Hana Bank Entrusts Sales of HUG Guarantee Products for Individual Rental Business Owners

Hana Bank announced on the 30th that it has signed a business agreement with the Korea Housing & Urban Guarantee Corporation (HUG) and will consignment sell the personal rental business operator product ‘HUG Rental Deposit Guarantee’ at all Hana Bank branches and on the mobile application ‘Hana One Q’.

This product is a mandatory guarantee product that personal rental business operators must subscribe to in order to protect tenants under the Special Act on Private Rental Housing. If a personal rental business operator is unable to return the deposit to the tenant, the Korea Housing & Urban Guarantee Corporation (HUG) will return the rental deposit on behalf of the personal rental business operator.

The eligible housing includes apartments, residential officetels, row houses, and multi-family houses, and the guarantee can cover the full amount or a partial amount of the rental deposit (with the tenant’s written consent).

To subscribe to the product, customers can visit a Hana Bank branch for an in-person application or apply through the Hana Bank mobile app ‘Hana One Q,’ where the entire process from application to payment of the guarantee fee and issuance can be completed quickly without visiting a branch.

A Hana Bank representative said, "Through collaboration with the Korea Housing & Urban Guarantee Corporation (HUG), we have started consignment sales of the personal rental business operator ‘HUG Rental Deposit Guarantee’ product to support housing stability for low-income households," adding, "We prioritized customer convenience by expanding channels not only to branches but also to the mobile app Hana One Q."

Detailed information about the ‘HUG Rental Deposit Guarantee’ can be found on the Hana Bank mobile app ‘Hana One Q’ and the Korea Housing & Urban Guarantee Corporation app ‘HUG Ansim Jeonse’.

In addition, Hana Bank is actively participating in housing stability for low-income households by handling the Housing Subscription Savings for raising funds for low-income housing, as well as policy products such as the Buttress Jeonse Loan and the Didimdol Loan for home purchase.