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. 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.
- 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.
- 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).
- 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.
- 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.
- 6. REVOCABLE, AND ENDS ON DEATH