Shinhan Bank to Support Lease Deposit Return Guarantee Fees for Young People and Vulnerable Groups... Totaling 1.1 Billion Won

Shinhan Bank announced on April 16 that it will provide support of up to 300,000 won per person for lease deposit return guarantee fees to help prevent lease fraud for young people and socially disadvantaged groups.

The lease deposit return guarantee is a system in which a guarantee institution pays the deposit to the tenant if the landlord fails to return it. Major examples include the Korea Housing Finance Corporation's "HF Jikim Guarantee" and the Housing and Urban Guarantee Corporation's "HUG Return Guarantee."

Recognizing that the cost of guarantee fees can make it difficult for young people, multicultural families, and people with disabilities to enroll, Shinhan Bank has established a "Lease Fraud Prevention Financial Support Program" for these groups.

Eligibility for support includes customers who use Shinhan Bank's leasehold deposit loan and enroll in either the "HF Jikim Guarantee" or the "HUG Return Guarantee" and who meet one of the following criteria: ▲ Young people born between 1991 and 2006 ▲ Customers whose spouse or themselves are foreigners or have acquired citizenship through naturalization (multicultural families) ▲ Customers whose spouse, themselves, or direct lineal family members are persons with disabilities.

The program will be operated until November 30, with a maximum support of 300,000 won per person. Shinhan Bank expects that approximately 3,900 customers will benefit, with a total benefit size of about 1.1 billion won.

A Shinhan Bank representative stated, "Guarantee systems that can prevent lease fraud are essential for ensuring tenants' residential stability, but for socially disadvantaged groups, the burden of guarantee fees can become a significant barrier to enrollment. As part of our commitment to inclusive finance, we will continue our support to enhance housing stability and financial accessibility for our customers."

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