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What is the role of guarantor in home loan?

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0 2022-07-25T11:56:55+00:00
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Purchasing a home is one of the most important financial decisions in life. With the rising property prices, people belonging to the middle-income groups and lower-income groups rely on banks for home loans. While obtaining a home loan every person requires a guarantor. So, who is the guarantor? A guarantor is a person who guarantees to repay the borrower’s debt if the borrower is facing obligations to pay the home loan. Let us learn about home loan guarantor requirements.

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  • The guarantor must have passed 18 years of age.

  • Must be a resident of the country.

  • As a guarantor, you are bound to repay the loan in case of obligations. 

  • The borrower can choose his or her guarantor but banks prefer borrowers to bring a third-party guarantor.

  What is the role of guarantor in home loan?  

  1. Lenders ask borrowers to enlist a guarantor when the loan amount exceeds the limit as per the lender policies. 

  2. If the borrower’s credit score is weak, the bank needs a guarantor to repay the loan.

  3. If the borrower faced trouble repaying loans in the past he/she will require a guarantor.

  4. If the borrower is about to retire he/she will need a guarantor.

  5. If the borrower does not meet the minimum income requirements he/she will require a guarantor.

I hope you understand when is guarantor required for home loan in India.

 

This was all about home loan guarantor requirements. I hope you find this informative. 

 

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