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krishmunn
02-06-2013, 01:42 PM
Can someone guide me on steps for buying a property (directly from builder) in India ?

I am giving a PoA to someone but ONLY for the loan. I would like to do everything else myself if possible.

My loan is approved (but I will need to change the PoA) .

Here is my understanding of the process but want to confirm

1) I send the token/agreement amount .

2) Builder sends (by post/courier) the agreement

3) I will sign and send it back. Does it need to be notarized ? (as I understand at this stage there is no registration ?)

4) My representative deposit this (and other docs from builder) to bank for loan

5) I pay my share of money to builder.

6) Bank pays the loan amount directly to builder (construction linked) . Will builder and bank work directly to make these construction linked payments ?

7) During possession, I travel to India, pay stamp duty and get it registered


Is this the right process ?

Also, how much does it cost to make a PoA in Bangalore ? Any suggestion for a good and reasonable Attorney will be very appreciated .

snsharda
02-06-2013, 03:13 PM
PoA can done at Indian Embassy. I do not know about other stuff.

Can someone guide me on steps for buying a property (directly from builder) in India ?

I am giving a PoA to someone but ONLY for the loan. I would like to do everything else myself if possible.

My loan is approved (but I will need to change the PoA) .

Here is my understanding of the process but want to confirm

1) I send the token/agreement amount .

2) Builder sends (by post/courier) the agreement

3) I will sign and send it back. Does it need to be notarized ? (as I understand at this stage there is no registration ?)

4) My representative deposit this (and other docs from builder) to bank for loan

5) I pay my share of money to builder.

6) Bank pays the loan amount directly to builder (construction linked) . Will builder and bank work directly to make these construction linked payments ?

7) During possession, I travel to India, pay stamp duty and get it registered


Is this the right process ?

Also, how much does it cost to make a PoA in Bangalore ? Any suggestion for a good and reasonable Attorney will be very appreciated .

140jibjab
02-07-2013, 11:37 AM
For POA: The Bank giving you the Loan will have a format that needs to be notorised and the Cost in India is around 1000 Rs, Can be done in the Mayo Hall Area in MG road. If you are doing it from US, you will need it to be notorised(by any Notary in US).

For Construction Linked Payments: You have to be in touch with the Builder, Once there is a Payment Due, You will need to Send a Email/call the Bank to Disburse the Amount to the Builder. Till there is a clear communication from you the Bank will not Release payment.

krishmunn
02-07-2013, 02:13 PM
Thank for all the reply. For the PoA, do you know how to get it attested by Embassy ? I will need to mail it (no Embassy close to home). Do I need to get it Notarized first (or Appostilled) ?

Do I really need to send original Passport to Embassy or a notarized copy will work ?

Does the PoA need to have photograph ?

snsharda
02-08-2013, 09:51 AM
The following link has all the information that you would need.

POWER OF ATTORNEY / AFFIDAVITS RELATING TO PROPERTY OR FINANCIAL MATTERS - www.indiacgny.org (http://www.indiacgny.org/php/showContent.php?linkid=259)

Thank for all the reply. For the PoA, do you know how to get it attested by Embassy ? I will need to mail it (no Embassy close to home). Do I need to get it Notarized first (or Appostilled) ?

Do I really need to send original Passport to Embassy or a notarized copy will work ?

Does the PoA need to have photograph ?

shreekhand
02-10-2013, 01:10 PM
Embassy of India attestation is not a requirement for a PoA as is popularly believed.

Attestation by the Indian mission is too budensome!

Just get the PoA notarized here in the US and then apostilled at your state designated office (usually the secretary of state office in your state).

India and US are signatories of The Hague Apostille Convention and hence your PoA does not have to be attested/legalized by the Indian embassy/mission.

I have done this myself for financial/property matters and it was accepted with ease by the rural area sub-divisional magistrate in India.

krishmunn
02-13-2013, 08:49 AM
Unfortunately , HDFC insists on getting it attested by Indian Embassy. They are not ready to accept Apostilled doc.

