Sunny (Assistant Manager) 02 February 2013

Buying a bunglow from bank which is under notice

We are looking to buy a bunglow which is seized by Vijaya bank through an auction. We came to know that the owner had taken loan from 2 or 3 banks (from one of their neighbours) and now Vijaya bank has seized the property. We would be applying for the same property. However we want to be safe in this deal and after buying we do not expect to receive any notices from other banks.

Kindly adivse what precautions we should take.

Thanks

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1 Replies

SP (owner) 03 February 2013

Hello Sunny:

I assume it is a SARFAESI auction.......

I am not a lawyer, but based on your question, I have a few unanswered concerns.

you state that neighbors say property owner has loans in more than one bank and you also state that you want to be safe.

My recommendation: please contact the bank which is auctioning, check all the relevent property papers before participating in an auction as well as check with the local authorities for any other encumberance.

good luck.