I have applied for a home loan from State Bank of India and have given my brother a power of attorney (PoA) in bank's format for home loan processing. The PoA for this specific purpose has been notarised as per their requirement. As I'm not in the country my brother took time off from his hectic schedule today and went to sign the home loan documents at the SBI office. He was told PoA needs to be registered as well (This too after taking almost Rs 9100 in franking charges! and all the documents being with them for the last 4 weeks)
It looks to be a blatant contravention of the registration act and also the sbi's own guidelines.(Links below)
We have tried to put forth the logic/rationale with the SBI sanctioning official(s) but in vain.
It looks like different SBI branches are run on the whims and fancies of officials and they have different yardsticks for loan disbursal to different people.
Please could somebody in the forum let me know if this is in accordance with the law? What are my legal/civil rights - In case I decide not to avail the home loan from SBI can I get a refund of the processing/franking charges?( along with any damages, should I decide to claim)
Thanks in advance