This Bank Allows You To Acquire Cheaper Home, Property Via E-Auction; Know Details

The Central government-owned Indian Overseas Bank (IOB) has recently come up with an offer for all those who are looking for an opportunity to acquire properties including shops, homes, flats and plots. The bank will hold a mega e-auction, where buyers can purchase residential and commercial properties at a lower price than the market rate. The buyers can bid for the properties sitting at their homes during the e-auction. The buyers can purchase the properties which are being auctioned in different parts of the country.

In a tweet, IOB informed that the e-auction will be conducted on June 11. In this e-auction, houses, plots, flats, warehouses, industrial properties and commercial properties will be auctioned in different parts of the country.

https://twitter.com/IOBIndia/status/1401051706444566528?s=20

Those who are interested in the e-auction of properties can visit the official website of the bank — www.iob.in to get more details. The bank has also said that for any clarification or query related to e-auction, any person can contact the concerned officer, regional office of the bank.

Banks confiscate the land or other properties of those who have not been able to repay their bank loans. The banks auction these properties and recover the outstanding amount.

Meanwhile, the Central government is planning to privatise two-state run banks — Central Bank of India and Indian Overseas Bank soon. According to media reports, the department of investment and public asset management (DIPAM) and the department of financial services (DFS) will examine the NITI Aayog proposal and discuss legislative changes needed for privatisation of banks.

Earlier, Finance Minister Nirmala Sitharaman explained the rationale behind the privatization. She said that banks in the country needed to be bigger, just like the State Bank of India (SBI). She added that the interests of workers of banks which are likely to be privatised will “absolutely be protected whether their salaries or scale or pension all will be taken care of”.

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