BANK AUCTION
Bank Auction
Normally bank auction process is initiated when borrower default on 3 consecutive Home Loan EMI's. A notice is served to the customer to respond within 60 days that why the bank should not initiate a auction of property due to default in payment. Borrower can pay the installments and this notice is withdrawn
Bank Auction is done on many categories (Few Examples below)
♦ Residential Flats, Houses and Property
♦ Coemmerical Property
♦ Custom Clearance Items
♦ Many more