What is the role of guarantar in home loan? difference between co-applicant and guarantor home loan?
Deepak sharma
(Querist) 20 January 2015
This query is : Resolved
what is the role of guarantar in home loan? Difference between co-applicant and guarantor home loan?
Deepak sharma
(Querist) 20 January 2015
Its urgent please advise me as I have applied for the home loan from the axis bank, actually I have kept my condition that I will not want any co-applicant in my home loan. So they are ready now bank want me to have one gurantor, could you please let me know the difference between gurantor and co-applicant loan while appying for home laon?
Many Thanks in advance
Deepak Suri
Guest
(Expert) 20 January 2015
Virtually, no difference for the purpose of repayment of loan of the bank. In the first case, if the principal borrower becomes defaulter, the liability to repay loan/ interest installments rests with the co-applicant and his/her heirs. Similarly, in the case of a guarantor, if the borrower becomes defaulter, the liability to repay the loan/interest dues rests with the guarantor and his heirs.
Deepak sharma
(Querist) 20 January 2015
Thanks you...
Any other legal difference please.
which is advisable to have?
Guest
(Expert) 20 January 2015
You are welcome. About your supplementary query, "any other legal difference," better be specific on what specific issue or doubt you want to get clarification.
