Frequently Asked Questions
Property eAuction refers to the process of auctioning properties online through an electronic platform.
A Bidder can be a company or an individual wishing to bid or participate in an online auction event.
Yes, the auction event is public. Anyone can register on the portal and participate in the bidding process.
To participate as a Bidder, registration is a simple process. Go to the registration form from the homepage. Select "Register as Individual or Company" and fill out all required details, completing eKYC online.
Yes, an individual can register as a Bidder. When registering, please select "Individual" in the Bidder Details field.
Click on the "Forgot Password" link on the login page. You will be required to provide your registered email ID.
It is recommended to have an uninterrupted internet connection with a speed of at least 256 Kbps. Please remember that the internet connection should not go off during the auction process.
A Bidder should be registered and then pay the EMD amount to be eligible to participate in bidding for any auction.
An Addendum, sometimes referred to as an Amendment Sheet, is a list of changes notified after the auction has been published.
Banks auction properties under the provisions and procedures prescribed under the SARFAESI Act and related rules. Under these provisions, a property is auctioned when the borrower, who has mortgaged properties to the bank, fails to pay back the bank.
Usually, a bank auction process is initiated when a borrower defaults on three consecutive home loan EMIs. A notice is served to the customer to respond within 60 days. The borrower can pay the installments to stop the auction. If no reply is received or the bank is not satisfied with the response, the bank can initiate the auction process after another 30 days.
The BAANKNET (Bank Asset Auction Network) portal by PSB Alliance lists bank auction properties, which can be checked for available options.
To inspect the property’s physical condition, contact the bank and get a date fixed to visit the property.
Buyers must understand that there are two types of possession: symbolic and physical. Physical possession means the bank already has direct physical possession of the property, while symbolic possession means the bank is in the process of obtaining it.
Buyers must complete a title check and verify ownership of the property. The borrower has certain rights, such as the right of redemption, even if the property is being auctioned.
The auction reserve price is the minimum price that a seller is willing to accept for an item being auctioned.
BAANKNET provides a streamlined experience for accessing e-auctions facilitated by Indian banks. Users can easily search for properties by type and location and participate in auctions efficiently.
No, users can directly access the portal without registration/login.
The portal provides a streamlined search experience, allowing users to easily find what they need by city, bank, area, indicative price, and more.
By providing detailed information and filtering options, users can make informed decisions and comparison shop, ensuring options that closely match requirements.
Yes, the portal is accessible from computers, laptops, tablets, and smartphones. You can search from anywhere.
Absolutely. The portal is designed to be inclusive, intuitive, and easy to navigate for users of all ages and experience levels.
Properties available for auction are those listed by banks for auctioning with specific dates and times. Properties may also be listed for future auctions without a specified date yet.
Residential, commercial, industrial, agricultural, and specialized properties.
Listings cover a wide range of locations, including urban, suburban, and rural areas.
The number of rooms varies from property to property. Each listing provides details about available bedrooms, bathrooms, and other rooms.
Ownership types include freehold, leasehold, cooperative society, and others, and details are provided in each listing.
The price range depends on factors like location, size, condition, and market value. Reserve prices are listed within property details.
Click on a property listing to view details like auction date, reserve price, address, description, and uploaded visuals.
Yes, photos and videos are available on the property listing page.
Participation involves registration, payment of the EMD, and following the auction guidelines available on the platform.
In some cases, viewings may be available upon request. Contact the seller or auction organizer for details.
Property size details, in square footage or square meters, are available in each listing.
Yes, information on amenities like parking, gardens, swimming pools, and security is available.
You can subscribe to updates on the portal or regularly visit to check new listings.
Registration on our portal is free of charge.
Contact details are available on the portal for customer support if you face any issues.
If you recharged your eWallet using Payment Gateways and the amount is deducted from your account but does not reflect on the eWallet, please allow some time for processing. If the issue persists, contact customer support.
The refund of EMD may take some time. If you do not receive it within the expected timeframe, contact our support team for assistance.
Withdrawals from the eWallet to a bank account may take a few business days to process. Please check with your bank and contact support if it doesn’t reflect after a reasonable time.
Sometimes, UPI transactions take time to be updated. Please wait for the transaction to be processed or contact support if the issue continues.
The authority letter must follow the specific format outlined in the Bidder User Manual. Please refer to the manual or contact customer support for details.
Once the amount is added to your eWallet, you must still manually initiate the participation process. Ensure you are aware of the EMD payment deadline, as missing it will disqualify you from the auction.
For group participation, please refer to the Bidder User Manual for updated screenshots and instructions.
Closed properties will be labeled either as "Bid Successful" if a winning bid was received or "No Bids Received" if no successful bids were placed.
BAANKNET (Bank Asset Auction Network) is a comprehensive online portal for bank property listings and auctions. Users can view, bid, and purchase properties listed by banks.
Key features include streamlined eKYC, secure online payment gateway, eWallet for EMD, and interactive map view for locating properties.
eKYC stands for electronic Know Your Customer. It is the process through which an individual's identity is verified electronically, often via Aadhaar authentication or other approved digital IDs.
The eWallet is a digital system that securely stores funds for payments during the auction process, simplifying checkout for users.
Select the "Add Funds" option, and choose from various payment methods like net banking or NEFT/RTGS.
Yes, you can withdraw funds to your linked bank account.
Yes, the eWallet balance is protected with advanced security measures to prevent unauthorized access. Always keep your login credentials safe.
Contact customer support immediately for assistance with issues like unauthorized transactions or technical difficulties.
BAANKNET lists residential, commercial, industrial, agricultural, and specialized properties for auction.
Net banking, NEFT/RTGS, and eWallet payment are accepted for convenience and security.
Users place bids online, and the highest bidder at the end of the auction wins the property.
There are no specific minimum or maximum limits, but users are advised to maintain a sufficient balance to cover participation fees and bidding costs.
No, transferring funds to another user's eWallet is not allowed. Funds in the eWallet are solely for your participation in auctions.
No specific limit exists, but frequent transactions may be flagged for verification to ensure security.
Follow the group participation guidelines in the Bidder User Manual. Ensure all group members are registered and compliant with eKYC requirements.