Shinhan Bank Launches Renewed Solpyeonhan Jeonse Loan

Solpyeonhan Jeonse Loan (Seoul Guarantee Insurance) Renewal, Monthly Rent and Banjeonse Lineup Expansion

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 16th that it will renew and launch the mobile-exclusive Solpyeonhan Jeonse Loan (Seoul Guarantee Insurance) to allow loans for monthly rent funds as well.

Reflecting the trends in the housing lease market, Shinhan Bank added monthly rent fund loans to the existing Jeonse loan product to support housing stability for monthly rent and semi-monthly rent customers.

The Solpyeonhan Jeonse Loan (Seoul Guarantee Insurance) is a product that allows customers to receive both Jeonse deposit and monthly rent funds with a single loan. It is available to customers who sign a housing lease contract through a real estate agency and have paid at least 5% of the rental deposit.

The loan limit is up to 500 million KRW (differentiated by credit rating). When applying only for the Jeonse deposit loan, it is up to 80% of the rental deposit, and when applying for both Jeonse and monthly rent funds simultaneously, it is up to 90% of the rental deposit. Monthly rent funds can be loaned for up to 24 months and up to 50 million KRW, and are deposited monthly into the landlord’s account.

A Shinhan Bank official said, "We restructured the Solpyeonhan Jeonse Loan (Seoul Guarantee Insurance) by adding monthly rent fund loans to support housing stability for low-income households," adding, "On Shinhan SOL, all loan products from each guarantee institution including Seoul Guarantee Insurance, Korea Housing Finance Corporation, and Housing and Urban Guarantee Corporation are operated so that customers can choose the appropriate loan product according to their situation."