Can home loan be taken on Power of Attorney?
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Can home loan be taken on Power of Attorney?
Home loan on power of attorney is usually denied by most banks and NBFCs, however there are a few lenders who give home loans against power of attorney. As per the reports in 2011, Supreme Court of India said that the sale of property via a power of attorney won’t give ownership title to the buyer.
Can I take loan on Power of Attorney?
No. A mortgage cannot be created on a Power of Attorney and hence you will not get a housing loan. Power of attorney, even irrevocable is not a proper change of title of a property.
What is power of attorney on a mortgage?
A power of attorney is a legal document that authorizes one person to act on behalf of another. Limited power of attorney is often used in the event that you are not able to attend the closing on your home loan, for example.
What is power of attorney in property?
You can give the General Power of Attorney (POA) with respect to all your property matters such as selling, buying, renting, collecting rent, payment of taxes, repair, conducting cases, etc. A General power means all inclusive powers and you shall be answerable for any acts of the Attorney under these powers.
How can I get loan for property?
You will need the following documents* to apply for a Loan against Property:
- Salaried individuals.
- Latest Salary Slips.
- Bank account statements of the previous 3 months.
- PAN card/Aadhaar card.
- Address proof.
- Copy of the documents of the property to be mortgaged.
- IT returns.
- Self-employed individuals.
Can I get loan against my house?
You can use your self-occupied residential or commercial property to borrow a loan. The property is used as collateral and the loan is disbursed by the lender as per the property value and your income to pay back the borrowed amount. “A person owning a freehold or leasehold property can apply for loan against property.