POA

Querist : Anonymous (Querist) 24 September 2010 This query is : Resolved
Financer asking POwer of Attorney of the property against the loan.Is it legal to give POA or any problem for the owner of the property arises in the future.

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Khaleel Ahmed (Expert) 24 September 2010
You are advised hereby no need of power of attorney to be given for loan. Definately if power of attorney given you will face untold problems.

Devajyoti Barman (Expert) 24 September 2010
Yes. While granting loan the POA is not required. Get clear about the motive behind his asking for it.

R.Ranganathan (Expert) 24 September 2010
By giving power you are creating problem for yourselves. If you are forced to give power then state in the power itself the details about the loan amount, interest rate and method of repayment. The Financier will himself will not agree to this.

Rajeev kulshreshtha (Expert) 24 September 2010
Agree with Mr. Ranganathan.

Adv ramesh chheda (Expert) 24 September 2010
if such lender are there than they are bogus one and u should not go for it. once the property is mortgage and documents are in their custody in such a case there are no reasons for them to ask f r POA . also they much have taken post dated cheques for the repayment of loan then what more they need . Adv ramesh chheda Mumbai 09870112826

G. ARAVINTHAN (Expert) 25 September 2010
the financier may misuse the POA given by you and there may a chance for selling the same without your knowledge

s.subramanian (Expert) 25 September 2010
I agree with the above views.

Chanchal Nag Chowdhury (Expert) 28 September 2010
What for is the financier asking for POA.U are well advised not to execute any POA in favour of the Financier.

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