HUG, Up to 80% Reduction in Guarantee Fees for Housing Lease

[Asia Economy Reporter Moon Jiwon] Housing and Urban Guarantee Corporation (HUG) announced on the 14th that it has reduced the guarantee fees for 13 products, including the Jeonse Deposit Return Guarantee, starting this month.

HUG will reduce the guarantee fees for products such as ▲Jeonse Deposit Return Guarantee ▲Rental Deposit Guarantee ▲Housing Lease Loan Guarantee ▲Jeonse Loan Special Contract Guarantee by 70-80% until the end of this year to stabilize housing for low-income households.

For the Jeonse Deposit Return Guarantee and Jeonse Loan Special Contract Guarantee, the guarantee fee will be reduced by 80% if the Jeonse deposit is 200 million KRW or less, and by 70% if it exceeds 200 million KRW.

For products with high public support effects such as ▲Post-Construction Loan Guarantee ▲Defect Repair Guarantee ▲Permit Guarantee ▲Housing Association Construction Guarantee ▲Subcontract Payment Guarantee ▲Fund Construction Loan Guarantee ▲Mortgage Guarantee ▲Jeonse Rental Return Guarantee ▲Jeonse Rental Lease Payment Guarantee, the guarantee fees will be reduced by 30% until the end of this year.

If the tenant belongs to socially vulnerable groups such as low-income households or multi-child families, additional guarantee fee discounts will be applied, significantly reducing the guarantee fee burden for low-income tenants.

Lee Jaegwang, President of HUG, said, "We will do our best to promptly implement other institutional improvements announced last month as part of the public interest enhancement plan to alleviate the economic burden on low-income households and strengthen tenant protection."

This content was produced with the assistance of AI translation services.