SBI mega property e-auction across India starts today
SBI mega property e-auction: The bidding price will be lower than the actual market value. SBI has put up the mortgage assets of loan defaulters to recover the dues through this e-auction
Are you planning to buy a new house or invest in property? There is some good news for you as State Bank of India (SBI) will be doing an e-auction of properties today(30 December). The e-auction will include both residential and commercial properties. Generally, the bank auctions mortgaged properties of defaulters in a bid to recover the dues. "Planning to buy a new property? We've got good news for you. Register for SBI Mega E-Auction," country's top lender said in a tweet.
Here is all you need to know about SBI mega property e-auction:
1) SBI has put up the mortgage assets of loan defaulters to recover the dues through this e-auction and has published the advertisement in the leading newspapers along with its social media handles - Facebook, Twitter, Instagram etc.
2) The bidding price will be lower than the actual market value. During the mega e-auction, individuals will have the opportunity to bid for residential, commercial and industrial properties.
Requirements for participating in e-auction
1) EMD for the particular property as mentioned in the e-auction notice.
2) KYC documents need to be submitted to the concerned SBI branch.
3) Valid digital signature: Bidders may approach e-auctioneers or any other authorised agency to obtain a digital signature.
4) Once the bidder submits the EMD deposit and KYC documents to the concerned branch, their registered login ID and password will be sent via email id by e-auctioneers.
5) Bidders need to login and bid during the auction hours on the date of e-auction as per auction rules.
There are some pre-bidding requisites that individuals have to meet well in advance
1) Bidder/Purchaser registration: The bidder (individual) has to register on the e-auction platform using his/her mobile number and email ID.
2) KYC verification: The bidder has to upload all the required KYC documents. These documents will be verified by the e-auction service providers. The process may take a couple of days.
3) Transfer of EMD amount to Bidder Global EMD wallet: Individual has to transfer (online or offline) funds using NEFT/transfer, using challan generated on e-auction platform.