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livemint.com / 3 months ago
livemint.com / 3 months ago
livemint.com / 3 months ago
livemint.com / 3 months ago
How bank auctions can help you buy a 3BHK at a 2BHK price
Subscribe to enjoy similar stories. Across the country, India’s real estate sector is witnessing a full-blown boom, with residential prices climbing sharply in most cities. Yet, for the discerning and patient homebuyer, even amid sky-rocketing values, there is still hope.
It is possible to buy a 3BHK home at the cost of a 2BHK—by tapping into bank auction properties. Demand dynamics also play a role. Larger units typically attract fewer buyers due to higher ticket sizes, while 2BHK units see stronger demand and, consequently, higher pricing.
This imbalance creates pricing gaps that savvy buyers can exploit. An auction property, also known as a foreclosure or distressed property, is real estate seized by a lender after a borrower defaults on loan repayments. The lender then sells the property, often at a discount, to recover the outstanding loan amount.
These properties are sold through public auctions or online e-auctions after borrowers default on their mortgages. Buyers bid above a pre-set reserve price—often below the prevailing market value, but take on the responsibility of clearing any outstanding dues. Under India’s SARFAESI Act, when a borrower fails to repay home loan equated monthly instalments (EMIs), the lender takes possession of the mortgaged property.
The borrower is given a fair opportunity to clear pending dues. If the borrower fails to do so, the bank lists the property for sale—usually online—at a base price designed to recover the loan and accrued interest. This base price is often lower than the market rate, creating an opportunity for buyers.
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21.05 / 10:17
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21.05 / 10:17
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21.05 / 09:47
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Secured credit cards: Unlocking credit and building a credit score for millions
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