Busan is good

Busan Expands Support for Jeonse Deposit Refund Guarantee Premiums—Up to KRW 400,000

내용

The Busan Metropolitan Government (Mayor Park Heong-joon) announced that it will expand the maximum support limit for Jeonse deposit refund guarantee premiums from KRW 300,000 to KRW 400,000, in line with the revised guidelines from the Ministry of Land, Infrastructure and Transport and adjustments in the premium rates of the Korea Housing & Urban Guarantee Corporation (HUG).

The "Jeonse Deposit Refund Guarantee Premium Support Program" is intended to prevent damages caused by non-refunded Jeonse deposits by subsidizing all or part of the premium paid by guarantee insurance subscribers to guarantee institutions (HUG, HF, SGI).

This expansion of financial support aims to prevent rental fraud and alleviate the housing cost burden on tenants. On March 31, 2025, HUG reorganized its premium system to reflect real market conditions, and the Ministry of Land, Infrastructure and Transport responded by raising the support limit from KRW 300,000 to KRW 400,000 accordingly.

Tenants who newly enrolled in a Jeonse deposit refund guarantee after March 31, 2025, are eligible for this expanded support.

Those who enrolled before March 30, 2025, remain eligible for up to KRW 300,000 in support under the previous policy.

Eligibility requirements include residing in Busan, not owning a home, and having a Jeonse deposit of KRW 300 million or less. Applicants must have a valid guarantee in effect and have completed premium payment at the time of application.

Annual income limits are as follows:

• ●Youth (ages 18–39): KRW 50 million or less

• ●Others (non-youth): KRW 60 million or less

• ●Newlyweds (within 7 years of marriage registration): KRW 75 million or less

• ●In the case of married applicants, the combined income of both spouses will be considered.

However, the following are excluded from eligibility:

• ●Tenants residing in rental properties registered under the Special Act on Private Rental Housing

• ●Corporate tenants

• ●Foreign nationals and overseas Koreans not residing in Korea

Applications may be submitted:

• ●Online via Government24 (www.gov.kr) or the HUG Safe Jeonse Portal (www.khug.or.kr/jeonse)

• ●In person at the district office (gu/gun) corresponding to the applicant’s place of residence
  More details, including application forms and submission locations, can be found on the Busan Metropolitan Government website (www.busan.go.kr/depart/reguarantee01).

Ha Seong-tae, Director General of the Housing & Architecture Bureau of Busan Metropolitan City, stated, “We hope this initiative will provide practical support in preventing rental fraud and ensuring housing stability for Busan citizens,” adding, “We will continue our efforts to create a safe residential environment.”