Mega PROPERTY AUCTION Coming! THESE banks plan E-AUCTION of 2,500 residential properties; check participation, deposit amount and other key details

If you are thinking of buying a house on a low budget, then here is good news for you! The property buyers can check the website of the Indian Bank Auction Mortgage Property Information Portal, which is ibapi.in.  

In the next 1 month, 11 banks are planning to auction around 2,500 residential real estates in different parts of the country. The mega e-auction of properties is being done through the public sector bank, Bank of Baroda, on 18th August 2021. 

The auction of around 2,500 residential properties will happen in the next 30 days. All the information related to the property is available on the website of ibapi.in. The banks' auction of properties is present in different parts of the country.  

The website ibapi.in provides all the property auction-related information through the 11 public sector banks. These 11 PSBs are Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab National Bank, State Bank of India, UCO Bank, and Union Bank of India. 

The property auction is done at a lower price compared to the market rate. This is a mega opportunity to buy property in the prime location for less than the original market rate! The responsibility of outstanding property tax, maintenance bill, utility bill will be on the new buyer. The new buyer will be responsible to do the title checks.

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To participate in the auction, it is necessary to deposit up to 10 per cent of the reserve price. Instant payment of 25 per cent of the total sale amount on winning the bid. The balance 75 per cent has to be deposited in the next 1 month. A total of 11,000 residential and 2,750 commercial properties have been listed on the website of ibapi.in.