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In case of take over loan where the property is transferred by virtue of a general power of attorney whether the bank should insist on execution of a new general power of attorney or the earlier general power of attorney will hold good?

If the borrower is represented through his GPA holder, the bank should insist on the borrower executing a fresh power of attorney in favour of GPA holder or in the alternative the bank may insist on production of a confirmation letter from the borrower stating that the power of attorney already executed in favour of the GPA holder shall still remain valid and hold good and the GPA holder is authorized to execute necessary documents for purposes of take over loans from the bank.

FAQ

Whether the land converted for residential purposes could be utilized for construction of a school building?

In case of take over loan where the property is transferred by virtue of a general power of attorney whether the bank should insist on execution of a new general power of attorney or the earlier general power of attorney will hold good?

It is the normal practice that banks advance money to the individual borrowers for purchase of flats in an apartment building. Suppose after release of  home loan to the individual borrower, either in full or in part, who in turn has passed on this sum to the developer and  the developer abandons the project half way through  or unduly  delays in completion of the apartment building depriving the borrower to get the sale deed  executed in his favour, then how  the bank can enforce its  right for the money lent to the borrower for purchase of a flat in  the said apartment building? 

What right the creditor bank gets from the deed of declaration and joint development agreement, if not registered or proper stamp duty is not paid on the instrument?

Whether the deed of declaration and joint development agreements are enforceable in court of law without paying stamp duty?

What is meant by irrevocable power of attorney of immovable properties?

Is it necessary to register Power of Attorney to present documents for registration?

Is it necessary to register a General Power of Attorney (GPA)? 

What is the difference between Witness and Consenting Witness?

Can one become owner of a flat by purchasing and registering only undivided share of the land?