Immigration Voice - Forums
Register Get Involved Contact Lawmakers Advocacy Discussion Image Image Image Image

Go Back   Immigration Voice > General Information > Tax, Social Security and Financial Issues for Immigrants and Nonimmigrants
Click to log in with Facebook
Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 01-12-2012, 02:08 PM
Senior Member
Priority Date
:
Mar-08
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
01/06/2012
Compare
Join Date: Dec 2007
Posts: 886
krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute
Default Power of Attorney for Propery Loan in India

I am planning to buy a second investment property in Mumbai, India (nothing huge -- just a small one may be a 1 room Kitchen). My plan is to take a loan, rent out my current flat and use that towards loan.

Our original plan was to sell current property and buy a new little bigger property. But I realised all these might not be possible in a short span of 1 month.

Questions --

Almost all banks ask for a Power Of Attorney to someone in India . Is this something which is must or can it be avoided ? We are planning to be in India for over a month during summer and would have everything done in person.

They also ask for a Employment contract ? what is that ? Is it just a employment verification letter (from my employer) ? I am a at will Full Time Employee . So there is no contract per se.

Any other help towards going through this transaction will be greatly appreciated .
__________________
------------
Contribution $200
Bookmark and Share Compare Reply With Quote


  #2 (permalink)  
Old 01-12-2012, 02:17 PM
Member
Priority Date
:
Jun-09
Category
:
EB2
I140 Mailed Date
:
07/08/2010
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
02/09/2012
Compare
Join Date: May 2007
Posts: 35
srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute
Smile Documents required to get loan

You need the following documents to avail the loan. It may differ from bank to bank and some banks may ask you for additional documents.

1. Power of Attorney:
If you are not able to visit India, then you can get the power of attorney notarized from any notary. Most UPS locations have notary service. You may also want to try in credit union banks. Each notary will typically cost around $10 (per signature).
2. Employment verification letter:
This letter states you that you are an employee of the company and your annual salary is $$$ and you are employed from so and so date.
3. Payslips:
You will be required to provide at least 3 months.
4. Bank statements:
The statements from the bank where your salary is credited (at least 3 months) (notarized)
5. NRE Bank statements:
The statements from your NRE account (at least 3 months) (notarized)
6. Voided check
The voided check from the account through which you will signing for auto pay for the EMIs.
7. Your degree certificate
8. Two color photos
9. Copy of passport and Visa (notarized)
Bookmark and Share Compare Reply With Quote


  #3 (permalink)  
Old 01-12-2012, 04:02 PM
Senior Member
Priority Date
:
Mar-05
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
N/A
I485 Mailed Date
:
07/16/2007
Compare
Join Date: May 2007
Posts: 330
acecupid has a reputation beyond repute acecupid has a reputation beyond repute acecupid has a reputation beyond repute acecupid has a reputation beyond repute acecupid has a reputation beyond repute acecupid has a reputation beyond repute acecupid has a reputation beyond repute acecupid has a reputation beyond repute acecupid has a reputation beyond repute acecupid has a reputation beyond repute acecupid has a reputation beyond repute
Post

If you are not visiting India during the transaction, then for Power of attorney you will have to get the power of attorney attested by Indian embassy. Few years ago, it only required notary to attest the PoA. But recently, due to RBI's strict guidelines all banks are asking for PoA attested by Indian embassy if person is not physically present in India. You can check with your bank on current requirements.
Bookmark and Share Compare Reply With Quote


  #4 (permalink)  
Old 01-12-2012, 04:07 PM
Member
Priority Date
:
Jun-09
Category
:
EB2
I140 Mailed Date
:
07/08/2010
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
02/09/2012
Compare
Join Date: May 2007
Posts: 35
srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute
Default May not require notarize from Embassy/Consulate

I know that at least LIC accepts notary from either embassy or any public notary as I have availed loan last month from them. I do not about other banks.

