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29 July 2011

What is the meaning of Power of Attorney and Whiy it is Important for NRI Staying Abroad


With the rise in housing projects builders and developers are luring the customers to purchase homes by many offers and perks. Some offer LCD TV sets. Others offer air conditioners whereas some others offer fully furnished flats! Not only are people from India settling for luxurious homes even the NRIs are wishing to purchase a home of their own in their home towns. With this need many reputed banks and lending institutions are willing to offer home loans to people staying abroad. How is it possible to do all paper work and legal procedures when the borrower is not staying in India? People staying abroad and having a base in India can purchase property, land or house in India with the help of making a stamped document of power of attorney.
This power of attorney can be made with the help of bank counsellor and legal lawyers who can guide the non resident Indians to allow some other person of their family or a close friend to do all the required paper work here in India. The sole power will lie in the hands of the member selected by the borrower and who will do all the paper work and formalities required for the procedure of borrowing of the home loan.
This document like any other power of attorney will give the person rights to make any decisions, sign documents and also make financial decisions on part of the NRI. Since this person having the power of attorney can negotiate, purchase, sell or even mortgage property on behalf of the NRI. The NRI will be responsible for payments, financial EMI dealings and any bank changes of interest as well as schemes. The NRI who may submit money in the bank in foreign currency that can be converted to Indian rupees will allow the selected person to handle all his financial decisions and matters regarding the proceedings of this home loan. The HDFC bank offers guidance and legal advice to their customers as well as NRIs staying in Middle East, Singapore and many other foreign countries.
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With opening a bank account in the name of the NRI to all the proceedings of application for loan and loan approval all will be signed by the person who has the power of attorney. In case of any problems the power of attorney given this person can take the required action of legal matters regarding this loan amount. It is also his responsibility to submit the regular amounts decided as Emi every month and keep regular follow up of the home loan.
Loans for everyone and staying anywhere is the latest mantra of lenders and banks to lure the NRI customers and get foreign currency to our home land. Since so much authority and power is given to this person the NRI must be very careful in handing over the power of attorney to anyone. A trusted family member or friend can be selected and handed this responsibility and then purchasing a home in India which was a dream may become true with the help of a home loan.
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