support targets non-homeowning tenants residing in Jung-gu with a jeonse deposit of 300 million KRW or less. Income requirements are an annual income of 50 million KRW for youth (ages 19 to 39), 60 million KRW for others, and a combined 75 million KRW or less for newlywed couples.

However, foreigners and overseas Koreans, tenants residing in rental housing registered under the ‘Special Act on Private Rental Housing,’ and tenants who are corporations are excluded from the support. The support amount covers 100% of the premium for youth and newlywed couples, and 90% for other tenants, up to a maximum of 300,000 KRW.

From this year, the application process has become more convenient. Previously, applicants had to find individual local government offices through the ‘Government24’ website, which was cumbersome. From this year, integrated applications are possible through the Ministry of Land, Infrastructure and Transport’s ‘Jeonse Deposit Return Guarantee Insurance Premium Support’ portal. Proxy applications are allowed, and the validity period of documents has been extended from 1 month to within 3 months.

Applications can be submitted online via ‘Government24’ or by visiting the Housing Division of Jung-gu Office.