My grandfather bought his house at the time of bank auction properties in Chennai. After all, he bought this property at an affordable price which was quite lower than market value. Recently when we were discussing about sale of auction properties, he shared a few benefits of buying them.
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How to buy bank auction property in Chennai?
An auction property is a property against which an individual has failed to repay the loan to the bank. There are a set of steps that need to be followed to buy a property through a bank auction and those are:
Search for a bank that is going to hold a property on auction
Check the property details vividly and if possible, take some legal expert’s assistance
Physically check out the property yourself once before the auction happens. You might not be able to enter it but try to gather information about it from the neighbours
Collect the Tender Form and submit the EMD or Earnest Deposit Money
On the auction date visit the bank and check if you won have the bank auction or not
If you win, you will have to deposit 25% of the bid amount as the EMD within 24 hours.
Once the entire payment is done, collect the sale certificate
Register the sale certificate in the sub-registrar’s office
If you are really interested, start searching for bank auction properties in Chennai and get a really good property at an affordable price.
Read More:What is your experience in buying a property in a bank auction in India?
Where to find auction properties?
How to buy property in bank auction
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Authors Of The Question
How to Buy Bank Auction Property in Chennai?
Chandrima
2083 Views
1 Answers
1 Year
2023-01-17T10:04:37+00:00 2023-01-17T10:04:39+00:00Comment
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