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Kaagazaat

Power of Attorney for a Home Loan and Mortgage

At a glance

Price
Free, always.
Stamp duty
A power of attorney is chargeable with stamp duty.
Registration
If the Attorney is to sign a registered mortgage deed or present it for registration, the Sub-Registrar will usually want a power executed and authenticated as ss.32 and 33 of the Registration Act, 1908 require; in practice, notarised, and registered if asked.
Witnesses
Two adult witnesses are asked for below, as ordinary good practice.

Free

Free, always.

Free: up to 5 documents a day.

Guided questions, full draft on screen, download in Word.

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Also called

  • Special Power of Attorney for home loan
  • SPA for housing loan and mortgage
  • POA for loan against property
  • Mukhtiarnama for bank loan
  • Loan mukhtiarnama
  • Mortgage power of attorney
  • Authority to sign loan and mortgage documents

When you need it

You want a trusted person to apply for a home loan from a named bank or housing finance company, sign the loan papers, and mortgage one named property as security, because you cannot be present yourself. It sets a ceiling on the loan, controls where the money goes, and says plainly that the loan binds you as the borrower.

Read more

Most lenders insist on their own power of attorney format, and many insist on the borrower being present or on a video KYC for a fresh loan, whatever this document says. Check with the lender first. Not for running a bank account or collecting a pension: see Power of Attorney for Bank. Not for buying the property: see Special Power of Attorney to Buy a Property. Not for selling or leasing: see the General Power of Attorney.

Whether you can fill this in here

You can fill this in here

You can fill this one in on this site, and read the whole draft on screen before you decide anything about it. It is a carefully drafted template; it is not advice about your own facts.

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See stamp duty, registration and witnesses

What follows is written for Punjab and Chandigarh. It states the position there rather than describing how it varies, so the amounts below are the ones that apply — worth confirming at the sub-registrar’s office, because rates change. If the property is anywhere else in India, none of this is yours.

Stamp duty

A power of attorney is chargeable with stamp duty. In Punjab and Chandigarh the amount depends on what the power covers, and this document prints no figure. Confirm the current amount at the Sub-Registrar’s counter or an authorised e-stamp vendor before you buy stamp paper. The mortgage deed itself, if there is one, carries its own stamp duty and is a separate matter.

Registration

If the Attorney is to sign a registered mortgage deed or present it for registration, the Sub-Registrar will usually want a power executed and authenticated as ss.32 and 33 of the Registration Act, 1908 require; in practice, notarised, and registered if asked. For a mortgage by deposit of title deeds the lender sets the requirement. Ask the lender and the Sub-Registrar’s office before you sign.

Notarisation

Sign before a Notary Public in Punjab or Chandigarh. Offices and banks usually expect this. If you sign outside India, the document normally needs consular attestation or an apostille before it is accepted here; check what the receiving office wants.

Witnesses

Two adult witnesses are asked for below, as ordinary good practice. They should know both the Principal and the Attorney.

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Sample preview — placeholder answers, not your data

POWER OF ATTORNEY FOR A HOME LOAN AND MORTGAGE

I, Amarjit Kaur Sandhu, son/daughter/wife of Late Sh. Gurdial Singh Sandhu, residing at House No. 811, Sector 8, Chandigarh 160009 (the "Principal"), do hereby appoint, constitute and nominate:

Jaspreet Singh Sandhu, son/daughter/wife of Sh. Harbans Singh Sandhu, of House No. 22, Phase 3B1, Mohali 160059, who is my son (the "Attorney"),

to be my true and lawful attorney, in my name and on my behalf, to take a home loan and mortgage the property described below, upon the terms of this Power.

  1. 1. THE LOAN AND THE PROPERTY

1.1 This Power is for one housing loan from State Bank of India, Sector 17-B, Chandigarh (the "Lender"), of not more than ₹40,00,000 (Rupees Forty Lakh only), secured on the following property (the "Property"): Flat No. 304, Tower B, Sector 66, Mohali.

1.2 The Attorney has no authority under this Power over any other loan, lender or property.

  1. 2. WHAT THE ATTORNEY MAY DO

2.1 The Attorney may apply to the Lender for the loan, sign the application, the Lender's know-your-customer papers, the loan agreement and the other loan documents, and pay the fees, charges and insurance premium the Lender requires.

2.2 The Attorney may create an equitable mortgage of the Property in favour of the Lender, by depositing the title deeds of the Property with the Lender and signing the papers the Lender asks for.

2.3 The Attorney may arrange for the loan to be paid directly to the seller or builder of the Property, or into the Principal's own bank account, and into no other account.

2.4 The Attorney may sign the instruction or mandate for repayment of instalments from the Principal's own bank account.

  1. 3. LIMITS

3.1 The Attorney shall not borrow more than ₹40,00,000 (Rupees Forty Lakh only), shall not take any other loan or credit facility in the Principal's name, and shall not give any guarantee for anyone else.

3.2 The Attorney shall not sell, lease, gift or otherwise deal with the Property, except to mortgage it to the Lender as clause 2.2 allows.

3.3 Before signing the loan agreement, the Attorney shall send the Principal a copy of the sanction letter and of the main terms of the loan (amount, interest, term and instalment).

  1. 4. THE LOAN BINDS THE PRINCIPAL

4.1 The loan and the mortgage bind the Principal, as borrower and mortgagor, as if the Principal had signed the documents personally. The Attorney does not become a borrower or guarantor by signing under this Power.

  1. 5. THE LENDER'S OWN REQUIREMENTS

5.1 This Power does not replace the Lender's own know-your-customer checks on the Attorney. If the Lender insists on its own power of attorney format, or on the Principal's presence for any step, the Principal will comply, without that affecting this Power for any other purpose.

  1. 6. REVOCABLE, AND ENDS ON DEATH

Questions about this document

Does the Power of Attorney for a Home Loan and Mortgage need stamp paper or stamp duty in Punjab and Chandigarh?

A power of attorney is chargeable with stamp duty.

See the full position on stamp duty, registration and witnesses
Does the Power of Attorney for a Home Loan and Mortgage need registration in Punjab and Chandigarh?

If the Attorney is to sign a registered mortgage deed or present it for registration, the Sub-Registrar will usually want a power executed and authenticated as ss.32 and 33 of the Registration Act, 1908 require; in practice, notarised, and registered if asked.

See the full position on stamp duty, registration and witnesses
What does the Power of Attorney for a Home Loan and Mortgage cost on Kaagazaat?

Free, always.

Does the Power of Attorney for a Home Loan and Mortgage need witnesses?

Two adult witnesses are asked for below, as ordinary good practice.

See the full position on stamp duty, registration and witnesses

Often needed with this document

Back to Power of attorney and authorising someone to act

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