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Frequently Asked Questions.

Everything you need to know about the bank auction process in India, SARFAESI regulations, and using our platform.

What is a SARFAESI auction?: The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, allows Indian banks and financial institutions to auction residential or commercial properties of borrowers who have defaulted on their loans (NPAs) to recover the outstanding dues. These auctions are conducted without the intervention of a court, making the process relatively faster than traditional litigation.
Who is eligible to bid in a bank auction?: Any Indian citizen, major of age, or legal entity (Companies, LLPs, Trusts) registered in India is generally eligible to bid. Non-Resident Indians (NRIs) can also participate, subject to RBI's FEMA regulations regarding the acquisition of immovable property in India. You must have a valid PAN card, Aadhaar (for individuals), and a functional bank account for the EMD transfer.
What is EMD (Earnest Money Deposit)?: EMD is a mandatory security deposit you must pay to the bank before you can participate in an auction. It is typically 10% of the property's Reserve Price. If you win the auction, the EMD is adjusted against the purchase price. If you lose, the EMD is refunded to your bank account within a few business days. Note that if you win but fail to pay the remaining balance within the stipulated time, the EMD is forfeited.
What is the difference between Symbolic and Physical Possession?: Symbolic Possession means the bank has the legal right to the property but does not have the actual keys or physical control (often because the borrower or a tenant is still occupying it). Physical Possession means the bank has actual, vacant control of the property and can hand over the keys immediately upon completion of the sale. Buying a property with symbolic possession carries a higher risk and may require the buyer to seek legal help for eviction.
Are bank auctions safer than buying from the open market?: Bank auctions offer a level of 'cleanliness' because the bank has already conducted some due diligence before lending and during the attachment process. However, they are sold on an 'As-Is-Where-Is' and 'As-Is-What-Is' basis. This means the buyer is responsible for verifying any pending society dues, electricity bills, or legal encumbrances. While 'safer' in terms of transaction transparency, they require more rigor in title verification.
What are the common risks in buying an auction property?: Primary risks include: (1) Challenges by the original borrower in the Debt Recovery Tribunal (DRT), which can stall the process; (2) Outstanding dues like property tax or society maintenance; (3) Difficulty in obtaining physical possession if the property is occupied; and (4) Very tight payment timelines (usually 25% within 24 hours and balance 75% within 15 days).
How does ghar.auction source its data?: We aggregate data from a variety of public sources, including official bank auction notices published in newspapers, bank websites, and authorized e-auction portals like MSTC and IBAPI. Our research team curates and normalizes this data to ensure it is searchable and structured for our users. We also track 'Corrigenda' (amendments) to ensure you are aware of changes in reserve prices or auction dates.
How often is the listing data refreshed?: Our automated systems monitor sources 24/7, and our curated inventory is refreshed at least once every 24 hours. Each listing on our platform carries a 'Last Verified' timestamp. However, since auction notices can be withdrawn or postponed by banks at short notice, we always provide a link to the official source for final verification.
Can I get a home loan for an auction property?: Yes, many banks (including the one conducting the auction) provide home loans for auction properties. However, because the payment timelines are very short (usually 15 days for the final 75%), it is critical to have a pre-approved loan or a very responsive relationship with your lender. Most buyers prefer to have liquid funds ready to avoid forfeiture of the EMD.
What happens after I win a bid?: After winning, you must typically pay 15% of the bid amount (to make it 25% total including EMD) by the next working day. The bank then issues a Sale Confirmation Letter. You must pay the remaining 75% within 15 days. Once the full payment is made, the bank issues a Sale Certificate. You must then take this certificate to the Sub-Registrar's office to pay stamp duty and register the property in your name.
Does ghar.auction charge any fees to buyers?: Currently, ghar.auction is a free discovery platform for all buyers. You can browse, filter, and register interest at no cost. In the future, we may introduce premium features like deep legal reports, physical inspection assistance, or specialized advisory services, which will be clearly labeled and optional.
How do I verify if a listing on ghar.auction is genuine?: Every listing on our platform includes the bank's name, branch, and a specific contact person (Authorized Officer) where available. We also provide the case reference or notice URL. You can cross-verify any listing by visiting the bank's official website or the authorized e-auction portal (like ibapi.in) using the details provided on our site.