Indian Foreclosures / Bank Auctions activity is transparent and emerging – Canara Bank’s new Trend in resolving NPA’s with Mega e auctions

Foreclosureindia.com was established in 2009 and it is a market place for Foreclosure / Bank Auction listings in India and also providing e-Auction services to 18 Banks, i.e. Central Bank of India, UBI, OBC, Lakshmi Vilas Bank, State Bank of Hyderabad, IDBI Bank, Corporation Bank, IOB, Karnataka Bank, ING Vysya Bank, CUB, Religare ARC, IARC etc. for selling non-performing assets though BankAuctions.IN.

 

HYDERABAD, IndiaNov. 11, 2015PRLogForeclosureindia.com was established in 2009 and it is a market place for Foreclosure / Bank Auction listings in India and also providing e-Auction services to 18 Banks, i.e. Central Bank of India, Union Bank of India, Oriental Bank of commerce, Lakshmi Vilas Bank, State Bank of Hyderabad, IDBI Bank, Corporation Bank, Indian Overseas Bank, Karnataka Bank, ING Vysya Bank, City Union Bank, Religare ARC, International ARC, etc. for selling non-performing assets though BankAuctions.IN. Indian Foreclosures / Bank Auctions Market is transparent and emerging.

Foreclosureindia.com is a market place for BankAuction properties in India since Nov 2009. It is the first of its kind internet portal that helps the buyers of property in getting the free access to all Auction property details / free foreclosure listings information of banks and financial institutions happening in and around 34 major cities of the country. It also gives people a cheaper alternative to the conventional properties from builders and individuals.

Gross non-performing assets of banks in India as on March 2015 stood at 5.17 per cent, while the stressed assets ratio stood at 13.2 per cent, which is nearly 230 bps more than that for the system. Going through the details of annual financial results of public and private sector banks (including old private banks) for 2014-15, it may be noted that the gross non-performing assets (GNPA) of 26 public sector banks (including 19 nationalised banks, State Bank of India and its associates and IDBI) have risen by 22.5 per cent to Rs.2.78 lakh crore against Rs.2.27 lakh crore in the previous financial year.

According to Ministry of Finance, Government of India directives issued during March 2013, all auctions of immovable properties, under SARFAESI Act, 2002, may be carried out through E-Auctions to ensure a free, fair and transparent process. All DRT’s are conducting E-Auctions to sell NPAs.

E-auctions of non-performing assets under SAFAESI act 2002 were started by 27 Banks & Financial Institutions in Nov 2013 with 1301 live properties.

In a span of two years, another 47 Banks started conducting e-auctions of non-performing assets and the number of live e-auctions increased to 3325 in Nov 2015 from 1301 during Nov 2013.

Banks and Financial Institutions are conducting these time based e-auctions through third party e-auction service providers. There are seven e-Auction service providers available in India. “E-publicity” / Digital publicity for foreclosure properties / Bank Auction properties is being done throughforeclosureindia.com for selling properties.

Recently, as a special drive, some of the Banks like State Bank of India, State Bank of Hyderabad and its associates have conducted Mega E-auctions duly making wide publicity. Mega e-auction means all the regional offices and zonal offices etc of that Bank are issuing e-auction notices at a time and conducting the e-auction on one particular day duly following rules.

Similarly, now Canara Bank, is conducting Mega e-auction for selling of 1178 properties across India. All these properties details are available at foreclosureindia.com.

Canara Bank
Mega E-Auction
City wise No of NPA’s being Auctioned on 21.11.2015
City No of NPA’s City No of NPA’s
Patna 39 Mumbai 12
Pune 25 Mysuru 16
Ahmedabad 10 Nashik 4
Bangalore 53 New Delhi 195
Bhubaneswar 25 Ranchi 16
Chandigarh 25 Shimla 14
Chennai 122 Shillong 28
Coimbatore 72 Surat 30
Goa 12 Thiruvananthapuram 3
Hyderabad 74 Visakhapatnam 4
Indore 20 Vijayawada 39
Jaipur 8 Bhopal 13
Kochi 73 Nagpur 7
Kolkata 1 Raipur 34
Lucknow 100
Total
1178
Ludhiana 25
Madurai 24
Mangalore 55 Foreclosureindia.com’s data

ADVANTAGES OF BUYING THESE PROPERTIES THROUGH BANK AUCTION ARE:

