• The Bank will commit for sale of the property of the Default Borrowers as per provision of SARFAESI ACT 2002 (Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002), DRT (Debts Recovery Tribunal) and NCLT (National Company Law Tribunal), ARC (Asset Reconstruction Company)
• The Bank will set a base price or reserve price for a particular property based on the valuation report
• The bank will fix a day for auction and 10% of the EMD amount(earnest money deposit)has to be paid as Demand Draft or RTGS prior to the day of the auction in order to participate in the auction.
• If you win the auction by bidding the highest price then you have to pay 15 percent of the sale amount which should be paid as a Demand draft or RTGS to confirm your sale order. The balance amount should be paid within 15 days to 1 month.
• Simply pay 25 % of the property value on the day of auction. The remaining 75% amount should be paid within 15 days to 1 month.
• Further the Bank will give you all the documents such as Sales Certificate, Original Sale Deed and the Parent document of the property after you pay the remaining 75% of the payment.
• We also arrange 90% loan for properties less than 30 lakhs(if possession is vacant). For properties above 30 lakhs, 75% of the loan amount can be arranged.(if possession is vacant).
• Some properties are occupied by the Borrower or Tenant/Lease party. In such cases, Our Company together with the bank gets a court order to evict the party. It usually takes 2 to 4 months for this entire process of eviction.
