How to find a guarantor in France?
The guarantor is essential for booking accommodation for international students in France. Having a guarantor can make the process of finding accommodation a lot easier as you have more options to choose from. Even though you do not know anyone living in France, there are multiple ways to get a guarantor. Also, there are few options to get accommodation without the guarantor documents. As we said, this article provides all the information you need.
Here is what we will cover in this article -
1. What is a guarantor?
Guarantor is a third party, who signs the lease agreement with the tenant being responsible for paying the rent. In case the tenant does not pay the rent, the landlord has an option to legally ask the guarantor to pay the rent.
Guarantor does not share the apartment with the tenant, but is responsible for paying the rent and the cost of any damage to the apartment in case the tenant is not able to pay.
Guarantors provide a safety net to the landlord, due to which almost every landlord prefers to have a guarantor while renting the apartment to the international students.
2. Who can be a guarantor?
Technically a guarantor can be anyone ( Preferably from France) who meets the required conditions and ready to take on financial responsibilities by signing the legal documents.
As mentioned on the website of French-Property mainly guarantors are of two types, personal or institution.
Majority of the landlords accept a guarantor only from France for ease of accessibility if things go south. It works out well for students who have connections in France, but the majority of international students find it difficult.
Landlords require a guarantor who has a monthly income 3 to 4 times of monthly rent. To be assured that a guarantor is capable of paying the rent if it is required.
The documents required for proving that you have a guarantor are, a French guarantor letter, recent payslips or tax return documents. Guarantor letters can be handwritten or you can buy an official letter from French Property Lawyer.
Visale free services offered by Action logement is another great choice for students. students studying in France aged between 18 to 30 are eligible for it. Rent amounts upto 1500€ in Paris and 1300€ anywhere else in France can be covered under Visale. Application process is online and simple. Check the website of Visale for more details.
This option offers international students an opportunity to get a guarantee from private companies. Students have to pay a fee and fulfill certain requirements of the companies to be able to get guarantee. Garantme is a popular company which offers this type of service. Garantme charges monthly 3.5% of your monthly rent as fees.
Some banks also provide services of guarantee for monthly accommodation payment. In order to get this service students need to open an account in a bank and deposit the total amount of 12 months rent. Bank blocks this amount for future rent payment and provides a guarantee. Bank charges a small amount as a management fee for it.
3. Can you have multiple guarantors?
It all depends on the landlord. There are no legal constraints on the number of guarantors as such. But practically thinking, it’s way too much of a hassle for the landlords to collect payments from more than one person. That being said landlords might agree to accept two persons as guarantors if you explain the situation well.
4. How to ask your family member or friend to be your guarantor?
Family members and friends seem the most obvious choice as guarantors but getting it done is no easy task. Does not matter how close you are with a particular person, it is always difficult to ask for a favour where someone is financially responsible for you.
Best approach is to be direct and clear about the terms and conditions from the beginning. Most of them understand the need for it, so they tend to help if they can.
It is also important that you understand the seriousness of it and how big a commitment it is for them. So be prepared for rejection and accept it in a mataured manner.
5. Can you book an accommodation without a guarantor?
The only way around the guarantor is by paying the rent in advance or paying a high security deposit. That way the landlords or companies are sure of not losing any money.
Some Student residences, agencies, and landlords provide this option of paying rent in advance. At the time of selecting or browsing your accommodation you can check with the landlord or agency if it is possible to book an accommodation without a guarantor by paying rent in advance.
Most likely you request will be rejected but you will find one or two cases where they would accept your offer.