Answers about bidding, legal requirements, documentation, and payments.
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Bidding & Auctions
Register on the respective bank's portal, pay the Earnest Money Deposit (EMD), and submit your KYC documents. Each auction has specific deadlines.
EMD is a security deposit (usually 10% of the reserve price) required to qualify for bidding. It is fully refundable if you don't win.
Yes. Every bank provides specific 'Inspection Dates'. We recommend visiting the property physically before placing any bids.
Legal & Documentation
The SARFAESI Act allows banks and financial institutions to auction residential or commercial properties to recover loans. These are legally sanctioned sales.
Banks sell on an 'As is where is' basis. We list only assets passing preliminary title clearance, but independent legal verification is advised.
Sale deed, encumbrance certificate, property tax receipts, and the auction notice. Consult a local lawyer.
Payments & Financing
Yes. Most banks provide financing, including the auctioning bank itself, subject to your credit profile.
Typically 25% within 24 hours of winning (including EMD), and the remaining 75% within 15 days.