ET Wealth: How to buy property auctioned by a bank in 8 easy steps

1. Read the bank notice and get the property's address. Also seek details on reserve price, earnest money deposit (EMD), auction date and tender forms.

2. Visit the property and conduct necessary research. Take the help of experts.
3. Collect the tender forms, arrange for EMD, and get a demand draft made for the required amount.

4. Submit the tender forms, EMD, as well as the know your customer (KYC) documents.

5. The bidding process will begin once you submit your bid.

6. Be at the site on the auction date to know if you have won the bid.

7. If you win, deposit 25 per cent of the bid amount, including EMD, within 24 hours. The rest has to be given within the time limit.

8. You can now get the property registered in your name.