State Bank of India is going to conduct an electronic auction on October 25 for both commercial and residential properties. Under this mega e-auction of SBI, you will have the opportunity to buy a house, plot and shop at a lower price than the current market rate.
Banks have thousands of such properties which have been mortgaged by the people and they have been occupied by the banks for non-payment of money. Such properties are also auctioned by banks from time to time. These properties are also very affordable and accessible as compared to the current market rates. In this period of Corona, the country’s largest bank SBI is going to do e-auction of such a property. Let us also tell you how you can apply for such auctions and invest in affordable properties.
SBI is going to auction the mortgaged property
State Bank of India is going to conduct an electronic auction on October 25 for both commercial and residential properties. Under this mega e-auction of SBI, you will have the opportunity to buy a house, plot and shop at a lower price than the current market rate. This information has been given by SBI on its social media handle. Let us tell you that the bank retains the mortgaged properties of the defaulters for recovery of dues.
As per the information given by the bank, complete details of such properties put up for e-auction can be obtained through the link given in the advertisement. At the same time, by visiting the branch, you can get complete explanation about the auction process and properties from the concerned officer regarding the auction, as well as inspect the properties on the spot.
The statement from the
Bank has been said on behalf of the bank that the order of the court for auctioning the immovable properties mortgaged with the bank has also been attached. All relevant documents and information are available for auction participants. Information has been given about all the properties from the bank, which property is freehold or which is on lease. Along with the notice, the area and other details of all the properties have been given.
These things will be needed
- EMD for the particular property mentioned in the e-auction notice.
- The KYC documents have to be submitted at the concerned SBI branch.
- Legal Digital Sign: The bidders may approach the e-auctioners or any other authorized agency for obtaining the digital signature.
- Once the bidder submits the EMD and KYC documents to the respective branch, their registered login ID and password will be sent by the e-auctioneers through the email ID.
- The bidders are required to login and bid during the time of auction on the date of e-auction as per rules of auction.
How to participate in the auction
- The bidders will have to login to the portal using the registered email id and password.
- Once the bidder has accepted the terms and conditions, they need to click on the ‘Participate’ button to enter the auction.
- After clicking on ‘Participate’ button, the bidders have to upload KYC documents, EMD details and FRQ (First Rate Quote – Quote Price).
- Once all the required documents are uploaded, the bidder has to submit the bid price. Quote value can be equal to or higher than the reserve price of the asset or assets.
- After filling the quoted price, click on the ‘Submit’ option to submit the final bid online and then click on ‘Final Submit’.
- It should be noted that the bidder cannot modify the uploaded documents or the quoted price after the final bid submission.
- If the bidders fail to click on the ‘Final Submit’ button within the stipulated date and time, they will not be able to participate in the auction.