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Home / Finance / Home Loan / Is Guarantor Required for SBI Home Loan?
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Is Guarantor Required for SBI Home Loan?

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0 2022-12-30T08:36:44+00:00
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Availing a loan is not as hard as people think it to be. There are just different terms and conditions levied by different banks and once you fulfil them, you can avail your loan easily. A guarantor can be included but it's not mandatory. If you too have the query

is guarantor required for SBI home loan or not, let me tell you it is up to you. If you have a stable income you can apply for a loan without a guarantor. You will be asked to have someone as an SBI home loan guarantor if you

  • Do not have a regular source of income

  • Your loan amount is huge

  • If the bank asks you for one after going through all your documents and details

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   What does a guarantor mean?

Understand the meaning of guarantor first. A guarantor is an individual who takes the responsibility to answer for the loan in question in times of need. The person must have a good credit profile to ensure he/she can pay the loan if needed. 

  What are the SBI home loan guarantor requirements?

There are certain requirements to be a loan guarantor like

  • He/she must be a citizen of India

  • The guarantor must be 18 years or above

  • The person must have sufficient income to pay the debt if need be

 

As for the SBI loan guarantor rules, there is one vital one. The guarantor must know that he/she will be liable to pay the loan amount if the lender fails to pay it within the given time. 

This must be enough to answer is guarantor required for SBI home loan or not.

  Read More:

Can a guarantor withdraw his guarantee?

What is the role of guarantor in home loan?

What happens if the loan guarantor dies?

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