If you want to acquire a house at a lower price than the market rate, then this is a golden opportunity for you. Indian Overseas Bank (IOB) is going to auction several properties. In a 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 cheap rates. Here’s how you can be a part of this auction.
The properties which are being auctioned are the confiscated holdings from defaulters. The bank is conducting the auction on 23 July, 17 August, and 15 September. The bank announced in a tweet.
Registration: The potential bidders will have to get themselves registered on the E-Auction platform with email and mobile number.
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KYC verification: After this, all the required KYC documents will have to be uploaded. The documents will be verified by the E-Auction Service Provider. This may take at least a couple of working days to be completed.
EMD Amount Transfer: Next, the bidder will have to transfer the amount using the challan generated on the E-Auction platform. NEFT or online/offline methods can be used for this.
Bidding Process & Auction Result: After the 1st, 2nd and 3rd stages are completed; you can start bidding on the e-Auction platform,
All banks conduct auctions from time to time as reminders for the property owners that they have failed to repay their loans. Since the owners of the properties have defaulted on their loans, the bank recovers its dues by auctioning off the confiscated property.
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