If you are also planning to buy a cheap house or a cheap property, then you have a good chance. Actually Punjab National Bank is going to auction the property. This includes both residential, commercial and industrial properties. Please tell that information has been provided by IBAPI (Indian Banks Auctions Mortgaged Properties Information). These are the properties that have come on the list of defaults.
PNB has given information about this by tweeting on its official Twitter handle. The bank wrote in a tweet that residential and commercial properties to be held on May 15, 2021 will be auctioned. You can buy property here at a reasonable price.
According to the information, there are 10,883 residential properties. Apart from this, there are 2447 commercial properties, 1218 industrial properties, 71 agricultural properties. All these properties will be auctioned by the bank. For more information about the property auction, you can visit this link https://ibapi.in/.
According to the bank, it also gives information about the freehold or leasehold of the property, location, measurements and other information in the public notice issued for the auction. If you want to buy property through e-auction, then you can go to the bank and get any kind of information about the process and related property.
Let us tell which property owners have not paid their loan. These people have not been able to give due to any reason, the land of all those people is taken over by the banks. Such properties are auctioned from time to time by banks. In this auction, the bank sells the property to recover its outstanding balance.