SBI mega E-auction on immovable properties from Dec 30

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State Bank of India is ready to conduct an e-auction for the mortgage properties on Dec 30. People who are planning to buy a home at a very lower price from the existing market standards, have a chance now. The immovable properties kept for the State Bank of India mega e-auction will include all kinds of properties. The immovable properties kept for e-auction belong to those loan defaulters of the bank who failed to repay State Bank of India loans. The bank is trying to get back the loan default money by selling those properties in this mega e-auction. People who are looking for property to invest in can register for SBI mega e-auction.

State Bank of India mentioned that they are very transparent when putting real estate properties, mortgaged with the bank, attached by court order to auction, by enhancing all the relevant details that can make it an attractive proposition for bidders to participate in the auctions. The bank also incorporates all important details and conditions whether the same is freehold or leasehold, give its measurement, location, including other relevant details in the public notices issued for auctioning.

Requirements for participating in SBI mega e-auction:

  • Earnest Money Deposit (EMD) for the particular property as mentioned in the e-auction notice.
  • Know your customer documents need to be submitted to the concerned SBI branch.
  • Valid digital signature
  • Once the bidder submits the earnest money deposit and Know your customer documents to the concerned branch, their registered login ID and password will be sent via email id by e-auctioneers.
  • Interested registered bidders need to login and bid during the auction hours on the date of e-auction as per auction rules.

According to the State Bank of India website, there are currently 3317 residential, 935 commercial, 513 industrial and 9 agricultural properties to be auctioned.

Bidding pre-requisites:

  • Interested bidder to register on electronic auction platform using his mobile number and email-id.
  • Bidder to upload requisite Know your customer documents. Know your customer documents shall be verified by an e-auction service provider which may take 2 working days.
  • Transfer of Earnest money deposit amount to bidder global earnest money deposit wallet
  • Registered interested bidders can bid online on the e-auction platform after completing the above steps.

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