LH Signs Jeonse Contracts Instead of Tenants
Continuous Recruitment Until the End of This Year
On May 2, Korea Land and Housing Corporation (LH) announced that it will continuously recruit tenants for 9,050 Jeonse lease housing units for newlyweds, households with newborns, and families with multiple children until the end of this year. In the Jeonse lease program, applicants can select the home they want, after which LH signs a Jeonse contract with the landlord and then leases the property to the applicant at a price lower than the market rate. This system provides practical assistance to households facing a heavy Jeonse deposit burden.
The total number of units available for this recruitment is 9,050 nationwide. By type, this includes: ▲ 5,800 units for Newlyweds/Newborns I, ▲ 1,000 units for Newlyweds/Newborns II, and ▲ 2,250 units for families with multiple children.
The Newlyweds/Newborns Jeonse Lease Types I and II are available to households without a home as of the application date, including ▲ households with a child born within the past two years, ▲ (prospective) newlywed couples married within the past seven years, and ▲ single-parent families. However, eligibility is divided into Type I and Type II depending on income and asset levels.
For Newlyweds/Newborns Jeonse Lease Type I, households with a monthly average income of 70% or less of the urban worker household average (90% or less for dual-income households) are eligible to apply. Asset requirements follow the National Rental Housing standard, with total household assets not exceeding 337 million KRW and vehicle value not exceeding 38.03 million KRW. For Type II, the income criteria are more relaxed, allowing households with a monthly average income of 130% or less of the urban worker household average (200% or less for dual-income households) to apply. In this case, the asset requirement is at the level of public rental housing eligible for conversion to ownership, with total household assets not exceeding 354 million KRW.
The multiple children Jeonse lease type is available to households with two or more minor children, provided they are ▲ recipients of basic livelihood security, ▲ in the lower income bracket, ▲ single-parent families, or ▲ have an income of 70% or less of the urban worker household average. The asset criteria are the same as those for Newlyweds/Newborns Type I.
Applications can be submitted at any time until December 31. After applying, eligibility is verified over approximately 10 weeks before final approval is granted. Applications can be submitted through the LH Subscription Plus website, and telephone consultations are available through the LH Jeonse Lease Call Center.
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