India's largest lender State bank of India (SBI) today will perform an electronic auction for both the commercial and residential properties. Interested individuals can bid in this e-auction and win some home, plot or shop at a lower price than the existing market rate under SBI mega e-auction.
To recover the bank dues, the bank puts up the mortgage properties of defaulters. the lender said, "We at SBI are very transparent when putting immovable properties, mortgaged with the bank or 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".
More than 1,000 properties will be up for sale.
The respective branches of SBI had published the advertisement in the leading newspapers (English and Vernacular) and also on social media - Twitter, Facebook, Instagram etc. for e-auction.
The bank also said "The details of such properties put up for e-auctions may be accessed through the links provided in the advertisement. There is a designated contact person also for auction at the branches whom prospective buyers may approach for any clarification regarding the auction process and the property he or she is interested in and may inspect the properties of their interest" it added.
SBI e-auction - things needed for participating
- EMD for the property as mentioned in the e-auction notice.
- KYC documents and details need to be submitted to the concerned SBI branch.
- Valid digital signature: Bidders to approach e-auctioneers or any other authorised agency for it.
- Once the bidder submits the EMD deposit and KYC to the concerned branch, their registered login ID and password will be sent on email.
- Bidders to login and bid during the auction hours on the date of e-auction.
Here are steps to participate in bidding:
- Bidders should log in on the portal through the registered email ID and password.
- Once the bidder accepts the terms, they need to click on 'participate' button.
- Bidders would then have to upload the KYC documents, EMD Details and FRQ (First Rate Quote – Quote Price.)
- Once all documents are uploaded, the bidder has to submit the Quote Price. Quote Price can be equal or greater than the reserved value of the property.
- Then bidder should click on 'submit' option and then click 'final submit' in order to submit the final bids online. Bidder can not make changes in the uploaded documents or the quote price after final submission.- If they fail to click on the 'final submit' button within the stipulated date and time, bidders won't be able to participate.