1.PRICE ADVANTAGE: At least 25% cheaper than market price.
2.LEGALLY SAFE: Since Banks / Financial Institutions have given loan after verification of all the legal aspects only, these are 95% legally safe.
3.CREDIBILITY OF SELLER: You are buying from a Bank / Financial institution, which is authorized by Govt. of India to sell such properties.
4.FIXED TIME FRAME: Entire transaction will be over in less than two months period.
5.TRANSPARENCY: 100 % transparent transaction. Any one can participate in e – auctions from anywhere in the world.
6.PROBABILITY: 90% chances of winning in the Bank Auction.
Buying properties in Bank Auctions is an intelligent financial decision. The following are the seven steps required to buy properties in Bank Auctions (https://bankauctions.in/) / Foreclosures (http://foreclosureindia.com/).
i. Read The Auction Notice Carefully,
ii. Verify Documents,
iii. Inspect property,
iv. Make Finances ready,
v. Submit tender,
vi. Participate in Auction,
vii. Get Sale certificate.
1. Read The Auction Notice / Sale Notice Carefully:
Advised to take a printout of Auction notice and read the details mentioned in the advertisement carefully and note down the important aspects like contact details, inspection date, reserve price, earnest money deposit ( EMD), cost of auction forms, tender submission time & date, auction date & time and finally e-auction website details.
2. Documents Verification: Enquire with the bank / financial institution about further information of the property. Visit the Bank and see all the documents such as registration documents of the present borrower, link documents, latest encumbrance certificate pertains to the property, approved layout for plot by the competent authority, approved plan for flats / houses by competent authority etc. If required, consult with a solicitor / advocate before the auction. Once this aspect is clear, you can proceed further.
3. Inspection of the Property: Visit the site of the property as per inspection schedule given in Sale notice. Consult people around the property to know the price prevailing in that area. While inspecting the property observe the present physical condition of the property, enquire about the pending property taxes, electricity dues, welfare associations maintenance dues. The property comes as is, as such any pending dues should be added to your consideration price before quoting.
4. Get your Finances Right: Please make sure that you are prepared for the price to be paid for the property. If you have ready cash, you can clinch the deal faster and possess the property fast. If you are thinking of availing a Bank Loan, you may approach some bank for sanction of pre-approval loan to complete the transaction in the specified time frame very smoothly.
5. Submission of Tender: Submit the bid at the specified branch before the due date and time, along with demand draft / Banker cheque as EMD ( earnest money deposit ), copies of purchasers PAN card, photo identity card and residence proof. In most of the cases the EMD amount is 10% of the reserve price.
6. Participating in Auction: Based on the data & statistics of the foreclosure properties / bank auction properties in India, around 60% of the Bank auction properties are unsold, due to various reasons. Around 30% properties are getting one bid only. Around 10% properties are getting two or more bids. In case of E-Auction, please take training from the E-Auction service provider at free of cost, the details of e-auction service provider are available in E-auction notice. Investor will be successful if he/ she is the highest bidder. Investor needs to pay another 15% on the same day of the auction.

7. Sale Certificate & Registration: After payment of the total amount either from own sources or through Bank loan, a sale confirmation certificate will be issued. Investor have to pay the stamp duty and get the property registered in their name. The authorized officer will register the property on behalf of the Bank. After completion of registration, the physical possession of the property will be handed over to the Investor.
All the real estate Investors / NRI investors are invited to utilize this opportunity to buy good properties at much discounted rate.
Bhargav, Managing Partner of Foreclosureindia.com says, “During the last 6 years we have created awareness about Bank Auctions and Transparency by disseminating the information of Bank Auctions.During the next couple of years, we will provide Excellent Experience to sellers & Buyers in Foreclosures market / Bank Auctions market.”

Pre-approved home loan & advantages.

  • What is a pre-approved housing loan?
    It is essentially an in-principle sanction given by a bank for a particular loan amount. A fairly robust process is followed by the banks to determine the loan amount. They will require you to submit a lot of information such as income-tax returns, bank account statements, income proof, salary slips, identity proof, and Pan details among various other things. Banks will also obtain data from CIBIL to check the credit history of the individual.
    Once the checks are in place and the bank pre-approves the loan, it will hand over a letter stating that an in-principle approval of a particular home loan amount has been granted and will be valid up to a particular period. Some banks will also state the rate of interest at which the loan will be provided, the rationale being the interest rate at the time of pre-approving the loan should be applicable. Please note that the pre-approved loan is valid only for a particular period- in most cases it is six months, post which the individual will have to go through the process again.
    Is the bank pre-obliged to provide the loan?
    Banks are not obligated to provide the loan as banks clearly state that the in-principle approval is subject to verification of property documents and the property itself.
    Does it come free of cost?
    Several banks do charge a pre-approval loan processing fee which is refunded if the loan is taken; on the other hand some banks do not charge any fee. Do evaluate your exact need before you opt for a pre-approved loan, it should not be a scenario where you are unable to locate the house of your choice for purchase within the stipulated period of six months.
    If the bank charges a processing fee, then that would be an incurred loss for you. Also, interest rates might change depending on market conditions during the time of the actual loan disbursal, which will not happen until you zero in on the property and the property documents are verified by the bank. Opting for a pre-approved property with a pre-approved loan might enable a quick home purchase process, the pre-approved status for your loan asserts your credibility and repayment capacity while the same for the property indicates the credibility of the builder.

