Rahul (Owner) 17 October 2012

Home loan guarantor

My close friend is applying for a home loan and his bank asked for some reference/guarantee. He asked me for documents - ITR copy, pan card copy, residence proof, id proof and bank statement. I have provided all of them but I haven't signed any of the copies of documents or any loan document till now.

I want to know if they can still count me as a guarantor? I think they need a signed agreement but still I want to make sure because I am little worried that if they are not taking me as guarantor then why they asked for these documents.

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3 Replies

Ajit Singh Cheema (practising Advocate) 17 October 2012

You cant be held accountable as guarantor till you sign a guarantee bond duly stamped.

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Rahul (Owner) 17 October 2012

Originally posted by : Ajit Singh Cheema
	You cant be held accountable as guarantor till you sign a guarantee bond duly stamped.

Thank you very much Sir, its a big relief for me.

K.K.Ganguly (Advocate) 20 October 2012

1) No you can be considered a guarantor till you sign the guarantee bond.

2) But if your signature is forged on the guarantee bond after submitting all your identity proofs then you may be dragged in to the loop later on. There are so many cases lying before DRT where the guarantor does not even know that he stood as a guarantor against a loan years back.