Quote:
Originally Posted by acecupid View Post
If you are not visiting India during the transaction, then for Power of attorney you will have to get the power of attorney attested by Indian embassy. Few years ago, it only required notary to attest the PoA. But recently, due to RBI's strict guidelines all banks are asking for PoA attested by Indian embassy if person is not physically present in India. You can check with your bank on current requirements.
Bookmark and Share Compare Reply With Quote


  #5 (permalink)  
Old 01-12-2012, 04:19 PM
Senior Member
Priority Date
:
Feb-06
Category
:
EB3
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
Compare
Join Date: Sep 2011
Posts: 145
njverifier has a reputation beyond repute njverifier has a reputation beyond repute njverifier has a reputation beyond repute njverifier has a reputation beyond repute njverifier has a reputation beyond repute njverifier has a reputation beyond repute njverifier has a reputation beyond repute njverifier has a reputation beyond repute njverifier has a reputation beyond repute njverifier has a reputation beyond repute njverifier has a reputation beyond repute
Default

Quote:
Originally Posted by srhari View Post
You need the following documents to avail the loan. It may differ from bank to bank and some banks may ask you for additional documents.

1. Power of Attorney:
If you are not able to visit India, then you can get the power of attorney notarized from any notary. Most UPS locations have notary service. You may also want to try in credit union banks. Each notary will typically cost around $10 (per signature).
2. Employment verification letter:
This letter states you that you are an employee of the company and your annual salary is $$$ and you are employed from so and so date.
3. Payslips:
You will be required to provide at least 3 months.
4. Bank statements:
The statements from the bank where your salary is credited (at least 3 months) (notarized)
5. NRE Bank statements:
The statements from your NRE account (at least 3 months) (notarized)
6. Voided check
The voided check from the account through which you will signing for auto pay for the EMIs.
7. Your degree certificate
8. Two color photos
9. Copy of passport and Visa (notarized)
This list is pretty much you would want for your loan. Make sure you have a NRE/NRO account before you land in India, rest of the stuff I think is pretty common.
Bookmark and Share Compare Reply With Quote


  #6 (permalink)  
Old 01-12-2012, 04:59 PM
Senior Member
Priority Date
:
Mar-08
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
01/06/2012
Compare
Join Date: Dec 2007
Posts: 886
krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute
Default

Thanks for all the reply.

However my question is ---

Is a POA must for availing loan ? I understand I can get a POA done in Embessy but I have no close relative/friend in Mumbai whom I can give a POA. That is my problem.
__________________
------------
Contribution $200
Bookmark and Share Compare Reply With Quote


  #7 (permalink)  
Old 01-12-2012, 05:23 PM
Junior Member
Priority Date
:
Category
:
N/A
I140 Mailed Date
:
Chargeability
:
Processing Stage
:
I485 Mailed Date
:
Compare
Join Date: Nov 2011
Posts: 9
rahols is on a distinguished road
Default :rolleyes:

Who is going to contact bank on your behalf for loan? Who is going to be your Guarantor?
Bookmark and Share Compare Reply With Quote


  #8 (permalink)  
Old 01-12-2012, 05:35 PM
Member
Priority Date
:
Jun-09
Category
:
EB2
I140 Mailed Date
:
07/08/2010
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
02/09/2012
Compare
Join Date: May 2007
Posts: 35
srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute
Default You need POA

I'm pretty sure that you need to give POA to someone else back in India (your parents/your spouse parents/siblings,...). As 'rahols' said, who will be the guarantor then?

Quote:
Originally Posted by krishmunn View Post
Thanks for all the reply.

However my question is ---

Is a POA must for availing loan ? I understand I can get a POA done in Embessy but I have no close relative/friend in Mumbai whom I can give a POA. That is my problem.
Bookmark and Share Compare Reply With Quote


  #9 (permalink)  
Old 01-12-2012, 06:19 PM
Member
Priority Date
:
Oct-10
Category
:
EB3
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
Compare
Join Date: Feb 2010
Posts: 63
UKannan has a reputation beyond repute UKannan has a reputation beyond repute UKannan has a reputation beyond repute UKannan has a reputation beyond repute UKannan has a reputation beyond repute UKannan has a reputation beyond repute UKannan has a reputation beyond repute UKannan has a reputation beyond repute UKannan has a reputation beyond repute UKannan has a reputation beyond repute UKannan has a reputation beyond repute
Default

Quote:
Originally Posted by krishmunn View Post
Thanks for all the reply.

