The State Bank of India (SBI) is going to conduct a mega-electronic auction of mortgage properties - residential, commercial, and industrial - on Wednesday, December 30.
The country's largest lender will carry out the e-auction to sell the mortgage assets of loan defaulters to recover the dues.
The bidding price of properties will be lower than the existing market rates. Individuals can bid for any type of property (residential, commercial, and industrial) during the mega e-auction.
SBI has also put up the advertisement in the leading newspapers along with its social media handles - Facebook, Twitter, Instagram etc. "Planning to buy a new property? We've got good news for you. Register for SBI Mega E-Auction," the lender said in a tweet.
"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 bank stated.
Below mentioned are the details of SBI mega property e-auction: -
How to get mortgaged property details?
The bank has given details of such properties put up for e-auctions through the links it has provided in the advertisement. "There is a 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," SBI mentioned.
Bidding prerequisites: Bidders will have to complete the following formalities in advance: -
Bidder/Buyer registration: Bidder will have to register on the e-auction platform with his/her mobile number and e-mail id.
KYC verification: Bidders will have to upload the required KYC documents which shall further be verified by the e-auction service provider.
Transfer of EMD amount to Bidder Global EMD Wallet: Online/off-line fund transfer with NEFT/Transfer, using challan generated on e-Auction Platform.
Bidding Process and Auction Results: Interested Registered bidders can bid online on the e-Auction Platform after completing the above steps.
Bidders will have to fulfil the below mentioned requirements to participate in e-auction: -
1. EMD (earnest deposit of money) for the particular property as mentioned in the e-Auction notice.
2. KYC Documents - to be submitted to the concerned Branch.
3. Valid Digital Signature -Bidders may approach e-auctioneers or any other authorised agency to obtain digital signature.
4. 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 to login and bid during auction hours on the date of e-auction as per auction rules.
Important links with full details of the mega e-auction: