Home / Money / Personal Finance /  SBI mega e-auction for properties across the country today: Check eligibility, how to apply

State Bank of India is all set to conduct an electronic auction for the mortgage properties — both the commercial and residential properties — on September 30. 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. "It's time to bid on your dream property! Register for SBI Mega E-Auction," India's largest lender poster on its social media platform. More than 1,000 properties will be up for the sale, according to reports.

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 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," 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 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.

For e-auction, the respective branches of SBI publishes the advertisement in the leading newspapers (English and Vernacular). The advertisements are also published on social media — Twitter, Facebook, Instagram etc.

"The details of such properties put up for e-auctions may be accessed through the links provided in the advertisement," the bank further added.

"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 or she is interested in and may inspect the properties of their interest," it also mentioned.

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, 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 quote price, click on '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 quote price after the final submission.

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

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