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  Borrowings: Four risks of being a loan guarantor Borrowings: Four risks of being a loan guarantor: Lenders insist on a guarantor where the primary borrower is applying for a loan amount that is higher than his eligibility with high default risk, has a Cibil score of less than 650, is of advanced age, or has a risky job profile. While each lender has different rules for a loan guarantor who has sufficient income to pay off the loan, one must be very cautious when standing as a guarantor, especially for larger amounts with a long tenure such as home loans or unsecured personal loans. In case of a default by the primary borrower or even co-borrowers, the lender will first liquidate the primary borrower’s assets to recover its money. If that does not happen, then the lender will send a notice to the guarantor to pay the outstanding loan. The guarantor must understand all the risks involved before signing the paper. He must regularly check the repayment records of the borrower, check the

  A step-by-step guide to help you partially prepay your home loan A step-by-step guide to help you partially prepay your home loan: It may look difficult to pay back your home loan much before its actual tenure. However, you can simply do it if you carefully plan and use your disposable income. A prepayment is a great tool to close the home loan early, save interest outgo and reduce the EMI obligation. There are two ways to close our home loan early. You can either prepay the entire outstanding home loan or partially prepay. A full prepayment or foreclosure means complete prepayment of the outstanding loan amount. On the other hand, partial prepayment allows paying a portion of the outstanding loan amount once or multiple times during the loan tenure. Foreclosure may not be possible for most borrowers, especially during the initial period of the home loan. That’s why they may use the partial prepayment option. Let’s find out options to partially prepay your home loan. Use Surplus Mone