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
How does a property get listed on Hecta website? How frequently are the auction property lists updated
Hecta is authorized by banks and institutions to market the properties they are selling. We source our properties from authorized sources designated by banks.
How do I know the properties available for auction are genuine listing ?
Most of the properties will have a notice appended to them which is published by the bank. Details of these properties may also be available on selling bank’s website.
How do I get to know which property is available for auction?
You can find the available properties on Hecta. Financial institutions also put up these properties on their websites.
Is Investment allowed for an NRI?
Yes. Currently, there is a declaration which you need to submit along with the application. It is part of the application form
Can I buy jointly with friends and relatives
Yes. You need to mention name of all applicants in the application form. Usually up to 5 applicants are allowed.
How much can I invest
There are no limits on investments.
What are asset categories available for investment
Investment options are available for all categories of land (residential, industrial) and built up (flats, independent houses, villas, industrial complexes, warehouses) among others
Is possession with these banks
Yes. Properties are either under physical possession, i.e. with lock and key of the bank or under symbolic possession, which is legal possession.
Do the sellers have right to sell these properties
Yes.
Banks auction these properties either under SARFAESI or under IBC. Both these laws are two of the most conclusive ones in India and provide the banks with full authority to sell these assets for recovering their dues. The laws specifically provide that civil courts to not have any jurisdiction over properties sold under SARFAESI and IBC.
Are the sellers bad guys here for selling assets
Actually banks or institutions selling are the exploited party here. Their money is stuck with borrowers and is affecting their financial health.