Gyeonggi-do Increases Jeonse Deposit Return Guarantee Fee from 300,000 to 400,000 Won

Gyeonggi Province will increase the support fund for the "Jeonse Deposit Return Guarantee Premium Support Project" from the existing 300,000 KRW to 400,000 KRW to prevent Jeonse fraud damage and reduce the burden on tenants.

This increase is a measure to minimize the tenant's burden following the revision of the Ministry of Land, Infrastructure and Transport's guidelines for the Jeonse Deposit Return Guarantee Premium Support Project.

Gyeonggi Province supports the guarantee premiums incurred when subscribing to the Jeonse Deposit Return Guarantee from the Housing and Urban Guarantee Corporation (HUG), Seoul Guarantee Insurance (SGI), and Korea Housing Finance Corporation (HF).

The support target is tenants with a Jeonse deposit of 300 million KRW or less, and youth (aged 19-39) and newlyweds are supported for the full amount of the premium paid (up to 400,000 KRW).

Gyeonggi Provincial Government

For those other than youth, up to 90% of the premium (maximum 400,000 KRW) is supported. The income criteria are tenants without housing with an income of 50 million KRW or less for youth, 60 million KRW or less for others, and 75 million KRW or less for newlyweds.

However, as in the previous year, foreigners and overseas Koreans not residing in Korea, tenants living in registered rental housing under the "Special Act on Private Rental Housing" who are required to subscribe to the return guarantee, and cases where the tenant is a corporation are excluded from the support target.

Applications can be submitted online through Bojogeum24 (https://www.gov.kr) or the HUG Safe Jeonse Portal (https://www.khug.or.kr), or by visiting the district or administrative welfare center of the resident registration address.

Son Im-seong, Director of the Urban Housing Office of Gyeonggi Province, said, "We expect that the expansion of support for the Jeonse Deposit Return Guarantee premium will provide practical benefits to residents in preventing Jeonse damage," and added, "We will continue to do our best to prepare various support policies for the prevention and support of Jeonse damage."