If you want to buy a house at less than market price, then this is a golden opportunity for you. Indian Overseas Bank (IOB) is going to auction many properties. In the mega auction (IOB mega e-auction) to be held on July 23, property buyers can buy flats, plots, as well as commercial, industrial, residential and agricultural properties at affordable rates. Here’s how you can be a part of this auction.
The properties which are being auctioned are the confiscated properties of the defaulters. The bank is conducting the auction on July 23, August 17 and September 15. The bank announced this by tweeting.
RegistrationProspective bidders will have to register themselves with email and mobile numbers on the e-auction platform.
KYC verificationAfter this all the necessary KYC documents have to be uploaded. The verification of documents will be done by the e-auction service provider. It may take at least a few working days to complete.
EMD Amount Transfer: Thereafter, the bidder has to transfer the amount using the challan generated on the e-auction platform. For this, NEFT or online/offline methods can be used.
Bidding Process and Auction Results: after the completion of the first, second and third phases; You can start bidding on the e-auction platform,
All banks conduct auctions from time to time as a reminder to property owners that they have failed to repay their loans. Since the owners of the properties have defaulted on their loans, the bank recovers their dues by auctioning the confiscated property.
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