The Fifteen Days, Day by Day: A Money Calendar From the Win to Full Payment

Why the fifteen days need a plan

Rule 9 of the Security Interest (Enforcement) Rules, 2002 sets the payment deadlines for a SARFAESI sale, and courts apply it strictly. If the balance is not paid within the period, the deposit is forfeited and the property is sold again (Rule 9(5)); the Supreme Court has upheld forfeiture of the entire deposit (Authorised Officer, Central Bank of India v. Shanmugavelu, 2024).

The deadlines themselves are explained in our guide to the four money clocks. This guide is the working version: what you, the bank and a lender each do between the auction and full payment, in the order it usually happens. Only two dates in it are fixed by law. Everything else depends on the bank’s and the lender’s pace, so it is shown as a sequence, not as dates.

Before the auction: get the money where it needs to be

1. Read the sale notice for the EMD amount, the payment method, the last date for the EMD, and how it counts the fifteen days: from confirmation, or from the auction.
2. Pay the EMD in time for it to show as credited. On BAANKNET, the portal most public sector banks use, the EMD sits in a wallet that has to be topped up before the auction; registration and the credit can take a few working days.
3. Keep the rest of the 25% liquid, not in a fixed deposit that takes days to break or an investment that settles slowly. It may be due the same day you win.
4. Know what you can borrow. An eligibility check on your income, obligations and credit report gives an indicative figure before you bid; at Auction Dunia it is run by Kenstone Credit, our group’s credit desk, and you can take the result to any lender.
5. Gather the papers a lender will ask for after the win, so the application can go in the day the confirmation arrives: identity and address proof, income documents and bank statements.
6. Set aside your own funds for what the loan will not cover: stamp duty and registration if you register the sale certificate, any dues that come with the property, and professional fees.

Auction day and the next working day: the 25%

If you are the highest bidder, the 25% deposit falls due immediately: the same day or not later than the next working day (Rule 9(3)). The EMD you have already paid counts towards it, so what you pay now is the top-up.

Pay from your own account to the account the sale notice names, keep the transaction reference, and ask for a written acknowledgment. If the 25% is not paid, the property is sold again (Rule 9(3)).

Confirmation: the letter the loan runs on

The sale is confirmed in favour of the highest bidder, subject to the bank’s confirmation, and never below the reserve price (Rule 9(2)). The Authorised Officer, the bank officer who conducts the sale, then issues a confirmation letter. Confirmation can come on the auction day or after it.

Two things follow from that letter. Under Rule 9(4) the fifteen days count from confirmation; and the letter is the document a lender needs to start its review of the property. If your sale notice counts the fifteen days from the auction date instead, the clock may already be running before the letter reaches you, which is why the stricter reading is the one to plan to.

• Ask for the confirmation in writing and note its date.
• Work out the last day for the balance under both the Rule and the notice, and use the earlier one.
• Ask the Authorised Officer which account the balance goes to, whether the lender can pay it directly, and how TDS should be shown.

Inside the fifteen days: the order things usually happen

1. 1

   First days — apply on the confirmation letter

   Submit the loan application with your income papers and the bank’s sale confirmation. A lender cannot start its property review without it.

2. 2

   Next — the lender’s legal and technical review

   The lender’s advocate reviews the title papers and its valuer inspects and values the property. Sanction follows if both clear. An occupied property, or one in symbolic possession, can make the valuer’s visit harder to arrange; tell the lender early.

3. 3

   Alongside — TDS, where it applies

   If the price or the stamp-duty value is ₹50 lakh or more, 1% is deducted and paid to the government instead of to the bank (Income-tax Act, 2025 s.393(1), formerly s.194-IA). Agree with the Authorised Officer in writing how it is shown and how it is split between the 25% and the balance; our TDS guide covers the form and joint buyers.

4. 4

   Then — disbursement

   The lender typically pays the loan directly to the bank’s account. Your own share of the balance goes in alongside it, so that the full price reaches the bank by the deadline.

5. 5

   On full payment — the sale certificate

   The Authorised Officer issues the sale certificate once the full price is paid.

   Rule 9(6)

How long each step takes varies by lender, by bank and by property, and no one can promise it in advance. The steps that depend on you, the application and the papers, are the ones to finish first.

If time runs short: the written extension

Rule 9(4) allows the balance period to run up to three months, but only as agreed in writing between you and the bank. It is the bank’s decision. In 2026 the Supreme Court set aside a sale where the balance was paid after the fifteenth day without a written extension, holding Rule 9 mandatory, even though the bank had accepted the late money (M.R. Vasumathi v. Authorised Officer, 2026). Our Red Flag File on the balance paid on day 19 walks through the pattern.

• Ask as soon as it looks likely that the loan will not reach the bank in time, not on the last day.
• Ask in writing, give the reason (for example, the lender’s valuation date) and attach what the lender has told you.
• Make sure the bank’s reply is in writing and states the new date.
• Keep paying what you can: the extension, if granted, moves the deadline, not the amount.

Where the delay is the bank’s own doing, for example where it refused to accept the balance, the Supreme Court has held that forfeiture does not follow (IDBI Bank v. Ramswaroop Daliya, 2024). Keep a record of every payment you offered and every request you made.

After full payment: the costs that come next

The balance is not the last payment. If you present the sale certificate for registration, stamp duty and the registration fee fall due; registration is not compulsory, but lenders and municipal offices often ask for it. Then come the municipal record, the utilities and any dues that travel with the property. None of these are in the home loan, so they come from the own funds you set aside before the bid.

Questions buyers ask

Sources

Statutes, rules and judgments first. Checked as of 17 October 2026; the law and portal practice change, so confirm against the source before relying on a detail.

1. RulesSecurity Interest (Enforcement) Rules, 2002 — Rule 9
2. JudgmentAuthorised Officer, Central Bank of India v. Shanmugavelu, Supreme Court, 2 Feb 2024 (2024 INSC 80)
3. SecondaryM.R. Vasumathi v. Authorised Officer, Supreme Court, 10 Jun 2026 (2026 INSC 633) — report
4. SecondaryIDBI Bank v. Ramswaroop Daliya, Supreme Court, 2024 (2024 INSC 780) — report
5. Official portalIncome Tax Department — Form 141, challan-cum-statement under s.393(1)
6. RegulatorIBBI — FAQ on the BAANKNET listing and auction portal (as on 21 Jul 2025)