HUG Guarantee for Jeonse Deposit Refund Now Available for Jeonse Loans Taken on the Guarantee of HF
- Date 2018-07-13
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HUG Guarantee for Jeonse Deposit Refund Now Available for Jeonse Loans Taken on the Guarantee of HF
- HF inks MOU with HUG
From the 16th, those who have taken out a jeonse loan on ‘the guarantee of HF’* will be able to use ‘the HUG Guarantee for Jeonse Deposit Refund’**.
* HF Guarantee for Jeonse Loans: A guarantee provided by HF for a Jeonse tenant taking out a Jeonse loan from a banking institution
** HUG Guarantee for Jeonse Deposit Refund: A guarantee provided by HUG for the landlord to return the Jeonse tenant’s Jeonse deposit
Korea Housing Finance Corporation (HF, CEO Lee Jung-Hwan) revealed on the 13th that HF and Korea Housing & Urban Guarantee Corporation (HUG, CEO Lee Chae-Kwang) signed a memorandum of understanding (MOU) to allow their users to use the other’s guarantee services freely.
Before the conclusion of the MOU, those on an HF Guarantee for Jeonse Loans have not been allowed to use the HUG Guarantee for Jeonse Deposit Refund, and those in the process of taking out the HUG Guarantee service were barred from applying for the HF jeonse loan guarantee.
HF CEO Lee Jung-Hwan said, “We will continue to work closely with related corporations and agencies to eliminate gray areas that exist in the nation’s housing finance services for low- and middle-income households and develop new products to meet the needs of our customers.”