Advantages of a Pre-approved Loan over Regular Home Loan

The key benefits in this arrangement include:

  • Reduced time for sanction as the preliminary verification of eligibility and credit rating would have been done by the bank and only the second stage of property assessment would be remaining.
  • It provides the customer the freedom to choose the property being sure in his mind that the loan would be sanctioned on application.
  • It also gives the customer some more room for bargaining as it is the bank which is interested in disbursing the loan to him and not vice versa.
  • Since in most cases the pre approval is valid for a period of 6 months it provides adequate time for the customer to choose or wait for the right property.
  • The customer can now bargain better with the property seller as he has the approval advantage already with him. Pre approval demonstrates financial strength of the home buyer which can be used when dealing with brokers.
  • Recently Allahabad Bank has come up with Very good proposal for Pre approved loans.
  • Pre approved loan

WhatisIFSC.com

Yerneni Bhargav

 

“WhatisIFSC”  is a  Website which Gives You complete information about  IFSC Codes.

IFSC is the abbreviation of Indian Financial System Code. IFSC is an alphanumeric code of  11-character code with the first four alphabetic characters representing the bank, The fifth character is 0 (zero) and the last seven characters usually numeric, but can be alphabetic  representing the branch. This alphanumeric code uniquely identifies a branch of the bank participating in the two main electronic funds settlement systems in India.

The Real Time Gross Settlement (RTGS)

The National Electronic Funds Transfer (NEFT) systems.

Reserve Bank of India is  the central banking institution of India which controls Indian rupee and all banks. It controls inter bank money transfer in all over India banks, through RTGS and NEFT. Reserve Bank of India is fully owned by government of India. IFSC Codes to all the Bank in India  are provided by RBI. IFSC code is unique for each branch.

Whatisifsc.com is a web service for those internet users, who are searching for Bank IFSC code, MICR code, Customer services phone numbers, branch address, branch code and many more details.

The team Whatisifsc has commitment for providing the latest information about all the IFSC codes and updates. We are with the possibility of providing latest & accurate information about IFSC codes. The team is constantly working to improve the interface of presenting the information, updating the IFS codes information.

Bank Auction properties in India – seven steps for buying properties in Auctions – foreclosureindia

The real estate investments are broadly three types.

1. Self-occupied – To live peacefully and to pass on the property to future generations along with sweet memories.

2. Long term Investment – Buying the properties as a long term investment and getting rental income as pension and to keep the property for future generations.
3. Short term investment – Buying the property and after attending some minor repairs / modifications etc selling for profit.
Buying properties in Bank Auctions is an intelligent financial decision.The following are the seven steps required to buy properties in Bank Auctions / Foreclosures.

i. Read The Auction Notice Carefully,
ii. Verify Documents,
iii. Inspect property ,
iv. Make Finances ready,
v. Submit tender,
vi. Participate in Auction,
vii. Get Sale certificate. 

1. Read The Auction Notice / Sale Notice Carefully: Advised to take a print out of Auction notice  and read the details mentioned in the advertisement carefully and note down the important aspects like contact details, inspection date, reserve price, earnest money deposit ( EMD), cost of auction forms, tender submission time & date, and finally auction date & time. All these are very important aspects for participating in the Auction and to Buy properties successfully.

