Seongnam City announced on the 3rd that it will launch a subsidy program for jeonse deposit return guarantee fees.
The jeonse deposit return guarantee is a system where Korea Housing & Urban Guarantee Corporation (HUG), Korea Housing Finance Corporation (HF), or Seoul Guarantee Insurance (SGI) pays the deposit on behalf of tenants who fail to receive their deposit back after their jeonse contract ends. The program provides up to 400,000 won in subsidies for guarantee fees paid when purchasing the insurance.
Eligible applicants must be tenants without homeownership who meet the following criteria: jeonse deposit of 300 million won or less; annual income of 50 million won or less for young adults (ages 19-39); annual income of 60 million won or less for non-young adults; and annual income of 75 million won or less for newlywed couples (within 7 years of marriage).
Young adults and newlywed couples can receive subsidies covering the full amount of guarantee fees paid, up to 400,000 won. Other eligible applicants can receive up to 400,000 won within 90% of their paid guarantee fees.
However, the following are excluded from the program: foreigners and overseas Koreans; residents of private rental housing; corporate tenants; and those reapplying with the same guarantee certificate number.
Applications can be submitted online through "Government 24" or in person at the administrative welfare center in the applicant's district of residence.
A Seongnam City official said, "Through the guarantee fee subsidy, we will protect citizens' precious jeonse deposits and promote housing stability."