Apr 11 2017, 01:51 PM
QUOTE(rockagal @ Apr 10 2017, 10:19 AM)
Please advise.
My brother & his wife are trying to purchase a new condo worth of 600k. However, their housing loan has not been approved yet. The banker has asked if he could get a guarantor to secure the loan because there is shortage of Rm600.
My question is if I agree to become guarantor, will there be any issues if I want to purchase house later on? I currently have a joint housing loan with my dad, the remaining loan balance is about Rm 60k. My dad has rented the unit so I'm not paying for that house. And also, if i become guarantor will my name listed in CCRIS report? Please guide me, thanks a lot.
P/S: sorry for my english
If it's just short of RM600, ask your brother or your wife to borrow less RM600 la. Why want to tie you for 30+ years just because of the RM600 difference **cannot brain**My brother & his wife are trying to purchase a new condo worth of 600k. However, their housing loan has not been approved yet. The banker has asked if he could get a guarantor to secure the loan because there is shortage of Rm600.
My question is if I agree to become guarantor, will there be any issues if I want to purchase house later on? I currently have a joint housing loan with my dad, the remaining loan balance is about Rm 60k. My dad has rented the unit so I'm not paying for that house. And also, if i become guarantor will my name listed in CCRIS report? Please guide me, thanks a lot.
P/S: sorry for my english
Guarantor is as good as being a borrower because you are in the contract with the Bank. A Guarantor's position is no different in the sense that if the borrower fails to pay back the monies borrowed, the Guarantor guarantees to pay on behalf of the borrowers. If at all you want to know the difference then this is it, the guarantor bears liabilities but no benefits. Money goes to the account of the borrower but nothing goes to the guarantor.
If the loan becomes an un-performing loan then you'll be deemed as a defaulter as well and yes, you're credit report will be affected.
QUOTE(enriquelee @ Apr 11 2017, 01:22 PM)
BTW, will guarantor status appear in our CCRIS or CTOS?
Yes. In fact, a Guarantor can be sued bankrupt for monies he/she did not borrow. The recent amendment to the Bankruptcy Act however now provides for a method for guarantors who are made bankrupt in the capacity of a guarantor to discharge themselves.
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