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Expansion of Guarantee Fee Support for Jeonse Deposit Return Guarantee… Up to 400,000 won
The Ministry of Land, Infrastructure and Transport has increased the support limit for guarantee fees for jeonse deposit return guarantees from the current 300,000 won to a maximum of 400,000 won.
This measure is aimed at helping tenants prevent the damage from jeonse fraud and reduce housing cost burdens. It will apply to tenants who sign up for a new jeonse deposit return guarantee after March 31, 2025.
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Eligibility and Conditions
The target audience for this support program is tenants without homes who have a deposit of 300 million won or less and meet specific income criteria.
The annual income criteria are as follows: youth (aged 18 to 39) must be under 50 million won, those over 40 must be under 60 million won, and newlyweds must have an income of 75 million won or less within 7 years from the date of marriage registration.
As for the housing requirement, both the applicant and their spouse must be without homes, and they will still be considered as such even if they possess rights to sell or occupy a property.
In terms of financial support, the full guarantee fee already paid will be covered for youth and newlyweds, up to a maximum of 400,000 won. For general tenants outside of the youth category, 90% of the guarantee fee already paid will be supported, also up to a maximum of 400,000 won.
Exclusions from Support
There are several reasons for exclusions from the guarantee fee support.
Firstly, foreigners or citizens residing abroad cannot receive support. Additionally, tenants residing in private rental housing, corporate tenants, or those working under an employer are not covered.
Moreover, if someone has received guarantee fee support in the same local district within the past two years, support can be restricted. Finally, if the local government deems it inappropriate for support, individuals may also be excluded.
Application Method and Required Documents
There are two methods of application. First, you can apply in person at your local city, county, or district office. Second, you can apply online. Applications can be made on the Government24 website (www.gov.kr) or the Housing and Urban Guarantee Corporation's Safe Jeonse portal (www.khug.or.kr/jeonse).
When applying, several documents must be submitted. These include your identification card, marriage certificate, income proof, and other basic documents. Additionally, you will need to provide the complete real estate registration certificate, rental contract, and receipt for the guarantee fee payment. Preparing these documents will ensure a smooth application process.
Application Timing and Precautions
The application period may end early if the budget is exhausted.
It is important to note that if you applied before March 31, 2025, the previous support limit of 300,000 won will apply.
For more detailed information, visit the official website of Busan at www.busan.go.kr/depart/reguarantee01.
Conclusion
Recently, support for guarantee fees for the return of jeonse deposits has been expanded. This is a policy aimed at preventing tenants from falling victim to jeonse fraud and enhancing housing stability.
If you are a homeless tenant who meets the income criteria, it is essential to actively apply and take advantage of this opportunity to alleviate housing costs.
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