Poa must be registerd?
Madhu Nair
(Querist) 21 May 2012
This query is : Resolved
I have booked flat in my area. After the booking amount builder registered the agreement to sale in my name and also for loan purpose builder given me the loan paper documents from his side .there it’s mentioned the sister (owner of plot) residing abroad given the POA to the brother where in India and it’s just NOTARISED.
For applying for home loan I went to private bank they are checked the documents and approved loan but when I went to nationalized bank they told me that the POA between the sister and brother should be registered then only loan will approved . Now am really confused whether I go to private bank for loan or should I make the document will get registered? But the owner of plot is residing in abroad how it possible?
Thanks in advance
Chanchal Nag Chowdhury
(Expert) 21 May 2012
The POA has to be registered. However, since the owner is residing abroad, the POA has to be placed before the Oath Commissioner of the Indian Consulate of the country in which the owner is residing, and attested in order to make the POA valid.
ajay sethi
(Expert) 21 May 2012
the natioionalised bank is correct in its approach .
since owner of plot have given power of attorney to her brother ie builder to sell flats the POA has to be regsitered .
only if POA is regsitered can the builder sell the flats to various parties .
no bank will sanction laon if POA is not regsitered . regsitration authorites generally fdont regsiter any agreeemnt for sale unless POA is regd .
Madhu Nair
(Querist) 21 May 2012
Thank you for your reply. and am really surprised that there are already 85% of flats are booked before an year and all are ready for possession and i have booked the remaining lasts before one month only.. but nobody will noticed this ??
ajay sethi
(Expert) 21 May 2012
well you are lucky the defect was noticed before you paid the builder full amount .
Madhu Nair
(Querist) 21 May 2012
Builder offered me to give advance sale deed. He is telling that owner is not available in here for poa registratn. Should I_go head with deal?
Madhu Nair
(Querist) 21 May 2012
Also he will give the proof for poa still valid at the time of regstn of sale deed
Shonee Kapoor
(Expert) 22 May 2012
I don't think you should go ahead.
Validate the PoA first.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Madhu Nair
(Querist) 22 May 2012
If the POA has been registerd then also how can i know the POA is still valid and not revoked?
