The State Bank of India is all set to start the electronic auction (e-auction) of mortgage properties on March 5. Housing, residential, commercial and industrial properties will be part of the e-auction. "Your dream home beckons! Attend SBI Mega E-Auction and place your best bid to buy a property at an amazing deal," said the lender on Twitter.
SBI puts up mortgage properties of defaulters to recover bank dues in such auctions. The lender puts up advertisements on social media and leading newspapers to attract customers who would want to purchase prime properties.
Prospective bidders can access the particulars of locations of the properties on the website.
The bank said in a statement that all the immovable properties up for auction come with all relevant details including whether they are freehold or leasehold in order to make it an attractive proposition for the bidders. All relevant details including measurement, location etc are provided in the public notices.
Interested bidders can also, alternatively, approach the contact person at the SBI branches for clarification on the auction process and the property they are interested in.
Here's what bidders would require to participate in the e-auction:
- Earnest money deposit (EMD) for the particular property as mentioned in the e-auction notice
- KYC documents that must be submitted to the concerned branch
- Valid digital signature will be required. Bidders can also approach e-auctioneers or other authorised agencies to acquire the digital signature
- E-auctioneers will send login ID and password to the email ID of the bidders after deposit of EMD and KYC documents at the concerned branch
- Once the login ID and password is acquired, bidders can log in an bid during the action hours on the date of the e-auction