What Is The IBAPI | IBAPI Login Online | Search Property For Upcoming Auction | IBAPI Bank List
The Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal is an initiative of the Indian Banks Association (IBA) to provide a unified platform to reveal information about mortgaged properties to be auctioned online by banks, commencing with public sector banks, under the overarching policy of the Department of Financial Services (DFS), Ministry of Finance. Read below to check the detailed information related to IBAPI Login like Search IBAPI bank list, IBAPI Property, search property on Bank e-auction online, and much more.
Table of Contents
IBAPI Login – Comprehensive Details
The portal is intended to provide information on properties that are available for auction by Indian banks. Willing buyers can use the online portal i.e., https://ibapi.in to look for upset dates and mortgaged houses. This site allows potential purchasers to search for homes; view details, and participate in the auction process. They can take part in the auction process and win the items they want. Approved institutions, beginning with public sector banks, auction these possessions. The properties are obtained from loan defaulters who have not paid their loans after a certain period has passed. To recoup their funds, the bank will auction the property. Banks, on the other hand, must follow a precise protocol and must auction through the IBAPI.
Details on the IBAPI portal
The properties provided on the IBAPI portal are organized as follows:
| Residential properties | 3747 |
| Commercial property | 958 |
| Industrial property | 532 |
| Agricultural property | 8 |
| Property overstate | 30. |
The auction is conducted by 12 Indian banks. The IBAPI portal announces auctions and property details. Everything is done through an internet platform in an e-auction. Buyers are advised to use the allowed payment methods. They should avoid cash transactions to ensure correct payment documentation.
IBAPI Bank List
The IBAPI bank list is given in the table below:
| Bank Name |
| The central bank of India |
| State Bank Of India (SBI) |
| Indian Bank |
| Bank of India (BOI) |
| (BOB) Bank of Baroda |
| Bank of Maharashtra (BOM) |
| Union Bank of India |
| Canara Bank |
| India overseas Bank (IOB) |
| Punjab And Sind Bank |
| Punjab National Bank (PNB) |
| UCO Bank |
Steps to Search IBAPI Property
To Search IBAPI properties, the user needs to follow the below-given steps:
- First of all, go to the official website of Indian Banks Auctions Mortgaged Properties Information (IBAPI)
- The homepage of the website will open on the screen.
- Click on the Search Property tab
- A new page will open on the screen with search parameters
- Now enter all the required details
- Finally, click on the Search button to search the IBAPI Property
Where can I find bank-auctioned properties in India?
Finding information about bank auction properties is difficult. The same information regarding auctioning can be found on several websites. Some websites do not update their content regularly, which leads to some purchasers being misled. In India, the bulk of banks publishes information in newspapers. Buyers should, however, use the IBAPI website portal to obtain legal and complete information. The following sources can provide you with the necessary information:
- The online portal of the IBAPI
- The auctioning bank advertises in the newspaper.
- On the bank’s notices about foreclosed properties
When looking for an auction property, the best option is to use the web platform. You can look up additional information about the possession. Most purchasers are just concerned with pricing, but they should also consider location, size, and legal due diligence. To avoid legal issues with the owner, make sure the property belongs to the bank. Have the money available after you’ve verified the property. Make your payment using a recognized channel, and keep your reference documentation handy.
Why do Indian banks hold property auctions?
The reason for auctioning the property is that the borrower has defaulted on the loan. When a borrower misses three (3) consecutive home loan EMIs, action is taken. The bank also issues a legal notice explaining why the property must not be auctioned. Within 60 days, the defaulter should react. The warning is withdrawn if the borrower begins to make payments. They can also reply by filing an objection with a rationale for non-payment of EMI within the same days. If there is no answer or the defaulter’s justifications are not satisfactory, the bank might proceed with the auction process. Following the expiration of the 60-day notice, the bank auctions the property after 30 days.
Steps to Bid at IBAPI for the Property of Your Choice
To Bid at IBAPI for the Property of Your Choice, the user needs to follow the below-given steps:
- First of all, go to the official website of Indian Banks Auctions Mortgaged Properties Information (IBAPI)
- The homepage of the website will open on the screen
- Login to your account using the login credentials
- Select your desired property; Make sure you double-check all of the property’s details.
- Now deposit your security deposit and KYC documents.
- You can become an eligible bidder by submitting your KYC and depositing money. Assume you win the auction. The amount is recalculated and applied to the final payment. If you do not win, the bank will reimburse your money.
- Finally, on the auction day, submit your bid. The bank has set the starting price for the auction, which no buyer may undercut. To win the auction, make sure to offer high bids.
Steps to search property on Bank e-auction online
- First of all, go to the official website of Indian Banks Auctions Mortgaged Properties Information (IBAPI)
- The homepage of the website will open on the screen
- Now, select all the required details like:
- Select Details
- Auction Date
- Bidding Month
- Property Type
- Select State
- District
- City / Town / Village
- Select Bank
- PIN
- Property ID
- After that, agree to the terms & condition
- Finally, click on the search button
FAQ’s
Bidders are encouraged to provide a security deposit via demand draught or NEFT/RTGS, according to the banks.
Yes, the bank permits a single bidder to place several bids on various assets. The security deposit for each property must, however, be paid separately.
Buyers who win yet do not pay or pay late. The security money is refunded to the customer.