Frequently Asked Questions

Know everything about Bank auction properties

What if the borrower pays the loan amount after auction notice ?

In some cases, when borrower pays all his dues after auction notice but before auction, auction is cancelled and EMD by all participants is refunded.

What if I have paid EMD money and the auction gets cancelled ?

It’ll be auto refunded by the financial institution to your bank account

What is the process of auction?

Banks usually conduct simple auction where prospective bidders bid with minimum increment amount over reserve price. Whoever bids the highest, wins the auction. Some banks conduct e-auction and some banks and regulators conduct physical auctions where you need to be present physically (self or representative).

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.