Indian Banks Auction Properties Information (IBAPI). Guide on property bank e-auction Residential, Commercial, Agricultural, Industrial, others Properties through IBAPI portal at https://ibapi.in
The Indian Banks Association (IBA) collaborates with the Department of financial services (DFS) and the Ministry of Finance. Are the sole proprietors of the Indian Banks Auctions Mortgaged properties information portal? The platform is designed to provide details about available properties for auctions by the Indian banks. Willing buyers can check on the set days and mortgaged properties through the online page. They can participate in the auction process and win their desired possessions.
Last year (2020), the IBAPI portal “https://ibapi.in” displayed different residential, commercial, and agricultural properties. These possessions are auctioned by approved Banks starting with the public sectors banks. The properties are acquired from loan defaulters who don’t pay their loans after a given time. The bank will auction the property to retrieve their funds back. However, the banks follow a strict protocol and have to auction through the IBAPI.
Information on IBAPI portal
The IBAPI portal available properties which are classified as follows:
- Residential properties -3747
- Commercial property -958
- Industrial property -532
- Agricultural property-8
- Property over state-30.
12 Banks in India conducts the auction process. Auctioning and property details are announce on the IBAPI portal. The e-auction means everything is through an online platform. Buyers are cautioned to pay through the approved payment modes. They should avoid cash transaction to have the proper recording of the payments done.
IBAPI Bank List
- Bank of Baroda (BOB)
- Bank of Maharashtra (BOM)
- Canara Bank
- Central bank of India
- Indian Bank
- India overseas Bank (IOB)
- Punjab And Sind Bank
- Punjab national Bank (PNB)
- State Bank Of India (SBI)
- Bank of India (BOI)
- UCO Bank
- Union Bank of India
IBAPI Property Search
Why Indian Banks Auction property?
The actual purpose for auctioning property is because the borrower defaulted to pay the loan. The action happens when the borrower defaults three (3) consecutive Home loans EMIs. The bank also sends a legal notice why they shouldn’t auction the property. The defaulter should respond within 60 days. If the borrower starts to make payments, the notice is withdrawn. They can also respond by submitting an objection within the same days with a justification of non-payment of EMI.
The bank can process the auction process if there is no response or not satisfied with the defaulter’s reasons. After the 60 days’ notice expires the bank auctions the property after 30 days
How to find the properties auctioned by the banks in India
It’s quite challenging to find information on bank auction properties. Different sites provide the same information about auctioning. Some of the sites don’t update the sites regularly; this misleads some buyers. The majority of banks in India post information on newspapers. However, buyers should use the IBAPI website portal to get legal and full details. You can find the information from the following sources:
- On newspaper ads by the auctioning bank.
- The IBAPI website portal
- On the notices posted by the banks about distresses properties.
The online platform is the best option in searching for the auction property. You can search for more details related to the possession. The majority of buyers consider only the price, but they should focus on location, size and legal, due diligence.
Ensure the property belongs to the bank to avoid legal hassles with the owner. After verifying the property, have the money ready. However, make the payment through recognized channels and have reference documents.
How to bid for the property of your choice at IBAPI
- First, the buyer needs to register at the IBAPI portals or the website they prefer.
- Log in with your credentials, next select your property of choice.
- Ensure to check all details related to the property. Now deposit your security deposit and KYC documents.
- Submitting the KYC and deposit money helps you to be an eligible bidder. Suppose you win the bid. The amount is adjust to the final payment. If you don’t win the money is refunded by the bank.
- Finally place your bid, during the auction day. The bank has auction start at, this the price which buyers can’t bid below. Ensure to place high bids to win the auction.
How to search property on Bank e auction online at Ibapi.in
- First visit IBAPI Portal
- Select Details
- Auction Date
- Bidding Month
- Property Type
- Select State
- Select Bank
- Property ID
- Agree the terms & condition
- Press search button
- What is IBAPI auction start at?
This the fixed or based price by the bank which the buyer shouldn’t go below. After setting the price, the bidder should give higher prices to win.
- What are the auction payment modes available to send the security deposit?
Banks encourage bidders to send a security deposit through demand draft or NEFT/RTGS.
- Can I bid for multiple properties?
Yes, the bank allows for a single bidder to bid for different possessions. However, you must pay the security deposit for each property separately.
- What will happen if I win, but I don't make the final payment on time?
Buyers who win but fail to pay the final amount or delay to pay. The security deposit is forfeited.