Legal Question in Real Estate Law in India
Hi. what is the procedure for banks to take possesion of flats due to default in emi payments. if the bank puts up these properties for auction by law what is the reserve price they are to aply on it specially if the property is worth 6 times the loan ammount. what are the general expences incurred by the bank for placing a flat out in such auctions. thanks n best regards
Asked on 11/21/09, 4:48 am
1 Answer from Attorneys
yes bank can auction the same and usully bank calculate the basic amount and then fixed the minimum auction amount and then in open bid anyone can succeed.
Regards
Answered on 12/02/09, 8:33 am
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