Are you an NRI (non-resident Indian) looking to manage your assets in India? If so, a notarized power of attorney is the ideal instrument for you. But is it valid in India? The answer is yes, however, the process and requirements may vary from state to state. In this article, we'll provide a comprehensive guide on notarized power of attorney in India. Generally, the document must be executed and certified by the Indian consulate in the United States. It can also include a clause that states the representative's power of attorney will remain valid even if the director becomes incapacitated.
This is especially important for NRIs who are living abroad and need someone to manage their assets in India. For instance, you can create a proven power of attorney for banks such as the State Bank of India (SBI), National Bank of Punjab, or private banks like ICICI, HDFC, etc. to help your family member sign loan documents on your behalf in India. The same application can be used to create a power of attorney for buying, selling, or possessing real estate, or obtaining an NRI mortgage loan. It's important to note that a NOTARIZED POA is equivalent to a simple POA and has no legal validity in cases of property management. You can print this template to obtain a special power of attorney to share the rights to own or rent a property or apartment.
In simpler terms, it is the power (right) that a person (director) gives to a lawyer (a legal representative). An NRI can use the special power of attorney to buy, sell or take possession of real estate in India. However, this deed must also comply with Indian laws such as the Indian Registration Act of 1908 and the Power of Attorney Act of 1882. They must follow local laws to create the power of attorney and therefore Indian stamp paper is not required. If you are an NRI, you should check the process for obtaining certified power of attorney from the Indian Embassy. You can create a power of attorney to apply for an education loan at any national or private bank in India. In conclusion, notarized power of attorney is valid in India but it's important to understand the process and requirements may vary from state to state. It's also important to note that this deed must comply with Indian laws such as the Indian Registration Act of 1908 and the Power of Attorney Act of 1882.
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