CEO Lee Chae-kwang of Korea Housing & Urban Guarantee Corp. (HUG). (Photos: HUG)

Korea Housing & Urban Guarantee Corporation (HUG) has lowered the special guarantee fee rate for jeonse deposit loans to 0.031 percent, a 38 percent plunge from 0.05 percent per annum to ease the final burden of tenants who borrow jeonse deposits from financial institutions, effective March 2.

The special guarantee for jeonse loans is HUG’s guarantee product designed to guarantee the delinquency of loan principle and interest tenants owed to financial institutions.

In connection with HGG’s jeonse deposit payment guarantee, financial institutions are offering ”jeonse deposit safety guarantees.”

Those who have applied for HUG special guarantee for jeonse loans since March 2 will have their guarantee fee rate lowered from 0.05 percent to 0.031 percent annually.

HUG CEO Lee Chae-kwang said, “The lowering of the guarantee fee rate is expected to ease the financial burden of tenants who borrow jeonse deposit loans, contributing to stabilizing the livelihood of low-income people.”

HUG Opens Smart Jeonse Support Center

HUG has inaugurated the “Smart Jeonse Support Center” designed to handle guarantee products for jeonse loans.

The Smart Jeonse Support Center, which opened on Feb. 17, provides non-contact support to those who want to apply for jeonse deposit loan guarantee products without visiting HUG branches.

They are allowed to submit applications jeonse deposit loan guarantee products via Kakao Pay or by logging in at www.khug.or.kr.

The Smart Jeonse Support Center is expected to improve customers’ convenience by offering non-contact services ranging from consulting to screening and issuance of guarantees and post-sales services. 

 HUG CEO Lee said, “The inauguration of the Smart Jeonse Support Center is expected to expand guarantee application by offering fast and systematic guarantee services and strengthen the protection of people’s precious property rights.”

CEO Lee Chae-kwang of Korea Housing & Urban Guarantee Corporation (HUG) and Chairman Suh Sang-mok of Korea National Council on Social Welfare pose at a ceremony to open a first outlet of Mom’s HUG Toy Library in Dongnae-gu, Busan, on March 5. Mom’s HUG Toy Library is HUG’s 2020 social contribution project to offer toy rental services to infants and child care services to double-income families.

HUG Contributes 100 Million Won to Prevent Spread of COVID-19

HUG donated 100 million won in a fund to supply medical aid kits for medical teams and the self-guaranteed people as the infection of COVID-19 is spreading to many parts of the nation. The money was delivered to the Hope Bridge Korea Disaster Relief Association.

The association is the nation’s sole entity, designed to handle with disaster victims’ relief and collecting and managing relief funds and goods, which was established under the Article 29 of the Act on Disaster Relief.