Apartment registration
9 months ago
Hi, my friend is buying a property under home loan.
Since he does not wants to get married, he wants to register the property under both of our name.
When we enquired with the builder, he said that the property can be registered under both of our name ,as long as my friend writes a POA agreement before the registration and authorizes me.
I am bit confused, since the property will be under loan.
Will bank allow this ?
How is this possible ?
It's a under construction property and the hand over will be next year .
The loan agreement and seller agreement with take place sometime next month.
But before he does the agreement , he wants to know if this is possible ??
A.Dear Client,
A property may be bought on joint ownership that requires the signatures of both the Buyers in the series of documents right from agreement to sale to Deed of conveyance. When the property is bought on a Bank loan, you need to clarify the matter in detail from the concerned Bank and the nature and forms of documents required for sanction of a loan against a property to be bought on joint ownership. As regards POA, it is to be noted that POA is not allowed when the transfer of title of the property is jointly bought by the Buyers who are required to be physically present before the RA for execution and registration of Deed of Conveyance along with Oners/sellers. Even a GPA holder is not authorized to sell the property on the owner's behalf as per the Judgement of the Supreme Court passed in 2011. So, the question of POA on behalf of the co-buyer does not arise. You may consult the matter with the concerned Bank as well as an Advocate for further clarification in this regard.
A property may be bought on joint ownership that requires the signatures of both the Buyers in the series of documents right from agreement to sale to Deed of conveyance. When the property is bought on a Bank loan, you need to clarify the matter in detail from the concerned Bank and the nature and forms of documents required for sanction of a loan against a property to be bought on joint ownership. As regards POA, it is to be noted that POA is not allowed when the transfer of title of the property is jointly bought by the Buyers who are required to be physically present before the RA for execution and registration of Deed of Conveyance along with Oners/sellers. Even a GPA holder is not authorized to sell the property on the owner's behalf as per the Judgement of the Supreme Court passed in 2011. So, the question of POA on behalf of the co-buyer does not arise. You may consult the matter with the concerned Bank as well as an Advocate for further clarification in this regard.
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A.Dear client,
As per the laws, Co-owners are jointly liable to re-pay the loan amount; a default by one applicant forces the other to discharge the liability so tread carefully whilst entering into an agreement of this sort
As per the laws, Co-owners are jointly liable to re-pay the loan amount; a default by one applicant forces the other to discharge the liability so tread carefully whilst entering into an agreement of this sort
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