Anyone who has done attestation at NYC Embassy -- do we need to send Apostilled PoA OR Notarized PoA ? I am asking because in NYC Embassy website they say it should be notarized but in other embassys/consulate site they say it need to be Apostilled and then sent to Embassy

itsmeusa
02-13-2013, 10:17 AM
Hello, when I bought property few years back, my Indian bank allowed me to send only notarized copy of POA to my mom and she notarized it again on Indian stamp paper, however, recently, one of my friends Indian bank insisted to get it notarized from Indian Consulate. Anyway, few months back, I had to send POA to my mom to sell another property in India and I sent notarized (by US bank officer) copy of POA along with my passport to Indian Consulate, NYC and they notarized it and returned back within 2 weeks. As notary signs and puts stamp (usually on all) papers, I printed the letter size content on legal papers so that each page has enogh space for local notary and Indian counsel.

krishmunn
03-23-2013, 03:43 PM
I just got my PoA notarized and will be sending to Indian consulate. However, the notary just affixed the rubber stamp but not the round, raised seal. As I see ,in my state either is fine. Does Indian consulate creates a fuss if the raised seal is not there?

augustus
03-24-2013, 06:44 PM
POA can be executed in the US and notorised from a US Bank. Bank usually has several notaries. This is valid in India from personal experience. No photos are needed. Make sure to sign all the pages in POA. If you are getting a loan from an Indian bank, bank may have a specific format and will not use any other POA.

java98
03-26-2013, 07:26 PM
Hello Gurus,

I am trying to get a loan from HDFC for House construction in India. They are insisting me to provide credit report from USA. Any one has similar experience? Will loan obtained in India will get reported to U.S Credit Bureaus. I would appreciate if you share any info in this regard. Thanks.

krishmunn
03-26-2013, 09:16 PM
Hello Gurus,

I am trying to get a loan from HDFC for House construction in India. They are insisting me to provide credit report from USA. Any one has similar experience? Will loan obtained in India will get reported to U.S Credit Bureaus. I would appreciate if you share any info in this regard. Thanks.

Yes, I submitted Credit Report. They need one with Credit Score (you need to purchase it but will sometimes get with a free trial of identity monitoring -- just cancel before they start billing).

They do not report to US credit Bureau.

sunny2007
03-26-2013, 10:12 PM
Hello Gurus,

I am trying to get a loan from HDFC for House construction in India. They are insisting me to provide credit report from USA. Any one has similar experience? Will loan obtained in India will get reported to U.S Credit Bureaus. I would appreciate if you share any info in this regard. Thanks.

Indian banks have rules like

1) Notary of POA ( From Consulate)
2) Past Occupational History (Resume) & Highest Degree Photocopy
3) Some need US Credit Report
4) Most need spouse/nearest relative as co-applicant/guarantor
5) Some banks ask employee id card
6) Overseas /International Bank Account statement for the last 8 Months- ( Salary
Credited Bank Statements)

PS : I have observed one bank sent someone else bank of America bank statement to one of my colleague as the statement he sent was different.

I didn't like the idea of giving GPA ( POA) to some relative in India , who can misuse it, if they want to.

I didn't like most of above points , so avoided taking bank loan so far on two properties.

Try SBI , maybe they don't credit report.

krishmunn
03-27-2013, 11:38 AM
Indian banks have rules like

1) Notary of POA ( From Consulate)
2) Past Occupational History (Resume) & Highest Degree Photocopy
3) Some need US Credit Report
4) Most need spouse/nearest relative as co-applicant/guarantor
5) Some banks ask employee id card
6) Overseas /International Bank Account statement for the last 8 Months- ( Salary
Credited Bank Statements)

PS : I have observed one bank sent someone else bank of America bank statement to one of my colleague as the statement he sent was different.

I didn't like the idea of giving GPA ( POA) to some relative in India , who can misuse it, if they want to.

I didn't like most of above points , so avoided taking bank loan so far on two properties.

Try SBI , maybe they don't credit report.

I also did not like the POA but no option if you need a loan. However, if you read the POA, you will notice that it allows the holder to buy the property but not sell it. Also, very specific that holder can mortage it only to the specific bank. So, not much risk of misuse.

HDFC did not ask for guarantor or copies of degree. They asked for paystubs, Tax return, Employment letter and bank statements (indian and overseas)

java98
03-29-2013, 05:28 PM
krishmunn / sunny2007 - Thanks so much for your reply. I was concerned about HDFC reporting U.S. Credit bureau about loans. Thanks for the clarification. I am trying SBI but they are slow and then possibly LIC too. If nothing works, probably I will go back to HDFC.
Thanks again for taking time share the info.