The loan was availed by actor's Andal Azhagar Educational Trust and Vijayakanth and Premalatha were the sureties, providing their properties as security to the bank.
According to the IOB's public notice, the properties would be auctioned off on July 26.
The minimum price of the Trust's property at Mamandur in Kanchipuram district is fixed at about Rs 92 crore, the residential property of Vijayakanth here is at about Rs 4.25 crore and his vacant residential plot here is fixed at about Rs 3.04 crore.