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How does transfer of foreclosure property take place?

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0 2023-07-14T16:58:43+00:00
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When a borrower misses three or more loan payments in a row, the property is put into foreclosure. Ownership of the property pledged as security for the loan is transferred to the lender via a bank. At an official auction, the lender can sell the foreclosed property to the highest bidder in order to recoup the loan balance.

The lender must receive an application form from the bank and submit it along with the required paperwork, which includes the home loan account number, address verification, and PAN card. Based on the amount of the outstanding loan, the lender determines the foreclosure charges, notifies the borrower, and makes it easy for them to be paid via online transfers, RTGS, or cheque.

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