IBAPI stands for Indian Banks Auction properties Information. It is a collaboration between the Indian Banks Association and the Ministry of Finance. The official website of IBAPI provides the details of the properties which are available for action by the Indian banks. The purchasers can look for their preferred property and participate in the auction for the possession of the same.
IBAPI Property Auction
These properties are acquired from the people who have been considered as defaulters by banks in respect to the payment of loans. So the banks sell their property to retrieve the loan amount from them and the buyers actively participate in this auction. Banks follow an official procedure to conduct the auction with the help of the IBAPI portal.
Classification of properties available on IBAPI
There are various categories of properties available on IBAPI which are as follows:-
- House Property
These properties are basically residential household property that used to live or rent.
- Business/ Commercial Property
These are the properties to run profit-generating enterprises rather than residential purposes.
- Industrial Property
Industrial property usually is intangible property such as patents, trademarks related to businesses.
- Agricultural Property
Any land that used for agricultural purposes called agricultural property
The auction procedure is carried out by 12 banks including both public sector and private sector banks. The auction procedure is entirely conducted online, from bidding to payment, everything takes place online.
IBAPI e-auction
- Bank of Baroda (BOB)
- Bank of Maharashtra (BOM)
- Canara Bank
- Central bank of India
- Indian Bank
- India overseas Bank (IOB)
- Punjab And Sind Bank
- Punjab national Bank (PNB)
- State Bank Of India (SBI)
- Bank of India (BOI)
- UCO Bank
- Union Bank of India
Why is IBAPI E-auction conducted?
The election basically conducted to sell the property of the people who are declared defaulted by the banks because of their inability to pay the loans. Banks seize their property and auction them to recover the amount of loan extended.
When the borrowers do not pay 3 EMIs consecutively, the banks usually send a legal notice to the borrower, who needs to respond to the notice within 60 days of receiving it, if the payment is received, the notice is withdrawn, however, if he is not able to pay the loan, his property is auctioned. The borrower can also submit an objection which is basically a justification or reasoning of why the EMI has not been paid.
The bank usually proceeds with the auction if there is no response after the expiration date of the notice or is not satisfied by the response of the notice.
West Bengal Property Registration
Maharashtra New Property Card
BBMP Property Tax Online Payment
How to find properties on IBAPI
The process to find the property in IBAPI for participating in the auction could be a little difficult, considering the information about the properties is not regularly updated. There are various sources for finding the property, some of them are as follows:-
- Advertisement by the banks in the newspaper
- The official IBAPI website
- The notices posted by the banks about the distressed properties
The online source of IBAPI is the best for searching for the property as it consists of other important details about the property such as location, size, price, age of the property.
Make sure that the banks have possession of the property to avoid any legal problems with the owner. Now, you need to bid for the property to purchase and gain possession of it. Make sure you have the amount paid for the property ready with you.
IBAPI Property Bank E-auction online Registration
First and foremost, you need to register at the IBAPI website to begin the bidding process. Follow the steps given below to register with IBAPI:-
- Go to the official website
Visit the official website of IBAPI. You can either search on Google or any other preferred browser.
- Bidder’s Registration
Click on the “Bidders Registration” link on the IBAPI Page. Now, you redirected to another page, where you have to click on “Click here to register” and you redirected to the Registration page.
- Enter the details
After this, enter the required details which are an e-mail address, mobile number, and CAPTCHA code, and click on “Proceed”.
- Generate OTP
Next, you will receive an OTP in your e-mail address and mobile number. If not received, click on “Resend”. The OTP is valid for 5 minutes. Enter the OTP in the space provided. After verifying the OTP, you will receive your IBAPI password in your e-mail, using which you can log in.
- Registration
Now, log in using your e-mail and system-generated password, change the password, and upload the appropriate KYC documents to complete the process of registration.
How to bid property on IBAPI
Now, after completing the registration, you can bid on the property you want. To participate in the E-auction, follow the steps given below:-
- Login to IBAPI
Firstly, you need to log in to the IBAPI website by entering the required login credentials.
- Select the property
Now, after checking the details of the property, such as price, location, size, etc, select the property which you want to bid for.
- Security deposit and KYC documents
After selecting the property, you need to pay the required security deposit for the property and submit the KYC documents.
- Bidding
Now, you considered an eligible bidder. In case you win the auction, the amount you paid is adjusted against the bidding price, and if you do not win the bid, the amount is refunded to your bank account. The bank places the first bid, the bidders can’t quote a price, lower than that.
FAQ’s On IBAPI
Some frequently asked questions about IBAPI auctions are:-
- What are the modes of payment banks accept for the Security deposit?
Banks preferably want demand draft or NEFT/RTGS.
- Is a bidder allowed to bid on more than one property?
Yes, it is allowed.
- Which price does the auction begin with?
The auction begins with the price of the property decided by the bank and the bidders cannot bid for a price lower than that.
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