If the lender has enough income or a good credit record, there is no need for a guarantor, and the loan is generally easier to get approval. However, if the lender's income is insufficient, or the credit history is poor and the down payment is insufficient, the lender will ask the borrower to find a guarantor to bear the debt of the house. Common mortgage guarantors include parents as guarantors for children, spouses as guarantors, brothers and sisters as guarantors, or friends as guarantors.

What are the requirements for the guarantor to buy a house with a loan?

1. A loan guarantor refers to a legal person, other organization or citizen who has the ability to pay off debts on behalf of the guarantor and creditors and can act as a guarantor. According to the relevant provisions of the Measures for the Administration of Personal Housing Loans promulgated by the People's Bank of China, the object of personal housing home purchase guarantee loans is a natural person with full capacity for civil conduct, and must meet the following conditions: permanent residence in cities and towns or valid residence status.

2 have a stable occupation and income, good credit, and the ability to repay the principal and interest of the loan; There is a purchase contract or agreement; Open a savings account in a loan bank (or pay the housing provident fund deposit), and the balance of the deposit accounts for not less than 30% of the amount required for buying a house, which will be used as the down payment for buying a house; The guarantee company agrees to use the assets recognized by the guarantee company as collateral, repay the principal and interest of the loan for the borrower and assume joint liability as a guarantor.

Matters needing attention in housing loan

1. Don't use the provident fund before applying for a loan.

If the borrower withdraws the balance of the provident fund before the loan payment, the deposit period of the provident fund in your provident fund account will change. Those who do not meet the relevant provisions on the deposit period of provident fund loans will not be able to apply for contribution loans.

2. Don't prepay within one year after the loan starts.

According to the relevant regulations of bank loans, the prepayment part should be repaid after 1 year, and the amount returned should exceed the repayment amount of 6 months.

Don't forget to find the bank around you if you have difficulty in repaying the loan.

Don't insist on it yourself when your solvency drops during the loan period and it is difficult to repay. Bank customers can apply to the bank to extend the loan period. If the bank investigation proves that the repayment of loan principal and interest should not be delayed, the bank will accept your application for extending the loan term. However, the loan term can only be changed once according to the regulations.