Can I Withdraw “Letter of Guarantee” given for my friends home loan after 8 months ?

POSTED BY Mahesh Savita ON March 14, 2014 8:47 am ONE COMMENT

Hi there,

I had issued a letter of guarantee for one colleague of mine around 8 months back. The same was with regards to a top-up loan on an existing Home Loan. The letter was issued in the format prescribed by the Financier which I got franked from my Bank and was supported with my income proof (bank statement showing credit of my salary) and my residence proof (passport copy).

Now I want to withdraw the same. Reason for withdrawal is purely personal. Also this colleague has arranged for a guarantor. Is it possible to withdraw the Letter of guarantee? If so what is the process? Also would it affect the Credit standing of this colleague?

Please advise…

Regards,

Mahesh

One reply on this article “Can I Withdraw “Letter of Guarantee” given for my friends home loan after 8 months ?”

  1. ashalanshu says:

    Dear Mahesh, the guarantee can be substituted to another person. Just contact the home loan serving branch for the required paper work. It ‘ll not impact the credit worthiness of the borrower (your friend).

    Thanks

    Ashal

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