Frequently Asked Questions

Know everything about Bank auction properties

What is a sale certificate?

Banks issue the sale certificate when you pay the full purchase price. This certificate is enough for you to get the property registered in your name.

I have paid 100% of bid amount. What are next steps.

Congratulations! Bank will now issue a sale certificate which you can use to get your property registered in your name. Remember to ask the bank for the list of all property documents available with the bank and seek original copies.

Whom do I contact to see the property?

Every bank has an assigned authorized officer who will arrange property visits.

Can I see the property from outside and inside?

Yes, every bank gives a time slot to visit the property to inspect the property from inside and outside. Or you can have Hecta do a complete property visit report which will have more relevant details. Visit reports are a best-effort basis available information and access to the property.

What is the payment schedule?

Loan repayment schedule varies for each banks and depends on your credit score. It usually ranges from 1—10 years.

What is the rate of interest?

Rate of interest varies for each bank and is usually 1% to 2% higher than usual home loans.

Can I get a loan to pay for the property?

Regulatory rules around secured loans are drafted in such a a way that only the banks auctioning a property can process a loan to pay for that property. Not all banks will process a loan to pay for their auctioned property due to their internal rules on conflict of interest.

Hecta is bringing its loan product in collaboration with leading financial institutions soon, which will enable you to pay for a property bought from any financial institution.

Will I get this extension in writing

You should insist on written communication regarding extension on bank’s letterhead or email from official ID. Banks are formal organizations and they also need to document any extensions for their records.

Who will approve this extension?

Authorized officer in charge of liquidation will confirm this extention.

What details are available for property

For every property listed, the details from the auction notice are classified and presented. Further information requires consulting the Authorized officer and visiting the property. This is done for few properties based on our bandwidth and cover the following details:
Indicative market value
Pictures and videos
Title and possession
Property age