How to Buy Bank Auction Property in Bangalore?

Hi, we have been on the lookout for a bank auction property here in Bangalore. So, I can help you with how to buy bank auction property in Bangalore. 

What is the Method to Buy a Bank Auction Property?

1. You can visit the

   Indian Banks Auction Mortgaged Properties Information (IBAPI) portal

   . It has been launched by the Indian Banks Association (IBA). 

2. You can search for bank auction property in Bangalore on the platform. I found a few good residential properties from there.

3. You’ll have to do proper research before finalising the property purchase. Gain details regarding the location, size structure, condition and legal aspects of the property. 

4. Check the terms and conditions of the auction with the deposit requirements and bid amount details as well.

5. You don’t have access to property records for title searches before purchasing the property. So, you must get in touch with a lawyer and run a proper due diligence. 

6. You’ll also have to check the defaulter’s balance as a crucial step in the process.

7. Inspect the property by visiting the site and find out its actual state. This is because banks do not guarantee the post sale state of the property. 

8. You will be notified about the inspection date and time through the bank’s auction notices. You can contact the concerned officer with the details mentioned in the e-auction notice.

9. You’ll have to deposit earnest money deposit (EMD ) with the tender form. The EMD can be deposited through a demand draft or banker’s check. 

10. Check all the details on the tender form before you submit it. You’ll also have to submit KYC papers. 

11. You can then start bidding. You can make an offer with the bid form. You can submit a bid with the tender form as it is interchangeably used with the bid form. 

12. To make numerous bids in multiples of increase in the bidding amount, you’ll need to submit different tender forms or bid forms.

13. Go to the auction venue, website or the bank on the auction day to check if you won the auction. If you’re the winner, the bank will ask you to deposit 25% of the amount within 1 day, including any EMD submitted with the tender form. 

14. The bank will send a sale certificate after you have made the remaining payment. 

15. You'll have to register the sale certificate in the sub registrar's office to complete the title transfer. Make sure you request that the defaulter is listed as a confirming party at the time of registration. At the time of registration, the bank executive also needs to sign the sale certificate.

This is the complete process.