The State Bank of India (SBI) will hold an electronic auction of the mortgage properties of defaulters on October 25. The e-auction will include both residential and commercial properties.
The official account of SBI shared a poster stating, "Your next big investment opportunity is here! Join us during the e-auction and place your best bid."
The lender has opened gates for bidders to recover its bank dues from the mortgage properties of defaulters wherein bidders will have complete access to property locations with full and accurate details.
SBI mentioned, “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, given its measurement, location etc., including other relevant details in the public notices issued for auctioning.”
The requirements for participating in the auction according to the bank’s official website are:
1. EMD for the particular property as mentioned in the e-Auction notice.
2. KYC Documents should be submitted to the concerned branch.
3. Valid digital signature for which the bidders may approach e-auctioneers or any other authorised agency to obtain digital signature.
4. A 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.
5. Bidders will have to login and bid during the auction hours on the date of e-auction according to the e-auction rules.
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