You can participate in a bank auction in 3 simple steps:
1. On FindAuction.in 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.
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.
No, once you submit a bid you cannot cancel it.
E-auction websites are authorised third party auction websites that manage auctions on a bank’s behalf.
Pan Card, Annexure 3/Declaration Form, Annexure 2/Details of Bidder and Proof of Address are required to be submitted.
Reserve Price is the minimum price assigned by the bank for a given property to be auctioned.
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.
It is the auctioning Bank’s notice containing all relevant auction details.
On FindAuction.in, 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.
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.