Frequently Asked Questions

For properties under physical possession, banks maintain the property. For properties under symbolic possession, tenants maintain the property.

Selling banks transparently communicate all known encumbrances, claims and liens as part of the sale/ auction process.

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.

This can be verified by asking the bank officials during inspection of property papers. This is also covered as part of Hecta Visit Report

For SARFAESI auctions, Yes. For IBC auction, No. Law provides that all IBC sales are free of any charge or dues.

Properties can have local or municipal dues. It is in your best interest to do due diligence. You can also choose to get a Hecta visit report which can cover the information on dues, where possible and available.

Yes. Banks will share the list of all papers available with them and show you all available documents, but you’ll have to visit the branch and meet the authorized officer. Very few banks share copies of documents online.

Most notices have escalation matrix mentioned. In case there is none, you can refer the bank wise state wise escalation here <link>

Property can be visited only during pre defined slots which are either mentioned in notice or can be confirmed from authorized officer, whose contact details are mentioned in notice. Or you can get Hecta to get you a Hecta Visit Report to which will have all relevant details, compiled on best-effort basis.

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