Bank Auction Properties - Q&As

Q&As


No,the banks don't give loans for buying auction properties for sale. 
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Ideally, banks do not provide home loans for buying auction properties irrespective of property type.
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The borrower failed to pay the EMI amount and banks sends notice to the registered address of the loan defaulterThis notice is called the Demand Notice from the bank and bank send demand notice to the defaulter and also publish the same in the news paper
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The bank send notice to the borrower for non payment of EMI after demand notice issued after that still the borrower fails to pay the amount then banktake overs the property Symbolic/Physical possession.This is called Possession Notice and bank send possession notice to the defaulter and also publish the same...
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The bank after issuance of Possession Notice issues one more notice for sale of property through auction online/offline.This is called Sale Notice and bank sends sale notice to the defaulter and also publish the same in the news paper.
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Bank has sealed property but has no physical access to it.The bank didn't take the physical possession of property.It is advised not to buy the Symbolic possessed auction property due to various problems associated with them.1.Property may have been given lease to third party by the owner of the auction...
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Bank possesses keys to property and can physically access it.The bank has complete possession of the auction property.i.e the owner or lease holders vacated from the property.
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Constructive possession means possession through legal deeds.Constructive possession is a legal fiction to describe a situation where an individual has actual control over chattels or real property without actually having physical control of the same assets. At law, a person with constructive possession stands in the same legal position as a person with...
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The Property taxes,electricity dues and maintenance dues have to be borne by the bidder
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The Property taxes,electricity dues and maintenance dues have to be borne by the bidder
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