The properties which are being put up for auction include housing, residential, commercial, industrial, etc.
The State Bank of India is gearing up to conduct an electronic auction for mortgage properties today. The bank is putting up the mortgage properties of defaulters to recover the bank dues.
The properties which are being put up for auction include housing, residential, commercial, industrial, etc.
"Your dream home beckons! Attend SBI Mega E-Auction and place your best bid to buy a property at an amazing deal," SBI stated in a tweet.
SBI put up advertisements containing the details of web sites where the prospective bidders can access the particulars of locations of the properties with full details in leading newspapers and in Social Media handles-Twitter, Facebook, Instagram, etc.
"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. We also incorporate all relevant details 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," the statement released by SBI stated.
For individuals interested in the bidding process, it is to be noted that the bidding price will be lower than the actual market value.
Here are the requirements to participate in the 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.
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