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Power of Attorney for a Home Loan and Mortgage

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  1. Where and when you sign
  2. You, the borrower
  3. The person you are appointing
  4. The loan and the property
  5. The powers, and how long they last
  6. Witnesses

Step 1 of 6

Where and when you sign

For example: Chandigarh

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POWER OF ATTORNEY FOR A HOME LOAN AND MORTGAGE

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

1.2 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.

2.3 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

3.2 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

6.1 This is an ordinary power of attorney. The Principal may revoke it at any time by written notice to the Attorney, under s.203 of the Indian Contract Act, 1872. It ends on the Principal's death or if the Principal becomes of unsound mind, under s.201 of that Act, whatever clause 7 says about its stated duration. It is not a power coupled with an interest.

6.2 Revoking this Power does not undo a loan already drawn or a mortgage already created under it.

  1. 7. DURATION
  1. 8. GENERAL

8.1 The Attorney shall act honestly and in the Principal's interest, shall keep the Principal informed, and shall keep a written account of every sum received or paid under this Power.

8.2 The Attorney may not hand this Power over to another person (sub-delegate it).

8.4 If any provision of this Power is held invalid or unenforceable, the rest continues in effect.

IN WITNESS WHEREOF the Principal has executed this Power of Attorney at __________ on __________.

Signature: ______________________________

Signature: ______________________________

WITNESSES

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