2. Documents verification: Enquire with the bank / financial institution about further information of the property. Visit the Bank and see all the documents such as registration documents of the present borrower, link documents,  latest encumbrance certificate pertains to the property, approved layout for plot by the competent authority, approved plan for flats / houses by competent authority etc. If the Encumbrance certificate available with Bank is old one, please take a latest Encumbrance certificate from the Sub registrar concerned or from online portals, so as to confirm that the property is safe to buy. Make sure that there are no encumbrances for that particular property other than the Bank / financial Institution auctioning the property. If necessary request the Bank to give copy of the documents for showing them to the legal adviser and get the legal opinion.  Get clarifications from the Bank, if any other information is required about the property. If required, consult with a solicitor / advocate before the auction.  Once this aspect is clear, you can proceed further.
3.  Inspection of the property :  Visit the site of the property as per inspection schedule given in Sale notice. Consult people around the property to know the price prevailing in that area. While inspecting the property  observe the present physical condition of the property,  enquire about the pending  property taxes, electricity dues, welfare associations maintenance dues.  The property comes as is, as such any pending dues should be added to your consideration price before quoting.
4. Get your finances right:–  Please make sure that  you are prepared for the price to be paid for the property. If you have ready cash, you can clinch the deal faster and possess the property fast. If you are thinking of availing Bank Loan,  you should first  approach the bank  and get sanction of pre approval loan.  SBI (Home Loan PAL – Pre-Approved Limit),  HDFC,  Axis Bank and Kotak Mahindra Banks are sanctioning the pre-approved loans. This pre-approved loan is to complete the transaction in the specified time frame very smoothly.
5. Submission of tender: Some of the Banks / financial Institutions are selling the Bid forms / tender forms. Buy the tender forms from the specified branches duly mentioning the name of the purchaser clearly. It is important to take into account, pending dues when deciding how much to bid. Submit the bid at the specified branch before the due date and time,  along with demand draft / Banker cheque as EMD ( earnest money deposit ), copies of purchasers PAN card, photo identity card and residence proof. In most of the cases the EMD amount is 10 % of the reserve price.
6. Participating in Auction: Based on the data & statistics of the foreclosure properties / bank auction properties in India,  around 40 % of the Bank auction properties are unsold, due to various reason.  Around 40 % properties are getting one bid only. Around 20 % properties are getting two or more bids.   There is an exception to the Bank auction properties in Mumbai, where more number of bids are coming for almost all properties. Arrive early to the venue of the Auction, meet the Authorised officer and get familiarized about the auction process and participate in the Auction. You will be successful if you are the highest bidder. You need to pay another 15% on the same day of the auction.
7. Sale certificate & registration: After payment of total amount either on your own sources or through Bank loan, a sale confirmation certificate will be issued. You have to pay the stamp duty and get the property registered on purchaser name. The Authorized officer will register the property on be half of the Bank. After completion of registration, take the physical possession of the property immediately.

Foreclosureindia.com & BankAuctions.in – New experienced team is formed for Disposal of NPA’s

Source: Foreclosureindia.com & BankAuctions.IN
Dated: Oct. 31, 2013

ForeclosureIndia is Worlds No.1 free foreclosure listing service provider & BankAuctions.IN is one among the seven E auction service providers in India. Retired AGM & Retired Chief Manager of State Bank of India have joined our new team.
HYDERABAD, India –

Foreclosureindia.com – India’s one and only internet portal exclusivey listing auction properties of the banks and financial institutions, has made great progress in serving both the banks and public. It is Worlds No. 1 free foreclosure listing service provider and their another portal BankAuctions.IN is one among the seven E auction service providers in India. State Bank of Hyderabad, Eluru Regional office has certified that their services of E Publicity & conducting E Auctions are Excellent and Central Bank of India, Visakhapatnam has certified that their services are commendable.

Based on the research made during the last four years on non performing assets and its disposal trends, it found very interesting aspect / game changing aspect on disposal of non performing assets. It has roped in senior State Bank of India AGM & Chief Manager for fine tuning the research finding and to develop and implement the ideas in innovative ways. The whole idea is to disseminate various kinds of NPAs and bring back the funds into the banking system to improve the economy at macro level lest these huge NPAs will be a drag forever.

Sri S S H Satyanarayana, retired Asst. General Manager of SBI, worked in Banking Operations, Credit Appraisal, Project Appraisal and Audit. He is a Specialist in Credit & Operational Risk Management and was instrumental in implementing Risk Management policies at all-India level across SBI. As Regional Manager, he studied the concept of Assets leading to NPA status and led his team from front in reducing NPAs and earned accolades from Top Management. He has joined our team as Chief General Manager.

Sri Babu Rao, retired Chief Manager, SBI, worked in Banking Operations, Inspection & Audit. He has joined our team as General Manager. These two senior officers supported by another three member team is formed to work on a special assignment to develop, & implement the research findings on disposal of non-performing assets of Banks including restructuring/ rehabilitation of NPAs and , one time settlement of NPA’s.

