ING rental guarantee
Find out more about the Garantie.be service by comparing it with the ING rental guarantee.
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Digital subscription en 10 min
Complete and electronically sign your file online in just a few minutes
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Warranty certificate deadline en 2 heures
Once your application has been completed, you'll receive your guarantee certificate within a few hours.
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Blocking funds Aucun
No down payment, we guarantee your solvency to the landlord
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Fund remuneration Aucune
No funds paid out, so no remuneration of the amount guaranteed to the lessor
RENTAL GUARANTEE ING
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Paper subscription sur RDV
The application process requires an appointment with a branch.
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Warranty certificate en 1 semaine
This is the minimum time required to ensure that you receive your warranty certificate on time.
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Constitution of the warranty par virement
Funds are transferred by bank transfer and then frozen for the duration of the lease.
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Fund remuneration taux marché
Interest calculated at the market rate is capitalized on the guarantee's blocked account.
Discover the ING Guarantee
The following paragraphs provide detailed information on the ING Bank rental guarantee.
Overview of ING Bank
ING Bank is an international Dutch bank. ING Bank mainly provides investment financial services and life insurance. The bank’s customers include individuals, small and large companies, institutions and governments. ING manages over 8 million bank accounts worldwide. In Belgium, ING had 552 branches in 2020. It has announced the closure of 62 branches in 2021.
What is the ING rental guarantee?
The rental guarantee was introduced to protect landlords from tenant default and the risks associated with renting. It is regulated by law, but not mandatory. It is required in most residential leases. To find out whether your rental contract is subject to a rental guarantee, simply read it and discover how the tenant’s commitments are guaranteed.
Rent legislation provides for the tenant’s guarantee to be provided by blocking a sum of money in a dedicated bank account. In Belgium, ING Bank offers this service of opening an individualized bank account for the rental guarantee. The individualized account opened with ING Bank to hold the amount of the guarantee is in the tenant’s name. It will be blocked until the end of the lease, or until both tenant and landlord agree in advance to release the ING rental guarantee.
How does the ING rental guarantee work?
The blocked funds are invested and earn interest, which is paid to you at the end of the lease if the tenant has fulfilled all his obligations to his landlord. The amount of interest paid by ING Bank on the escrow account is very low, however, because market interest rates are historically low.
Can the ING rental guarantee be taken out online?
NG Bank does not currently offer a solution for opening a rental guarantee online. If you wish to open an account with ING to set up your rental guarantee, you must first make an appointment with an advisor at your ING branch.
How long does it take to set up a rental guarantee with ING?
The time required is at least that for opening an account with ING. As ING does not offer an online procedure, you will need to complete the following steps:
- Make an appointment at the agency during opening hours;
- Meeting with the ING account manager and setting up the file.
- Account opening by the welcome team in the back office.
You should therefore allow a minimum of one to two weeks to obtain a rental guarantee escrow account from ING Bank.
What is the difference between the ING Rental Guarantee and the ING Bank Guarantee?
As mentioned above, ING Bank offers future tenants the possibility of opening an account in which to block the amount of the rental guarantee. This service is very different from another ING bank service, the ING Rental Bank Guarantee.
ING offers several bank guarantee services, including a rental bank guarantee contract for property leases. Under a rental bank guarantee, ING undertakes to pay a guaranteed amount on your behalf if you are unable to meet your obligations as a tenant to the landlord.
How do I unlock the ING rental guarantee?
The ING rental guarantee can be released in 2 ways:
- By obtaining the agreement of the parties: This situation is most common at the end of the lease and on the basis of the exit inventory of fixtures. The procedure for releasing funds blocked under the rental guarantee involves filling in the ING form for requesting the release of the rental guarantee. The completed form is signed by the parties to the contract, then sent by post in the original to the ING bank branch that blocked the funds.
- On presentation of a court judgment: This judgment must be enforceable and expressly rule on the tenant’s debt to the landlord. The judgment is presented to the ING agency that has blocked the funds under the rental guarantee for enforcement.
It is also possible to obtain a release of funds blocked under the rental guarantee before the end of the lease. To recover funds blocked in the bank, discover our service by reading this article on releasing rental guarantee funds.
