Bank Auction Properties refer to the properties which are put up for sale by banks and other financial institutions, such as Non-Banking Financial Companies (NBFCs) and Housing Finance Companies due to the default of a loan taken from them. These properties are usually sold at a discounted rate to recover the bank's loan amount.

Properties available at Bank Auctions in India include residential properties such as independent houses, apartments and flats, commercial properties such as shops and offices, and other types of land.

To buy Bank Auction Properties in India, you need to be aware of upcoming auctions held by banks. Banks usually advertise their upcoming auctions in newspapers and websites. You can also contact the bank directly to inquire about the auction. A comprehensive list of bank auction properties is available on our website, www.auctionpicks.in, where you can select the most suitable properties easily.

Once you've selected a property, you can participate in the auction and bid on the property. After confirming the bid, you will have to pay the entire bid amount. Once the entire amount is paid, a sale deed will be executed in your favour by an authorized officer of the bank.

The process for purchasing Bank Auction Properties involves registering for an auction, submitting a bid, and if successful, paying the bid amount and completing the necessary legal formalities.

Auction notice is a statutory document which contains all the necessary information relevant to the particular auction. This notice is issued by the bank or financial institution that is hosting the auction

Reserve price is referred to as a minimum price listed by the bank for a specific property that is to be auctioned.

Earnest Money Deposit ( EMD ) is referred to as a deposit amount that is required to be paid in advance to participate in a bank auction. Generally, the EMD amount is 10% of the reserve price stated.

Yes, the EMD amount is completely refundable in case of unsuccessful bidding. But if you successfully bid for the property and fail to make the balance amount, the entire EMD amount will be forfeited.

Before participating in an auction, you must pay the full EMD.

Mode of EMD payment varies based on the type of auction you are proceeding with. While some auctions require the entire payment to be made through DD, others require payment to be made through NEFT.

Some banks conduct online auctions using auction websites. This process is convenient since anyone in any location can participate easily. In an online auction, you can place multiple bids with a specified bid increment. Online auctions are also the most transparent.