Frequently Asked Questions
- All Categories
- Stressed asset
- Financial institutions
- Investment options
- Notice terms
- Payment schedule
- Post payment process
- Property visit report
Process is very simple and if you apply through Hecta we’ll guide at every stage of application.
If you win, process contains two stages:
Paying the balance as per auction payment schedule
Getting the property registered in your name basis sale certificate issued by the bank
You will not own the asset at the end of the auction and EMD paid by you will be auto refunded by the respective bank or institution to your bank account.
No in most cases. You need to make one bid with minimum increment to win the auction.
If you apply through Hecta, you will get notifications for all upcoming auctions on your preferred mode of communication. Still if you can’t make it to the auction, and if you are not the sole bidder or highest bidder, the EMD deposited will be auto refunded by the bank to your bank account.
Yes. Once you apply to an auction sale, Hecta property advisor will arrange a training session for you along with assisting you on your queries.
Registration with any auction portal is very simple and you only need to fill up basic details (name, address, PAN and Aadhar). Registration with MSTC sometimes can last few days since they validate and review all submitted documents and then activate login ID. Process is detailed here <https://www.mstcecommerce.com/auctionhome/mstc/registration/buyer_reg_new.jsp>
Banks are not core technology companies. To ensure a fair sale process, companies specialized in conducting fair auctions are appointed by the banks and institutions. Hecta works with most of the leading banks. MSTC e-commerce (a Govt of India entity) is another provider which conducts auctions for Public Sector Banks.
In some cases, when borrower pays all his dues after auction notice but before auction, auction is cancelled and EMD by all participants is refunded.
It’ll be auto refunded by the financial institution to your bank account
Banks usually conduct simple auction where prospective bidders bid with minimum increment amount over reserve price. Whoever bids the highest, wins the auction. Some banks conduct e-auction and some banks and regulators conduct physical auctions where you need to be present physically (self or representative).