Program Ends When Budget Is Exhausted
"Preventing Jeonse Damages for Tenants"
Jeonju City in North Jeolla Province will implement the 'Jeonse Deposit Return Guarantee Fee Support Project' until the end of this year.
According to the city on November 7, this project was established to encourage tenants to enroll in guarantee insurance that allows them to recover their deposits in the event of jeonse fraud. So far, guarantee fees totaling 151 million won have been provided to 672 households, and the program may end early if the budget is exhausted.
Eligible applicants are tenants without homes residing in Jeonju who have enrolled in the Jeonse Deposit Return Guarantee offered by the Housing and Urban Guarantee Corporation (HUG), Korea Housing Finance Corporation (HF), or Seoul Guarantee Insurance (SGI), and whose guarantee remains valid. Applicants must also meet the criteria of a jeonse deposit of 300 million won or less and satisfy income requirements.
The annual income criteria are as follows: ▲ Youth (ages 19-39): 50 million won or less ▲ Others: 60 million won or less ▲ Newlyweds (within 7 years of marriage registration): 75 million won or less.
However, corporate tenants, tenants residing in registered rental housing owned by registered landlords, foreigners, and overseas Koreans who are not residents of Korea are excluded from eligibility.
Applicants can check the detailed information in the notice posted on the Jeonju City website and then apply in person at their local community center, or online via Government 24 or the Housing and Urban Guarantee Corporation's 'Safe Jeonse Portal.'
Kim Seongsu, Director of the City Architecture Division, stated, "This support project aims to encourage insurance enrollment to prevent jeonse-related damages for tenants and reduce their financial burden. We will continue to actively pursue a variety of housing policies to ensure residential stability for our citizens."
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