What is an auction in banking?
Normally bank auction process is initiated when the borrower defaults on 3 consecutive Home Loan EMI's. In case, no reply is received from the borrower or the bank is not satisfied with the reply then the bank can initiate the bank auction process. Once this notice expires after 60 days, the bank can auction the property after 30 days.
Is it good to buy a bank auction property?
A very important factor to consider before buying the property at the auction is to check who has possession of the property. It can be very difficult to get property vacated from its current occupants. It is better to ensure that there are no pre-occupied properties before bidding.
Where can I check for the latest bank auction properties in Chennai?
For the latest bank auction properties in Chennai, click here
What is the sarfaesi auction?
The SARFAESI Act of 2002 empowers a secured creditor—usually, a bank—to sell the pledged immovable property and recover his dues. Such sales are usually done by a public auction. So, then, can the secured creditor wash his hands off, after concluding the sale
How can I attend a bank auction?
Submit your bid form (tender) by the time given in the notice along with the EMD which is usually 10% of the reserve price. Participate in the auction at the time given in the notice and bid for the property. If you are the highest bidder, the property will be allotted to you.
What are some of the top localities for bank auctions in Chennai?
Top Localities for Bank Auction Properties in Chennai are Adyar, Anna Nagar, Besant Nagar, Kotturpuram, Mylapore, Nungambakkam, R A Puram, Teynampet, Vadapalani. For bank auction properties in Chennai, you can visit https://auctionbankindia.com/property/city/chennai
Are bank auction properties cheaper?
Properties repossessed by banks are routinely sold off through auctions at prices that are 20-30% lower than the prevailing market rate. A bank auction can be an offbeat, albeit somewhat tedious way to steal a deal.
How do you buy an auction property from a bank?
- Step 1: Search for Bank Auction Property.
- Step 2: Check Property Details.
- Step 3: Physically Inspect the Property.
- Step 4: Submit Tender Form.
- Step 5: Bidding.
- Step 6: Auction Date.
- Step 7: Sale Certificate.
- Step 8: Register Sale Certificate in Sub-Registrar office.
Is EMD refundable in bank auction?
If you are not the highest bidder, the EMD will be refunded to you (usually immediately after the auction). One of the main attractions of buying a bank auctioned property is that there is a possibility of getting it at a substantial discount to the prevailing market price.
Can you view an auction property?
Yes you can view the latest bank auction properties on our site http://auctionbankindia.com
What is the reserved price in bank auctions?
While auctioning, the bank that has foreclosed sets a reserve price. This is usually based on the price at which the property was bought and the loan dues. If there's a house costing Rs 1 crore that's put on the block, the reserve price can be between Rs 75 and Rs 90 lakh.
What is EMD in bank auctions?
The notice will contain information like the details of the property, reserve price (minimum price at which bidding will start), Earnest Money Deposit (EMD), date of inspection, time and place of auction, time and place for collecting the 'tender form', last date for submission of the tender form, etc.
Do you pay tax on items sold at auction?
All income from auctions, traditional or online, and consignment sales are generally taxable unless certain exceptions are met. These gains may be business income or capital gains. Income resulting from auctions akin to an occasional garage or yard sale is generally not required to be reported.