Starting today (29th), the rent to cheonsei ratio, which is applied when converting the deposit to monthly rent, will decrease from 4.0% to 2.5%.
When a tenant is denied a contract renewal request because of the landlord's actual residence, you will be able to look at the rental information of the home to see if the landlord actually resides.
According to the Ministry of Land, Infrastructure and Transport, the revised Housing Lease Protection Act (Director Act) enforcement decree will take effect today.
The revised Chief Executive Law lowered the rent to cheonsei ratio from 4.0% to 2.5%.
The rent to cheonsei ratio is the legal conversion rate when cheonsei is converted to monthly rent, and does not apply when changing monthly rent to cheonsei.
If the jeonse deposit 100 million won is converted to monthly rent, the monthly rent of 100 million won X 4.0%/12, that is, 333,000 won was calculated, but now 100 million won X 2.5%/12, 208,000 won Becomes.
The rent to cheonsei ratio is not fixed at 2.5%.
This conversion rate is specifically calculated by adding the interest rate (2.0%) set by the enforcement ordinance to the Bank of Korea standard rate.
Since the current base rate is 0.5%, the rent to cheonsei ratio is only 2.5%, and when the base rate changes, the conversion rate automatically changes.
In addition, the right to access rental information is extended to all tenants in order to prevent the landlord from refusing the tenant's renewal request for false reasons.
If the landlord refuses to renew because he or she resides, the tenant will be able to view the rental information for the home so that the tenant can determine whether the landlord actually resides in the home or rents to another tenant.
You can fill out the'Request for Provision of Rental Information' for the relevant house and present it to the local government along with supporting documents such as the lease agreement.
However, only the names of the owners and tenants of the current home can be identified.
The information that is open is limited to the information on the lease that survives the renewal period if the tenant had not been refused to renew the contract.
(Photo = Yonhap News)