Things to Consider Before Becoming a Home Loan Guarantor
What is a Guarantor’s Role in Home Loans?
A guarantor is a person who takes full responsibility for the loan repayment on behalf of the Home Loan borrower.
3 Things to Keep in Mind Before Become a Home Loan Guarantor
Know What Type of Loan Guarantor You are
In Home Loans, there are two types of guarantors - financial and non-financial.
What Are You Responsible For
Non-financial guarantors are character certifiers and are under no obligation to repay the loan; financial Home Loan guarantors are.
Be Aware of It's Impact
Serving as a financial Home Loan Guarantor also affects your credit score, so in case of default, ensure to pay the due amount of the primary borrower.
Ask Your Family or Friends to Be Your Guarantors!
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