how can my mother clear loan of a jointly owned home
I have a home loan of a property jointly owned by me and my mother but loan is only in my name. Lets suppose I become unavailable or no where to find, what happens now?
What I want is my mother clear the loan amount and get an NOC from bank and she should be able to sell the property on her own without any paperwork or anything from my side. Will an affidavit or power of attorney do the trick?
All you need to do is to make a Power of Attorney (POA) authorizing your mother to act on your behalf. The POA must be registered to enable your mother to sell the Proprty in your absence. It will also authorize her to get NOC from the bank and deal with all formalities of closing the loan.
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