Equitable mortgage

Normally, for creation of Equitqable mortgage, the narration is that such and such persons, being the owners of the schedule property have come in person to the bank on a particular day and deposited such and such documents for creation of EM as security of so much loan granted to such person.  Hence if all joint owners cannot come together in person, it is better to obtain POA for the persons absent in favour of the person present for EM.

Thank you, Mr. Raju. I also apologise to u all for two spelling mistakes in my post. Sir, now as you mentioned about POA, I would like to have opinion of my lawyer friends as to whether it is advisable and safe to get the original loan documents executed by the POA or original documents are better to be executed by the principal and the role of POA holder be kept limited to the day to day operation of the account. I solicit your opinion.

Thanks again.

Dear Mr.Bhattacharya, For such transactions, creating mortgage, if you are going to complete the mortgage through power of attorney holder then the power of attorney is required to be registered before the respective Sub Registrars of the area where the power of attorney holder stays. Because for effecting mortgage simple power of attorney is not sufficient. Regards, Ramesh Mande

Dear Mr.Bhattacharya, For such transactions, creating mortgage, if you are going to complete the mortgage through power of attorney holder then the power of attorney is required to be registered before the respective Sub Registrars of the area where the power of attorney holder stays. Because for effecting mortgage simple power of attorney is not sufficient. Regards, Ramesh Mande

Thank you Sir.