Frequently Asked Questions
- All Categories
- Stressed asset
- Financial institutions
- Investment options
- Notice
- Notice terms
- Diligence
- Application
- Auction
- Payment schedule
- Loans
- Post payment process
- Registration
- Property visit report
EMD is a large amount. Would my money be safe when I deposit it to the account before even submitting application.
Banks and financial institutions are trustful and regulated institutions. Sellers on Hecta have no intent of defrauding you with your money. In all cases EMD will be collected through NEFT/ RTGS directly to the selling bank’s own bank account.
How do I affix digital signatures to the form?
You can purchase a Class X digital signature from any e-commerce website. They will be soon be available on Hecta site too.
I don’t have a printer, how do I sign application form
Hecta can you navigate entire application process. Just reach out to our property advisor from the home page.
Bank is asking to deposit the signed copy of form in branch. I live far away and can’t go. What should I do
Hecta can help you navigate the application process. Just reach out to our property advisor from the property listing page.
How do I apply
Application process differs by banks and institutions. Application process is mentioned on each property listing. This information is also clearly in the notice of sale/ auction. It can be online or only offline mode too.
Who maintains the property till ownership get transferred to the bid winner ?
For properties under physical possession, banks maintain the property. For properties under symbolic possession, tenants maintain the property.
Does any other financial institution have a claim on this property
Selling banks transparently communicate all known encumbrances, claims and liens as part of the sale/ auction process.
Are there are any additional clearances from government required for stressed properties?
There are usually no additional clearances required for the property. Banks issue a loan only for the properties which have all applicable clearances. Still, if there are any additional clearances required due to change in laws after the loan was disbursed, buyers will have to complete them on their own. And these could arise mostly due to purpose for which buyer intends to use such as change in land use, taxes to regularize under State scheme etc.
Is property plan and layout approved?
This can be verified by asking the bank officials during inspection of property papers. This is also covered as part of Hecta Visit Report
Can we get the property papers for inspection before applying for auction?
Yes. Authorized officers for the auction will offer to show property papers in their branch office. They can also share the list of property papers online and sometimes they share copies of property papers too. If you apply through Hecta and order a visit report, our property advisor will arrange the encumbrance certificate. Copies of property papers with bank can also be arranged from on a best effort basis but can’t be guaranteed since banks may not always show papers to a third party.