Busan Expands Support for Jeonse Deposit Return Guarantee Fees... Up to 400,000 Won

The Busan Metropolitan Government announced on the 14th that it will increase the maximum support limit for the Jeonse Deposit Return Guarantee fee from 300,000 won to 400,000 won, following the revised guidelines from the Ministry of Land, Infrastructure and Transport and the adjustment of guarantee fee rates by the Housing and Urban Guarantee Corporation (HUG).

The Jeonse Deposit Return Guarantee Fee Support Program is a system designed to prevent losses from unpaid jeonse deposits by supporting all or part of the guarantee fees paid by tenants to guarantee institutions (HUG, HF, SGI).

This expansion measure aims to reflect the actual guarantee fee rates, reduce the risk of jeonse fraud for tenants, and alleviate housing cost burdens. HUG reorganized its guarantee fee system on March 31, and the Ministry of Land, Infrastructure and Transport raised the support limit accordingly.

The expanded support applies to tenants who newly joined the Jeonse Deposit Return Guarantee after March 31 of this year. Tenants who joined before this date can continue to receive support up to the previous maximum of 300,000 won.

Eligible applicants are tenants without home ownership residing in Busan, whose jeonse deposit is 300 million won or less and who meet certain income criteria. The annual income limits are as follows: 50 million won or less for youth (ages 18-39), 60 million won or less for non-youth, and 75 million won or less for newlyweds (within seven years of marriage). For married couples, the combined income is used for calculation.

However, tenants of registered rental housing, corporate tenants, foreigners, and overseas Koreans not residing in Korea are excluded from eligibility. Applications can be submitted online through Government24 and the HUG Safe Jeonse Portal, or in person at the district or county office of residence.

Ha Sungtae, Director of Housing and Architecture at Busan Metropolitan Government, stated, "We hope this expansion of support will help prevent jeonse fraud and contribute to housing stability for citizens," adding, "We will continue to make efforts to create a safe residential environment in the future."

Busan City Hall.