Frequently Asked Questions
- All Categories
- Stressed asset
- Financial institutions
- Investment options
- Notice terms
- Payment schedule
- Post payment process
- Property visit report
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.
Authorized officer in charge of liquidation will confirm this extention.
Banks’ intent is not to forfeit money but liquidate asset, thus, in case of slight delay, banks can arrange for extension of timelines.
EMD payment is mandatory to apply. Per the procedure, missing a payment would amount to forfeiture of payments made till date. However, banks’ intent is not to forfeit money but liquidate asset, thus, in case of slight delay, banks can arrange an extension of timelines. However, it is discretionary and done as exceptions.
Every notice mentions a payment schedule, however for most auctions payment schedule is as below:
10% is paid as EMD or application money
Another 15% within a day of winning the auction
Balance 75% within 30 days of the auction date.