Property Auction: Banks to auction 5 lakh houses, offering buyers chance to acquire property at discounted rates

 


E-Auction: Public sector banks in India are set to launch an e-auction app that will allow users to access information related to properties from the comfort of their homes. The app will include details such as the property’s location and starting auction amount, allowing buyers to access complete information simultaneously. The move is expected to reduce instances of property fraud while simplifying the buying process.

Read More:– Gold Rates Fall On Friday, April 28: Check Yellow Metal’s Price Today In Delhi, Chennai, Mumbai & Other Cities

The app will feature up to five lakh properties available for auction, which have been confiscated by banks from borrowers who were unable to repay their loans. The government banks hope to recover these loan amounts by auctioning these properties through the app. Economic Times reports that senior bank officials estimate they will complete 6 lakh transactions in the next five years, with one lakh auctions included.

By logging onto the app or web portal, users can access property-related data, documents, and information. When the app is launched, individuals will be able to get information on homes right on their smartphones, making the process of buying real estate easier.

Read More:– Bank of India Shubh Arambh Fixed Deposit interest rate for senior citizens hiked. Details here

This initiative will improve the efficiency of real estate transactions for both buyers and sellers by reducing property fraud and speeding up the transaction process. It is anticipated that the app would contribute to increasing process transparency and facilitate simple access to details on properties up for sale. In terms of using technology to streamline the process of purchasing and selling properties in India, this action by public sector banks represents a considerable advancement.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more