However my question is ---

Is a POA must for availing loan ? I understand I can get a POA done in Embessy but I have no close relative/friend in Mumbai whom I can give a POA. That is my problem.
Google "Power of Attorney" and you'll find the meaning of PoA
Bookmark and Share Compare Reply With Quote


  #10 (permalink)  
Old 01-12-2012, 08:01 PM
Senior Member
Priority Date
:
Mar-08
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
01/06/2012
Compare
Join Date: Dec 2007
Posts: 886
krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute
Default

Quote:
Originally Posted by rahols View Post
Who is going to contact bank on your behalf for loan? Who is going to be your Guarantor?
I will contact bank directly. The last time (when in India), I took a loan , it took me less then a week. I will be in India for over a month.

As for guarantor, again, when I took loan as a Resident Indian, a friend was gurantor. But I did not have to give him PoA. Basically gurantor says he/she will pay the loan if I default.

What I am trying to understand is, why do they want a PoA holder. I am drawing the loan, paying through my NR account, my property papers are with bank ; So what is the role of PoA ?
__________________
------------
Contribution $200
Bookmark and Share Compare Reply With Quote


  #11 (permalink)  
Old 01-12-2012, 08:05 PM
Senior Member
Priority Date
:
Mar-08
Category
:
EB2
I140 Mailed Date
:
Chargeability
:
India
Processing Stage
:
I-485
I485 Mailed Date
:
01/06/2012
Compare
Join Date: Dec 2007
Posts: 886
krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute krishmunn has a reputation beyond repute
Default

Quote:
Originally Posted by UKannan View Post
Google "Power of Attorney" and you'll find the meaning of PoA
Could not understand what you mean ??? PoA is given to someone you trust and that can only be a close friend or relative
__________________
------------
Contribution $200
Bookmark and Share Compare Reply With Quote


  #12 (permalink)  
Old 01-12-2012, 08:25 PM
Member
Priority Date
:
Jun-09
Category
:
EB2
I140 Mailed Date
:
07/08/2010
Chargeability
:
India
Processing Stage
:
I-140
I485 Mailed Date
:
02/09/2012
Compare
Join Date: May 2007
Posts: 35
srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute srhari has a reputation beyond repute
Default Poa

In my case, I had given POA to my father authorizing him for both purchase and sale of the property, purchase in particular, since I couldn't visit India to register the property. So, when I bought the property, my father executed the transaction. More over, once you payoff the loan, you need to get the documents from the bank and for that you need to grant POA to someone else (if you live outside of India).

I'm not sure if you still require POA, in your case, if you are going to present physically when you register the property.

Quote:
Originally Posted by krishmunn View Post
I will contact bank directly. The last time (when in India), I took a loan , it took me less then a week. I will be in India for over a month.

As for guarantor, again, when I took loan as a Resident Indian, a friend was gurantor. But I did not have to give him PoA. Basically gurantor says he/she will pay the loan if I default.

What I am trying to understand is, why do they want a PoA holder. I am drawing the loan, paying through my NR account, my property papers are with bank ; So what is the role of PoA ?
Bookmark and Share Compare Reply With Quote


Reply

Bookmarks


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On

Similar Threads
Thread Thread Starter Forum Replies Last Post
personal loan to buy property in india billu Interesting Topics 11 09-20-2011 10:28 AM
taking loan in USA to repay student loan in India belmontboy Education in USA 12 04-20-2009 12:59 PM
tax filing and home loan in India ras All other Green Card Issues 22 06-14-2008 11:02 AM



All times are GMT -4. The time now is 08:57 AM.


Powered by vBulletin® Version 3.7.4
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
(c)ImmigrationVoice.org