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Top 3 Tips before buying a Home/Property via Bank auction

Haven’t you dreamt once to own a house?

But property rates are too high for your budget?

In general, buying a property is a dream for every Indian household.

Our elders have saved their whole lives and invested in land or buying their dream house. Even today, most of us will want to buy a property at some point of time. Now we know that budget will be a major issue but with these 3 expert tips, you will be able to buy your dream house at the cheapest cost.

How is it possible to buy property at low rates in India?

In India, many opt for a home loan in order to buy their dream house. They begin paying monthly loan EMIs to repay the loan slowly and steadily. But after some point, they are in no state to repay the loan amount. This is when Banks will take possession of the property.

There are many such properties with the Bank. The only way Banks can recover their loan money is by holding an auction and selling these flats/properties. Also, they wish to sell these properties off quickly, and hence offer cheaper offers than market rates in the auction. This can go up to the tune of 5-25%* off the market rates.

So tell us, would you be interested in buying such properties through Bank auctions? If the answer is “Yes”, then we must tell you that you need to follow 3 amazing tips so you can be ready to purchase such a property.

1. Arrange for funds:

The major requirement is to arrange for funds. During such auctions you might have to arrange and pay up to 25%* of the property’s value. This is important during auctions and hence you must start saving immediately if you wish to save a higher amount.

 2. Check ads in newspapers or online:

You can also check online newsletters and newspapers as auction ads will be found here. Hence you must keep an eye out on such newspapers and online newsletters. This will help you in understanding what property rates are being offered.

3. Do your Due Diligence:

After you have found the ads, you can then do your own due diligence of the property. As you don’t want to fall in any legal tangles, it’s best to find a lawyer who will properly check the property’s legal papers so you know who holds the legal title to the property. When the lawyer gives the go-ahead, you can easily start the process of entering the auction.

So this is how one can plan and be ready to buy property through Bank auction. We would like to inform all of you that Ruloans has now partnered with HDFC to provide rural housing finance to farmers and rural customers all over India. Alternatively, if you wish to get the best home loans in India, visit our website and we will get you the best deals.

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