Hug Check the terms and conditions of joining the lease guarantee insurance HUG 전세보증보험 가입
People living on a lease are often worried that they won’t get their deposits back when their contracts expire. House prices continue to fall as the real estate market slumps, and even cheaper sales are coming out than lease prices. Recently, as lease fraud occurs frequently, more and more tenants are not getting their deposits back even after their contracts expire. To prepare for this not to happen, more people are looking into Hug’s lease guarantee insurance.
First of all, this system is an insurance product designed to help tenants keep their deposits. If the landlord does not return the deposit even though the contract has expired, the guarantee agency is responsible for the return and then asks the landlord to repay it. Tenants living in multi-family houses such as one-bedroom and two-room, as well as villas, apartments, urban living houses, and officetels, can sign up until half of the lease period has elapsed. In the case of the metropolitan area, including Seoul, the deposit must be 700 million won or less, and in other areas, the Commercial Building Lease Protection Act can be applied only when the deposit is less than 500 million won, so please keep that in mind. To receive these benefits, you must subscribe to Hug’s Jeonse Guarantee Insurance product.
First of all, it is applied when one person owns both land and buildings, and after moving, you can report the move-in at the community center and receive a fixed date in the lease contract. Seizure, seizure, auction application, and disposition prohibition are not established to restrict the ownership of the house, and no other generation should exist in the moving-in household access details. If a leasehold is registered, you must cancel it or register a change to receive a loan.
The contract must be signed with the seal or signature of a real estate agent, and the contract must be original. This product must have a minimum contract period of 12 months, and cannot be applied if you receive a mortgage loan on the deposit for lease on a deposit basis or if you have notified the landlord of the transfer of bonds or the establishment of pledges. Hug To sign up for lease on a deposit basis insurance, you must have a copy of the resident registration, copy of the contract, ID, account transfer statement and deposit payment confirmation document, and a copy of the moving-in household access history register, and apply through a bank where possible.
The guarantee fee for this product is calculated differently depending on the amount of the lease deposit, the type of house, and the ratio of the mortgage loan. Hug It is usually determined between 0.115 percent and 0.15 percent per year depending on the terms of the lease guarantee insurance. In the ever-changing real estate market, it is natural to try to protect my precious assets and prevent various scams.
For this reason, when a good guaranteed product is released, it is recommended that you take a close look at the contents and sign up if you think it is necessary. Please prevent charter fraud, which has become a big social issue recently.
[Source] Hug Check the conditions of subscription to lease guarantee insurance | Author asterisk