Planning to buy property? Here’s how you can purchase house for cheap

New Delhi: If you’re planning to buy a house or residential or agricultural land, then we have good news! Investors planning to put their money on properties will be able to bid for properties at prices lower than market rates in the upcoming mega auction of the Indian Overseas Bank (IOB). The state-owned bank is planning to auction several properties in its mega auction, IOB Mega E-Auction, which is scheduled for July 23, August 17, and September 15. 

During the auction days, investors can bid for several types of properties that were confiscated by the bank from defaulters. These properties include residential properties such as flats, houses and plots, commercial properties, and agricultural properties. 

In a tweet, the bank said, “IOB is conducting Mega E-Auction on 23.07.2021, 17.08.2021 & 15.09.2021. Details of properties available on our website http://iob.in ---> Properties.”  Also Read: I-T dept raids Dainik Bhaskar, Bharat Samachar offices in tax evasion case

IOB is conducting Mega E-Auction on 23.07.2021, 17.08.2021 & 15.09.2021
Details of properties available on our website https://t.co/HxjTfQ1x4F ---> Properties Available for Sale#IndianOverseasBank #IOBMegaEAuction pic.twitter.com/AIMnccCsnv

— Indian Overseas Bank (@IOBIndia) July 19, 2021

Currently, IOB is conduction auctions for the defaulted properties. However, several banks, from time to time, give investors an option to invest their money in properties that are sold at prices lower than the circle rate. Also Read: Ola electric Scooter to be offered in 10 unique colours – Price, booking, refunds and all you want to know

Things to note before bidding for a property: 

1. All potential investors will have to create their accounts on the bank’s website. 

2. You have to verify your details with your mobile number and email-id. 

3. Bidders will have also to comply with the KYC norms of the bank by submitting the required documents. The KYC process usually takes a day or two. 

4. Investors will have to create a challan to submit the money against the bids that they are going to place during the auction days. You can use net-banking services to submit the money as well. 

5. Investors are now set to bid against the property that they want to buy.