As per the “ Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances of Reserve Bank of India” Restructuring of advances could take place in the following stages:

(a) before commencement of commercial production / operation;
(b) after commencement of commercial production / operation but before the asset has been classified as
‘sub-standard’;
(c) after commencement of commercial production / operation and the asset has been classified as
‘sub-standard’ or ‘doubtful’.

One Time Settlement can also be considered, wherever necessary, when the unit becomes unviable on

account of various factors.
The new team will focus on E Auctions, special assignments, viz. Restructuring/ Rehabilitation and OTS activities.

The website is on its way to fulfill its mission of creating a market for auction of properties in India by educating more and more people who were oblivious to the auction property market and giving them an alternative to the conventional properties.

Team foreclosureindia.com acknowledges the support being given by all the Banks and financial institutions. They wishes Happy Deepavali to all the visitors of their portals, borrowers, Investors,Officers & staff of the Banks.

Foreclosureindia.Com Started E Auction Services For all Banks In India Thru BankAuctions.IN Portal

According to Ministry of Finance, Government of India directives,  All NPA’s shall be sold through E Auction only.  Free foreclosure listing service provider, Foreclosureindia.com  has started secured portal BankAuctions.IN for providing E auction services to all Banks, DRT’s to sell NPA’s online.

Foreclosureindia.com is the one and only website in India listing the auction properties of all the banks and financial institutions across India since Nov 2009. It’s the first of its kind internet portal that helps the buyers of property in getting the free access to all auction property details / free foreclosure listings information of banks and financial institutions happening in and around 34 major cities of the country. During the last one year it has achieved its mile stone about visitors and page views. The details are reported as detailed below.

No of total visits to the site             – 1,343,374

No of unique visitors                       – 652,724

Total number of page views          -10,458,830

Returning visitors                            – 52.05 %

Visitors came from                           – 45554 cities & from 212 countries.

Average viewer ship of each auction property listed is 485.  Foreclosureindia.com has set a target of 100 % growth during the present financial year.

The advantages of  “e – publicity”  through it are explained as detailed below.

  1. Free access to all visitors, unlike some portals is charging Rs 1050 to 2500 per month to show the auction property details.
  2. E mail alerts are being sent to 49000 plus registered users on daily basis.
  3. It is displaying the Auction properties details in two other real estate websites also, along with displaying in their portal.

According to Ministry of Finance, Government ofIndia directives Allauctions of immovable properties, under ‘The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002,  shall be carried out through E Auction only to ensure a free, fair and transparent process.

E – Auctions may eliminate cartelization and facilitates NRI’s to buy properties online.  Foreclosureindia.com’s spokesperson informed that “they have developed a fully secured online portal for E-Auctions as https://www.BankAuctions.IN. The complete process from Creation of Events, submission of first round quotes by bidders, evaluation and final auction will be done online to enable transparency in transactions, strictly adhering to all the requirements of Ministry of Finance. https://www.BankAuctions.IN has easy interface to enable all the investors / bidders with little knowledge of Computer and internet to participate in these property auctions. It maintains complete confidentiality & privacy for the bidders and Banks.

All the Debt recovery tribunals are conducting E Auctions to sell secured assets.  A good number of Banks have adapted to E auctions for selling of some of the NPA’s. Foreclosureindia.com has started secured portal BankAuctions.IN for providing E auction services to all Banks, DRT’s to sell NPA’s online to Indian Public and non resident Indians working in different countries.

The State Bank of HyderabadChaitanyaGodavari Grameena Bank, Guntur and Andhra Pradesh Grameena Vikas Bank, Warangal has empaneled BankAuctions.IN for conducting E Auctions. More than 10 public sector Banks & private sector Banks are processing their empanelment requests for conducting E auctions.  It targets to conduct 6000 E Auctions of NPA’s during this year.

The advantages of conducting E auctions through BankAuction.IN are explained as detailed below.

  1. Success rate of selling of properties will be more, as BankAuctions.IN is providing wide publicity to NPA properties.  Others are only conducting E auction.
  2. Price for conducting E  auction is lowest when compared to all other service providers.
  3. Non performing assets disposal is the only exclusive activity for BankAuctions.IN, where as it is non core activity for other E Auction service providers.

ForeclosureIndia.com requests the Banks, DRT’s , Housing finance companies, State Finance corporations, all other Organizations disposing of non performing assets under SARFAESI Act & DRT acts to utilize their e publicity and also their E auction facilities.