How to Change the Guarantor of the Home Loan ?

POSTED BY pratikkgupta ON March 3, 2014 9:07 am COMMENTS (4)

I have applied for the SBI Top Up Home Loan, also called as the Equity Loan, which requires the existing Guarantor of the Home Loan to be the guarantor of the Top Up Loan as well. But, my Home Loan guarantor is reluctant to become the Guarantor for the Top Up Loan. Is there a way so that I can change my Guarantor of the Home Loan so that I can get Top Up Loan ?

4 replies on this article “How to Change the Guarantor of the Home Loan ?”

  1. ashalanshu says:

    Dear Pratik, if your loan is running normal, there should not be a guarantor at all. the guarantor is arranged till the time, property is not mortgaged with SBI. So i’m unable to understand that in your case, how this guarantor is still there when you said,loan is running for a while and property is also under your possession? Please discuss this issue with SBI branch staff.

    Thanks

    Ashal

  2. pratikkgupta says:

    Hi Ashal,

    Thanks for your answer. The Home loan for the property is still in continuation but the property (flat) is in my possession. Actually, my existing guarantor is retiring from job, so he is reluctant to be my guarantor for the Equity loan. SBI rules say that the guarantor of the original Home Loan must be the guarantor of the Equity Loan as well. So, I wanted to change the guarantor of the original Home Loan so that I can take the Equity Loan with the same guarantor. Is it possible?

    Also, do you advice me shifting my Home Loan to ICICI, HDFC so that I can avail their TopUp Loan facility, just in case SBI refuses to give me the TopUp Loan? Ideally, I don’t want to shift my Home Loan though.

    Thanks

  3. ashalanshu says:

    Dear Pratik, once your loan is in normal operation, there is no need of guarantor for it. As you are going to take Home Eq. how are you continuing with your guarantor? Is the property in question is still under construction and not registered in your name?

    If you want to change the guarantor at any cost, please arrange a new one and apply in written to SBI for the same.

    Thanks

    Ashal

    1. pratikkgupta says:

      Hi Ashal,

      Thanks for your answer. The Home loan for the property is still in continuation but the property (flat) is in my possession. Actually, my existing guarantor is retiring from job, so he is reluctant to be my guarantor for the Equity loan. SBI rules say that the guarantor of the original Home Loan must be the guarantor of the Equity Loan as well. So, I wanted to change the guarantor of the original Home Loan so that I can take the Equity Loan with the same guarantor. Is it possible?

      Also, do you advice me shifting my Home Loan to ICICI, HDFC so that I can avail their TopUp Loan facility, just in case SBI refuses to give me the TopUp Loan? Ideally, I don’t want to shift my Home Loan though.

      Thanks

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