Frequently Asked Questions

How do I participate in a bank auction?

You can participate in a bank auction in 3 simple steps:

1. On Narrow down on the property of your choice and proceed to the e-auction website by clicking on the link provided on the page and register.

2. After registration on the e-auction site, submit the relevant documents mentioned and pay the Earnest Money Deposit (EMD) amount to the bank. The payment needs to be made prior to the date of registration for the EMD to participate in the auction.

3. Bid on the property on the date of its auction.

How can I bid at an auction property?

After successfully submitting the required documents and paying the Earnest Money Deposit (EMD) amount, make a note of the auction date provided on the e-auction site. Then, on the given date visit the site and place your bid starting at the Reserve Price. You can raise your bids incrementally based on the specified ‘Bid Increment Value’ as many times as you chose.

Can I cancel my bid?

No, once you submit a bid you cannot cancel it.

Who are the e-auctions websites?

E-auction websites are authorised third party auction websites that manage auctions on a bank’s behalf.

Which documents need to be submitted to participate in an auction?

Pan Card, Annexure 3/Declaration Form, Annexure 2/Details of Bidder and Proof of Address are required to be submitted.

What is the Reserve Price?

Reserve Price is the minimum price assigned by the bank for a given property to be auctioned.

What is the EMD amount?

Earnest Money Deposit or EMD is the deposit money required to be paid in advance for participating in bank auctions. The amount is usually 10% of the Reserve Price.

What is an Auction Notice?

It is the auctioning Bank’s notice containing all relevant auction details.

How to search for a property?

On, users can search for a property by the city it is located in or by the category - Commercial/Residential/Vehicles or even by the bank auctioning it. Enter your query in the Search Box provided on the home page or if you wish to access a specific auction then, you could do an Advance Search. The Advance Search allows you to search by either selecting a date range or by entering the minimum or maximum price and the Borrower or Company name.

How to receive the latest updates about new bank auctions?

On the listings page you can either subscribe to receive updates via email or click on the push notification to receive instant notifications on any new updates.