Bank Auction vs Avittam Homes?

How to Participate in a Bank Auction – Step-by-Step Guide

Thinking of buying a property through a bank auction? It might sound like a great deal — and sometimes it is — but only if you know exactly what you're doing.

Unlike regular real estate purchases, bank auctions follow a specific process with legal and financial requirements. Here’s a step-by-step guide:

🧭 Step-by-Step Process to Participate in a Bank Auction:

👉 Step 1: Visit Bank Auction Portals
Major banks like SBI, Indian Bank, and others list seized properties for auction on their websites or official auction portals. Explore the listings in your preferred area.

👉 Step 2: Choose Your Property & Check Documents
Download and read the auction notice, property details, legal status, and reserve price. Inspect the property physically, if possible.

👉 Step 3: Pay the EMD (Earnest Money Deposit)
To participate in the auction, you must pay 10% of the reserve price as EMD before the auction date. This is refundable if you don’t win.

👉 Step 4: Bid Online on Auction Day
Auctions are conducted online. Log in on the auction date and place your bids. The highest bidder wins

👉 Step 5: Pay 15% of the Bid Amount Immediately
Once you win, you must pay 15% of the total bid amount (including the EMD) within 1-2 working days.

👉 Step 6: Pay the Remaining 75% Within 15 Days
You need to arrange funds (either self-financed or through a home loan) and pay the remaining amount, usually within 15 days.

👉 Step 7: Register the Property
Once the full amount is paid, the bank gives you a Sale Certificate, and you can proceed with property registration.

🏠 Bank Auction vs Buying from Avittam Homes

Feature	Bank Auction Buyer	Avittam Homes Buyer
🔍 Property Transparency	Varies – often unclear	100% CMDA + RERA Approved
⚖️ Legal Risk	Medium to High (pending dues/court issues)	Zero Legal Risk – clear title only
💰 Hidden Charges	Possible unpaid dues, tax penalties	None – We follow “Box Price” policy
🏗️ Construction Quality	Old or unknown	Premium Quality – 30+ years infra experience
🧱 Amenities	Usually none or outdated	Latest – EV Charging, Solar, CCTV, Gym etc.
🕐 Handover Time	After full payment + paperwork	Immediate for Ready-to-Occupy
🏢 Project Background	Unknown builders	100+ Bridges & 50+ Apartments Completed
🔐 Post-Sale Support	None	Full Support – Registration, Loan, Docs
🚫 Bid Cancellation Risk	Yes – by bank at last minute	No – Direct sale with full documentation

✅ Why Choose Avittam Homes Instead?

At Avittam Homes, we’ve been in the infrastructure and real estate industry for over 30 years. With more than 100 bridges & subways and 50+ completed apartment projects, our focus is always on:

✅ Transparent pricing

✅ Clear legal titles

✅ CMDA + RERA approvals

✅ Premium construction quality

📍 Projects in Chennai's Most Wanted Areas:

🏡 Tambaram – Serene, well-connected neighborhood with family-friendly vibes

🏡 Thiruvanmiyur – Just 700m from TIDEL Park; ideal for IT professionals

🏡 Kundrathur – Peaceful environment with excellent development potential

📞 Call Us Today!

Looking for a safe, ready-to-own home in Chennai? Let’s make your dream real.

👉 Call 81100 22222

👉 Or visit www.avittamhomes.com

Choose peace of mind. Choose Avittam Homes.