Frequently Asked Questions

Know everything about Bank auction properties

Who are all these people/ entities mentioned in this notice. Are they willing to sell? Would I have to take their consent to buy?

Banks mention the name of all borrowers and guarantors of the loan in notice only as part of the process. Banks are the seller here and there is no consent required from borrowers or guarantors.

Would I get the property at this reserve price

If there are no other bidders or no one bids above the reserve price, you will get the property at reserve price and at times, add a minimum increment bid amount which is mentioned in the auction notice. This amount is usually 5,000 — 10,000.

What is EMD

To ensure only genuine buyers are involved in the transaction and auction process, banks usually require 10% of the reserve price as EMD. If you win, EMD is adjusted towards winning bid price. If you do not win, banks auto refund this EMD to your bank account

What is reserve price

Reserve price is the minimum price at which a bank is selling the property.