What should I consider, if some one asks for me to be Guarantor? What are the risks there?

Hi All

What should I consider, if some one asks for me to be Guarantor? What are the risks there?

Thanks
Sunil Kumar

If you are ready to become guarantor for someone, you should read the document first what it is saying before signing it like any other legal document. If you are OK with it go ahead if not then don't sign it. Nobody tell you what will be there in it, without reading the document. You will be ONLY liable for that property as per your signed documents.

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Originally Posted by msgforsunil

Hi All

What should I consider, if some one asks for me to be Guarantor? What are the risks there?

Thanks
Sunil Kumar

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Only become guarantor, when you know a person very well. Because if that person defaults then the bank will start proceeding against you.