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Home > Forum > Bangalore > BTM Layout > Home Loan > Home loan guarantor

Home loan guarantor

Q: I have applied for a home loan in LIC. They asking for a guarantor. My friend is ready to sign as guarantor. But, what happens to a guarantor when I transfer loan to a different bank in future? Whether my guarantor will be released?

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Replies (2)
1
That clears my doubt. Thank you very much Rakesh.
Kapoor


2
Hi Kapoor, guarantor is person who guarantees to pay for someone else's debt. In your case, if you take Loan from LIC, your friend is liable to pay loan if u fail to pay and when you switch your loan from this bank to another, your friend's liabaility towards the loan is over and he is free from the liability
Rakesh


3

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