Frequently Asked Questions
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What are the next steps if I win the auction?
Process is very simple and if you apply through Hecta we’ll guide at every stage of application.
If you win, process contains two stages:
Paying the balance as per auction payment schedule
Getting the property registered in your name basis sale certificate issued by the bank
What happens if my bid is not the highest bid in auction?
You will not own the asset at the end of the auction and EMD paid by you will be auto refunded by the respective bank or institution to your bank account.
Do I win automatically if I’m the only participant in auction?
No in most cases. You need to make one bid with minimum increment to win the auction.
What if I forget to participate in auction?
If you apply through Hecta, you will get notifications for all upcoming auctions on your preferred mode of communication. Still if you can’t make it to the auction, and if you are not the sole bidder or highest bidder, the EMD deposited will be auto refunded by the bank to your bank account.
Is their any training for auction day?
Yes. Once you apply to an auction sale, Hecta property advisor will arrange a training session for you along with assisting you on your queries.
How do I register for auction with these portals?
Registration with any auction portal is very simple and you only need to fill up basic details (name, address, PAN and Aadhar). Registration with MSTC sometimes can last few days since they validate and review all submitted documents and then activate login ID. Process is detailed here <https://www.mstcecommerce.com/auctionhome/mstc/registration/buyer_reg_new.jsp>
Who are these auction service providers?
Banks are not core technology companies. To ensure a fair sale process, companies specialized in conducting fair auctions are appointed by the banks and institutions. Hecta works with most of the leading banks. MSTC e-commerce (a Govt of India entity) is another provider which conducts auctions for Public Sector Banks.
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).