SBI is set to conduct an e-auction of mortgage properties of defaulters across India and here is how you can participate.
The State Bank of India (SBI) will be conducting a mega electronic auction where mortgage properties of loan defaulters will be sold off. The e-auction is set to be conducted on October 25 and will include both residential and commercial properties across the country.
People who participate in the SBI e-auction of the properties will be able to bid and buy properties including homes, plots, and commercial spaces at a lower price than the current market value. This auction is being conducted by the bank to recover the bank dues.
On its official Twitter handle, SBI posted a link containing the details of the electronic auction, along with the caption, “Your next big investment opportunity is here! Join us during the e-auction and place your best bid.”
Through its official website, the bank also said, “We at SBI are very transparent when putting immovable properties, mortgaged with the Bank / attached by Court order to auction, by furnishing all the relevant details that can make it an attractive proposition for bidders to participate in the auctions.”
The bank will also be disclosing all the relevant details of the properties, and state whether the same is freehold or leasehold, give its measurement, location, etc., including other relevant details in the public notices issued for auctioning.
SBI Mega e-Auction: Requirements for participants
- Participants will require EMD for the particular property as mentioned in the e-Auction notice.
- KYC Documents will have to be submitted to the concerned branch.
- A valid Digital Signature will be required. Bidders may approach e-auctioneers or any other authorised agency to obtain a digital signature.
- The Login Id and Password will be sent to the email id of the bidders by e-auctioneers after the deposit of EMD and submission of KYC documents to the concerned branch
- Bidders will need to log in and bid during the auction hours on the date of e-Auction as per auction rules.
SBI Mega e-Auction: How to participate
Step 1: Visit the official bidding portal and log in with your credentials and password.
Step 2: Accept the terms and conditions and click on the ‘Participate’ button.
Step 3: Upload the required KYC documents, EMD Details, and FRQ (First Rate Quote) Price.
Step 4: After submitting the documents, submit the Quote Price, which can be equal to or greater than the reserved value of the property or asset.
Step 5: Fill out the required details and quote price, then click on Submit. After that, click on Final Submit.
The SBI website further reads, “There is designated contact person also for auction at the Branches whom prospective Buyers may approach to for any clarification regarding the auction process and the property he /she is interested in and may inspect the properties of their interest.”
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