Experience The NoBrokerHood Difference!

Set up a demo for the entire community

Thank You For Submitting The Form
Home / Finance / Home Loan / What is the role of guarantor in home loan?
Q.

What is the role of guarantor in home loan?

view 435Views

2 Year

Comment

1 Answers

Send
0 2022-07-25T11:56:55+00:00
⤺ Reply

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.

  Get home loans at the lowest interest rate with minimal paperwork at NoBroker!   Calculate your EMI on a home loan using the  NoBroker EMI calculator.  

  • 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. 

 

Read more:

Can a

guarantor

Withdraw His Guarantee?

ICICI Bank

home loan

Customer Care

HDFC

home loan

Customer Care Email Id

How to calculate

home loan

insurance premium?

Shifting, House?

✔

Lowest Price Quote

✔

Safe Relocation

✔

Professional Labour

✔

Timely Pickup & Delivery
inline_cards

Intercity Shifting-Upto 25% Off

Check Prices

inline_cards

Intracity Shifting-Upto 25% Off

Check Prices

inline_cards

City Tempo-Upto 50% Off

Book Now

Most Viewed Questions

How to Change Email ID in PAN Card?How Much Money Can Be Transferred Through YONO SBI?What is Cooling Period in SBI YONO?How to Increase Transfer Limit in SBI YONO?How to Check Personal Loan Eligibility in SBI Yono App?How to Pay SBI Home Loan EMI Online?How to Add Beneficiary in SBI YONO App?How to Transfer Money From YONO SBI?How to Pay Loan Amount in YONO SBI?How to Preclose ICICI Personal Loan?See All

Recently Published Questions

How to Check Eligibility for Personal Loan in HDFC Bank?What are the Advantages of Personal Loan?My CIBIL Score is 600 Can I Get Personal Loan?How to Get Personal Loan for CIBIL Score of 550?What is the Reason for Personal Loan Rejection?How to Apply Bandhan Bank Personal Loan Online?What is SBI CIBIL Score for Personal Loan?What is Yes Bank Personal Loan Interest Rate?What is the Minimum CIBIL Score for Tata Capital Personal Loan?How much CIBIL score required for car loan?See All

Authors Of The Question

profile
Chahat

0 Total Answers


0


profile

Recently Answered Questions

We have property but not the parts. How to get patta for it? How to decide stamp paper value? Is RTI act applicable to cooperative housing societies How to find a PG in Hyderabad? How to get PRAN number How to know my PTIN number What is RAPDRP in electricity bill? What are the reviews of Cosmos Horizon Mumbai Thane West? How much GST on credit card EMI? How to know our ward number?
Flat 25% off on Home Painting
Top Quality Paints | Best Prices | Experienced Partners