Find quick answers about using eBankAuctions.com and about how bank auctions work in India. Can’t find what you need? Contact our team.
Using eBankAuctions
Is eBankAuctions free to use?
Yes. Searching listings, reading guides and subscribing to alerts is completely free. We do not charge buyers any fee.
Does eBankAuctions conduct the auction?
No. We are an information directory. The auction is conducted by the bank, usually on its authorised e-auction portal. You register, pay EMD and bid on that portal, not on our website.
How do I save a listing?
Tap the heart icon on any listing card. Saved listings appear on the Saved page on the same device.
How do I report an incorrect listing?
Use the contact form with the listing link and the correction. We review reports within two working days.
About bank auctions
What is a SARFAESI auction?
When a borrower defaults on a secured loan, the SARFAESI Act, 2002 allows banks to take possession of the secured asset and sell it by public auction, usually through an online e-auction, to recover the dues.
What is reserve price?
The reserve price is the minimum price fixed by the bank. Bids must be at or above the reserve price, and bids are raised in fixed increments during the auction.
What is EMD?
Earnest Money Deposit (EMD) is a refundable deposit, typically about 10% of the reserve price, that you pay before the deadline to become eligible to bid. It is refunded to unsuccessful bidders and adjusted in the sale price for the winner.
How soon must the successful bidder pay?
Under the Security Interest (Enforcement) Rules, 2002, the successful bidder normally pays 25% of the bid amount (including EMD) immediately or by the next working day, and the balance 75% within 15 days, unless the bank agrees in writing to extend it. Always check the specific sale notice.
Can I inspect the property before bidding?
Yes. Every sale notice mentions inspection dates. Inspect in person, verify boundaries and possession status, and check for dues such as property tax, society charges and electricity bills.
Can I get a home loan for a bank auction property?
Many banks finance auction properties, subject to their credit norms. Arrange in-principle approval before bidding because the payment timelines are short.
What does ‘as is where is’ mean?
The asset is sold in its present condition with all known and unknown liabilities. The buyer is responsible for due diligence on title, dues and encumbrances.
Which documents are needed to bid?
Typically PAN card, address proof (Aadhaar, passport or voter ID), a recent photograph, a valid email and mobile number, a digital signature certificate for some portals, and bank account details for the EMD refund.