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Ganesh Kumar (Software Developer)     15 November 2021

Can a person holding poa for a property avail loan?

Hi,

Please consider the scenario below and enlighten me if there are any cases or advises made by court to banks regarding loan against property. 

An agent is having POA (power of attorney) to carry  out all the legal and financial activities such as sale, purchase of properties and opening of accounts etc. In such case can the banks raise an objection to provide loan against property. If so is there any judgement to advise banks to lend  mortgage property?

Thanks and regards, 

Ganesh



 2 Replies

SHIRISH PAWAR, 7738990900 (Advocate)     15 November 2021

Hello,

Providing loan is discretion of bank. If one bank refused loan to you then you can approach other bank. 

MPS RAMANI (Scientist/Engineer)     19 November 2021

If the power of attorney covers taking loans on behalf of the principal bank can give loan. But as Adv. Pawar has mentioned to give or not give loan will be at the discretion of the bank.


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