All you want to know about auctioning of properties by banks!

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When a person takes a loan from the bank and is unable to repay the loan, then the situation of auction of the mortgaged property arises. The bank has the right to auction the property to recover the loan. Indian Banks Association (IBA), an organisation of banks, had started a portal for auctioned properties. It’s called the Indian Banks Auctions Mortgaged Properties Information (IBAPI). Buyers can use this to find, view, and participate in auction of  properties. Many government banks like SBI, PNB, Bank of Baroda, Union Bank, Central Bank, Canara Bank are aligned to this portal… <GFX 1 out>

Now let us know how to find your favourite property:

First of all you have to open the portal by typing ibapi.in. At the top of the portal, you will see information about upcoming auctions. This will tell you how many properties will be auctioned in the next seven and 30 days and the type of property it is like residential, commercial or industrial.

To find the property of your choice, you have to click on the ‘Search Property’ option on the homepage. Where you will get some parameters, after filling which you can get the property of your choice:

First of all you will get two options in the auction date – Notified and All:

1. Notified includes properties for which banks have fixed the day and time of auction.
2. After clicking on the notify option, you have to choose the month of bidding. You should choose October here after that you have to enter the details of what type of property you are looking for i.e. residential, commercial, industrial or agriculture.
3. After choosing the option of Residential Property,  select Uttar Pradesh state. You can choose the state as per your choice.
4. After clicking on the terms and condition, press the search button. You will see the details of all the residential properties.

If you want, you can also choose the sub-type of residential property. This means you can choose whether you want to see 2BHK flat, 3BHK flat, villa or house.

If you want to see the property of any locality in any district, then you can select the name of the district in the District option and the area in city, town or village. You can even select the bank. You will get the information about the existing auctions there. On clicking on the property shown in the search property, you will get details about the property owner, location, auction reserve price and earnest money, possession, ownership type along with photos of the property.

For more information, the number of the officers associated with the auction would also be given. If bidding for the property has started then you have to select the ‘Click Here’ option visible on the screen. After which you will go to the MSTC website. By registering here, you can bid for your favorite property by depositing Earnest Money Deposit i.e. EMD.

If you want to buy a bank auctioned property then there is no need to search through the pages of the newspaper. You can search for properties online and bid. Most banks now do e-auction of properties.

According to experts, in bank auction you can get property at a price 10 to 30% less than the market value. That too at the desired location. Before participating in the auction, definitely check for the location, condition and possession of the property.