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Home >Money >Personal Finance >SBI mega property e-auction across India starts today: 10 things to know
SBI mega e-auction will include both residential and commercial properties.
SBI mega e-auction will include both residential and commercial properties.

SBI mega property e-auction across India starts today: 10 things to know

  • SBI mega property e-auction: The bidding price will be lower than the actual market value.
  • SBI has put up the mortgage assets of loan defaulters to recover the dues through this e-auction

Are you planning to buy a new house or invest in a property? There is some good news for you as State Bank of India (SBI) will be doing an e-auction of properties today(30 December). The e-auction will include both residential and commercial properties. Generally, the bank auctions mortgaged properties of defaulters in a bid to recover the dues. "Planning to buy a new property? We've got good news for you. Register for SBI Mega E-Auction," country's top lender said in a tweet.

Here is all you need to know about SBI mega property e-auction:

1) SBI has put up the mortgage assets of loan defaulters to recover the dues through this e-auction and has published the advertisement in the leading newspapers along with its social media handles - Facebook, Twitter, Instagram etc.

2) The bidding price will be lower than the actual market value. During the mega e-auction, individuals will have the opportunity to bid for residential, commercial and industrial properties.

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Requirements for participating in e-auction

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

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

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

6) 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.

7) Bidders need to login and bid during the auction hours on the date of e-auction as per auction rules.

There are some pre-bidding requisites that individuals have to meet well in advance

8) Bidder/Purchaser registration: The bidder (individual) has to register on the e-auction platform using his/her mobile number and email ID.

9) KYC verification: The bidder has to upload all the required KYC documents. These documents will be verified by the e-auction service providers. The process may take a couple of days.

10) Transfer of EMD amount to Bidder Global EMD wallet: Individual has to transfer (online or offline) funds using NEFT/transfer, using challan generated on e-auction platform.

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