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Initially the property details were available in each branches for that locality specific.
However, nowadays the properties are generally handled by specific branches / associate branch . Thus, ICICI bank has its branch on Bhandarkar road. These branches will also handle vehicle auctions. Now these vehicle auctions are advertised in newspapers and you can inspect the vehicles at their godowns any time.
For homes its a little cumbersome. The properties are generally not in good condition. The society concerned may not be fully coperative due to the sympathy factor for previous owner, Lots of society, muncipal dues might be pending, litigation process has to be fully complete and property in possession of banks. The hidden costs in terms of taxs and dues have to be carefully considered along with the reserve price set by the bank based on loan amt + int due and current price.
These property auction are adverstised in newspapers and also u can visit the branch and c the notice boards with the description of properties in possesssion of the bank. Best way is thro' their asset recovery officer / executives. U can negotiate thro' these agents. For cooperative banks, official from state Govt are appointed under RBI executive to look after a sick institution.CommentQuote0Flag
- As per the ICICI loan agent, ICICI bank doesnt provide home loan for such propertiesCommentQuote0Flag
- Originally Posted by mukesh_pednekarDoes anyone know about the Auctioned Properties? These are basically properties which are claimed by the finance institutes by the home loan defaulters. They are basically cheaper by 20-50% as compared to the market price.
Does anyone have more information about this ? Like where the adds are places and how to approach these properties. Also, what things should one consider before buying these sort of properties ?
I too am interested in buying such properties, but would like to know how safe and how cheap can we expect them to be compared to market rates?CommentQuote0Flag