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SUBRAMANIAN P   07 September 2016

Specific power of attorney

Dear Sir,

I am a NRI, wants to purchase a new flat in the apartment which is under construction . After finalization of flat with housing promoters i approached the some bank for housing loan against the said flat to be constructed [ Some bank contact given by the promoter only] .I don't want to disclose the bank and promoter.

 Since i have to leave  india in a short time , promoter asked me to give power to my father to execute  further loan and sale deed process and so i agreed to give power to him and then, i have been informed by some bank as well as by the promoter to execute the specific power of attorney with schedule of property details for loan purpose  [ but not General power of attorney] in the format proposed by the bank (format is attached for your reference) without doing any sale agreement / deed with housing promoters  against the said flat to be purchased by me?  

we need your advise ,

1. Whether it is legally right or criminaly offense/encumburance since the specific power of attroney with schedule of property details to be executed without any sale agreement/deed with housing promoters for the purchase of above said flat?, 

2.If it Criminialy offense /encumburance why banks are proposing this to purchasers? 

 



Learning

 2 Replies

binay (advocate)     08 September 2016

Do the power of attorney mentioning the selected property (schedule) along with that mention the intention of purchase of that property, and for the resion of purchase, Ur giving the power to Ur father to execute the sale-deed and bank procedures. Consult a local Lawyer.

P. Venu (Advocate)     08 September 2016

The matter requires professioal consultation.


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