IBAPI Property Search How to Search Property Bank E auction Online Ibapi.in

IBAPI Property Search – IBAPI stands for Information on Auction Properties of Indian Banks. It is a collaboration between the Indian Banks’ Association and the Ministry of Finance. The official website of IBAPI provides details of properties that are available for action by Indian banks. Buyers can search for their preferred property and participate in the auction for the possession of the same. These assets have been obtained from those who have been treated by the banks as defaulters in respect of the repayment of loans. So banks sell their properties to get loan amounts from them and buyers actively participate in this auction. Banks follow an official procedure to conduct the auction with the help of the IBAPI portal.

IBAPI Property Search

The Indian Banks’ Association (IBA) collaborates with the Department of Financial Services (DFS) and the Ministry of Finance. Are Indian Banks Auctions Sole Proprietorship Pledged Property Information Portals? The platform is designed to provide details about properties available for auction by Indian banks. Interested buyers can check the stipulated days and mortgaged properties through the online page. They can participate in the auction process and win their desired property. Last year, the IBAPI portal “https://ibapi.in” displayed various residential, commercial, and agricultural properties.IBAPI Property Search

These properties are auctioned by approved banks starting with public sector banks. Assets are acquired from loan defaulters who do not pay their loans after a certain period of time. The bank will auction the property to get its money back. However, banks follow strict protocols and have to conduct auctions through IBAPI. Twelve banks conduct the auction process in India. The auction and property details are announced on the IBAPI portal. E-auction means that everything happens through an online platform. Buyers are cautioned to make payment through accepted payment modes. They should avoid cash transactions for proper recording of payments made.

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The property information on IBAPI Portal

  • Residential Properties -3747
  • Commercial Properties -958
  • Industrial Assets-532
  • Agricultural Properties-8
  • State Assets—More than 30 assets.

List of Banks Participating in IBAPI

  • Bank Of Baroda
  • Bank Of Maharashtra
  • Canara Bank
  • Central Bank Of India
  • Indian Bank
  • India Overseas Bank
  • Punjab And Sind Bank
  • Punjab National Bank
  • State Bank Of India
  • Bank Of India
  • UCO Bank
  • Union Bank Of India

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Steps to Find Property on Bank E-Auction Online @Ibapi.in

  • First Of All, Go To Ibapi Portal
  • Choose Details
    • Auction Date
    • Month Of Bidding
    • Property Type
    • Select State
    • District
    • City Town Village
    • Choose Bank
    • Pin
    • Property Id
  • Agree To The Terms And Conditions
  • Press Search Button

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How to bid for a property of your choice in IBAPI?

  • Firstly, the buyer has to register on the IBAPI portal.
  • Log in with your credentials, then select the asset of your choice.
  • Make sure to check all the details related to the property.
  • Now submit your security deposit amount and KYC documents.
  • KYC submission and depositing money help you become a qualified bidder.
  • Suppose you win the bid.
  • The amount is adjusted towards the final payment.
  • If you do not win the money is returned by the bank.
  • Finally, place your bid on auction day.
  • The bank auction begins, this is the price that buyers cannot put down.
  • Be sure to bid high to win the auction.

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Ways to Find Properties Auctioned by Banks in India

An online platform is the best option when looking for the auction property. You can search for more details related to possession. Most buyers only consider price, but they should pay attention to location, size, and legal, due diligence. Make sure the property belongs to the bank to avoid legal trouble with the owner. Keep money ready after checking the property. However, make the payment through recognized channels and keep the reference documents.

  • On newspaper advertisements by the auction bank.
  • IBAPI Website Portal
  • On notices posted by banks regarding distressed assets.