You can give power of attorney except power to sell or create third party rights or giving flat on leave and license

The loan liability will be continue to be on you till it's disposed or paid.

If the Power of attorney is to only look after the affairs other than transfer of title and right is alright.

dont execute POA in your partner name

2) he would execute sale deed on basis of POA or mortgage the flat

This is my response to you:

1. When you purchased the flat, is there any provision of it mentioning that you will joint owners and shall bear the expenses jointly?

2. While taking out the loan were you both the applicants? Who was primary applicant and guarantor?

3. If the answers to above question is yes then both are accountable to pay for the flat through loan;

4. The POA can be made, but you can change and alter the terms of it as per your wishes so that nobody is liable and nobody can shift the burden onto the other;

5. So consult a local lawyer with your query and he/she may assist you further on this and draft your POA accordingly.

Hello,

Do not give the POA, if you do so then he might use the same for his personal use also.

Which property has been mortgaged against the said loan?

Regards

You have to pay loan even you give power of attorney to the partner further to sell or transfer the NOC is required.

The power of attorney regarding the flat can be given for the sale of the flat in that case the payment of EMI lies on you only and he can sell the flat.

In case want to secure is there in the property then you can go for an agreement to sale with him on payment of his share from him.

Despite the POA, the liability to repay the loan on the flat will remain vested upon you.

You are advised to consult a local lawyer along with the relevant papers before you take a final decision in this matter.

Hi,

You may give limited power of attorney for use etc. and still remain the title of the same and keep on repaying loan. Also, you may wish to give your all rights and opt out of the loan following proper procedures.

Loan shall be paid in same manner it is now.

If you execute POA, than he will get the authority to alienate property and loan liability will remain same.

PoA is a document that gives a person the legal powers to act on behalf of another. It can be used to hand over the power to someone to act on your behalf when you are not available or are not capable of carrying out your own dealings.

Always remember that primary responsibility of a Loan Liability rests with the co-borrower or guarantor of the loan.

Dear Madam,

Any subsequent document after taking loan do not bind the bankers. They have every right to recover the loan amount if you are defaulter. If power of attorney is given, he get rights over the property along with liabilities also.

Please refer the following laws:

I. General Power of Attorney: A general power of attorney is one by which an instrument is executed by the principal authorising the agent to do certain acts in general on his behalf. The word ‘General’ here means that the power must be general regarding the subject matter and not general with regard to powers in respect of a subject matter. If the subject matter is not general but restricted to something either specific or specifically mentioned by the principal while drafting an instrument then it will not constitute a general power of attorney. It is otherwise called as limited power of attorney.

He just give power to anyone whom he wants to for the pursope let out the and to represent him on behad of your partner to any govt authority like registration office., For electricity problem etc.

The loan repayment has to be made by both of you as per your terms for availing and repaying the loan.

POA has nothing to with the repayment of home loan.

You can always arrange for an agreement on this.

1) Don't give POA of flat to your partners name if the loan is on business name or partners name ?

2) Try to elaborate more regarding this if Business should have partnership firm and loan is firm name than its okay to have flat on partners name.