• Loan against property

My father is in USA currently and I want to mortgage the house on his behalf for expanding our family business, but the bank needs his signature and want him to appear in person. Will the power of attorney can get me a loan from the bank? Or is there any other option for mortgaging the property? We own a wine shop and the current supreme court order for pan india forced us to close our business aftr 31st march, hence the need for loan.
Asked 7 years ago in Property Law
Religion: Sikh

First answer received in 30 minutes.

Lawyers are available now to answer your questions.

3 Answers

1) father can execute POA in your favour

2) POA should be attested before Indian consulate

3) your father personal presence is not necessary

Ajay Sethi
Advocate, Mumbai
95221 Answers
7612 Consultations

5.0 on 5.0

1. If he executes a registered Power of Attorney then his personal presence is not required.

2. If still the bank does not agree then your father may transfer a portion of share in the proeprty in your favour to make you joint owner which would pave way for applying loan without much hassles.

Devajyoti Barman
Advocate, Kolkata
22921 Answers
498 Consultations

5.0 on 5.0

You may try to obtain power of attorney deed in your favor duly attested and registered or adjudicated in India, if the bank is not accepting this also, then you may get the property assigned to you so that you can raise a mortgage loan on that basis.

Consult a local advocate and discuss about proceeding further in this regard.

T Kalaiselvan
Advocate, Vellore
85422 Answers
2239 Consultations

5.0 on 5.0

Ask a Lawyer

Get legal answers from lawyers in 1 hour. It's quick, easy, and anonymous!
  Ask a lawyer