Loan against commercial shop for nre
Prakash
(Querist) 24 November 2016
This query is : Resolved
Hi
I am an NRE from Kuwait, booked an Commercial shop.
I already given Registered Power of Attorny to my Father in Law.
I want to register and apply for Loan to buy commercial Shop under constrcution.
As an NRE, can I apply for Commercial Shop purchase Loan.
Can my father in Law sign for all registration, agreement, loan application documents.
Whether bank will grant loan in such Case.
Is me personally being there to sign all these documents necesary.
IS there any Legal ammendment that NRE Power of attonry is not valid for commercial property Buying.
adv.bharat @ PUNE
(Expert) 24 November 2016
Parkash bank can grant loan by considering repaying capacity of client and surety of repayment of loan instalment.
Prakash
(Querist) 24 November 2016
Yes I agree about elegibility and repayment capacilty, but can Bank deny power of attorney to sig or only persnal appearance is required.
Rajendra K Goyal
(Expert) 24 November 2016
You asked:
As an NRE, can I apply for Commercial Shop purchase Loan.
Reply:
Yes you can apply.
You asked:
Can my father in Law sign for all registration, agreement, loan application documents.
Reply:
Yes, if duly authorized under POA,.
You asked:
Whether bank will grant loan in such Case.
Reply:
Bank should, provided other eligibility criteria fulfilled.
Rajendra K Goyal
(Expert) 24 November 2016
You asked:
Is me personally being there to sign all these documents necesary.
Reply:
Not necessary, POA holder can sign on your behalf.
You asked:
IS there any Legal ammendment that NRE Power of attonry is not valid for commercial property Buying.
Reply:
POA executed under due procedure is valid in India after stamping in India.
Rajendra K Goyal
(Expert) 24 November 2016
It would be better to contact the concerned Banker for details.
Prakash
(Querist) 24 November 2016
Thanks Mr. Rajendra K Goyal for point by pint reply.
Kumar Doab
(Expert) 24 November 2016
Mr. Goyal has fully illustrated.
You can benefit from it.
Sankaranarayanan
(Expert) 25 November 2016
nothing more to add ,Mr Goyal given prompt answer
Rajendra K Goyal
(Expert) 26 November 2016
Thanks for agreeing expert sankar narayanan .
