Home / Money / Personal Finance /  SBI mega e-auction for properties across India. Should you buy?
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State Bank of India will conduct an electronic auction for the mortgage properties — both the commercial and residential properties — on October 25. Under SBI mega e-auction, you have a chance to bid and win some home, plot or shop at a lower price than the existing market rate. "Your next big investment opportunity is here! Join us during the e-auction and place your best bid," India's largest lender poster on its social media platform. 

The lender puts up the mortgage properties of defaulters to recover the bank dues.

“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 details of such properties put up for e-auctions may be accessed through the links provided in the advertisement. There is 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," the bank mentioned.

Here are the requirements for participating in SBI e-auction:

1) EMD for the particular property as mentioned in the e-auction notice.

2) KYC documents needs to be submitted to the concerned SBI branch.

3) Valid digital signature: Bidders may approach e-auctioneers or any other authorised agency to obtain a digital signature.

4) Once the bidder submits the EMD deposit and KYC documents to the concerned branch, their registered login ID and password will be sent via email id by e-auctioneers.

5) Bidders need to log in and bid during the auction hours on the date of e-auction as per auction rules.

A step-by-step guide to participate in bidding:

1) Bidders need to log in on the portal by using the registered email ID and password.

2) Once the bidder accepts the terms and conditions, they need to click on 'participate' button to enter the auction.

3) After clicking 'participate' button, bidders have to upload the KYC documents, EMD Details and FRQ (First Rate Quote – Quote Price.

4) Once all the necessary 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 or asset.

5) After filling up the quoted price, click on the 'submit' option and then 'final submit' in order to submit the final bids online. It must be noted that the bidder can not make changes in the uploaded documents or the quoted price after the final submission.

If the bidders fail to click on the'final submit' button within the stipulated date and time, they will not able to participate in the auction.

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