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Home / Money / Personal Finance /  SBI mega e-auction for properties: Check date, eligibility and other details

State Bank of India (SBI) is all set to conduct an electronic auction (e-auction) for the mortgage properties on December 30. So, if you are planning to buy home at a very lower price from the existing market standards, you have a chance now. The properties offered by the SBI e-auction will include all kinds of properties like housing, residential, commercial, industrial, etc. These properties belong to those bank loan defaulters who failed to repay SBI loans and SBI is trying to get its money back by selling those properties in this mega e-auction. "Looking for properties to invest? ! Register for SBI Mega E-Auction," country's top 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 mentioned.

Bidder has to complete following formalities well in advance :

Bidder/Purchaser Registration : Bidder to register on e-Auction Platform using his mobile number and email-id.

KYC Verification: Bidder to upload requisite KYC documents. KYC documents shall be verified by e-auction service provider (may take 2 working days).

Transfer of EMD amount to Bidder Global EMD Wallet : Online/off-line transfer of fund using NEFT/Transfer, using challan generated on e-Auction Platform.

Bidding Process and Auction Results: Interested Registered bidders can bid online on e-Auction Platform after completing the above steps

Here are the requirements for participating in SBI mega 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 digital signature.

4) Once the bidder submit 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 login and bid during the auction hours on the date of e-auction as per auction rules.

As per the e-auction of properties mortgaged to banks website, there are currently 3317 residential , 935 commercial, 513 industrial and 9 agricultural properties to be auctioned.

Upcoming auctions

Within Next 7 Days - 758 (Residential) 251 (Commercial) 98 (Industrial)

Within Next 30 Days - 3035 (Residential) 844 (Commercial) 410 (Industrial)

The list of important links that has full details of the mega e-auction:

-bankeauctions.com/Sbi;

-sbi.auctiontiger.net/EPROC/;

-ibapi.in; and

-mstcecommerce.com/auctionhome/ibapi/index.jsp.

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