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SBI Mega Property e-Auction Begins Today; What You Should Know Before Bidding

Representative Image. (Reuters)

Representative Image. (Reuters)

During the e-auction, both residential and commercial properties will be on sale.

State Bank of India (SBI) will be conducting an e-auction of properties on Wednesday. During the e-auction, both residential and commercial properties will be on sale. The bank does the auction for mortgaged properties of defaulters to recover the dues. Respective branches of SBI take out the advertisement in leading newspapers and on social media for this purpose.

"Planning to buy a new property? We've got good news for you. Register for SBI Mega E-Auction," SBI tweeted on Tuesday.

What you need to participate in e-auction

· Submit Earnest Money Deposit (EMD) for the particular property.

· Submit Know Your Customer (KYC) documents to the concerned branch of SBI.

· Those who want to participate in the e-auction may approach e-auctioneers to get valid digital signature.

· Bidders will receive their log in ID and password on email from e-auctioneers after deposit of EMD and submission of KYC documents.

· Now, they will have to log in today to take part in the e-auction.Pre-bidding requisites

· All KYC documents should be uploaded as they will be verified by the e-auction service providers. Those who want to bid should get their required KYC documents ready and not miss any one of the while uploading.

· EMD amount should be transferred to Bidder Global EMD wallet using NEFT or transfer, using challan generated on e-auction platform.

· Before bidding, one has to register on the e-auction platform using mobile number and email ID.

The advertisement released by SBI contained the details of websites where the prospective bidders could access the information about the properties on sale. It also informed the prospective bidders about the pre-requirements for taking part in e-auction.

The concerned branches of SBI have also deployed designated contact persons from whom people can get information related to the e-auction.

"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," said the bank.


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