Looking to buy property at great prices? SBI Mega e-auction for properties begins: Documents required and how to participate

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New Delhi: Property buyers can look forward to buying property at great prices during the ongoing e-auction of properties by two public sector banks --State Bank of India and Punjab National Bank.

The State Bank of India (SBI) had also informed via a tweet that the bank is going to auction different types of property. According to the SBI tweet, the auction will be done on December 30. The bank has informed regarding the same through advertisements in different newspapers as well. The properties offered by SBI e-auction includes all types of properties, housing, residential, commercial, industrial.

It may be mentioned that the Punjab National Bank e-auction (PNB e-auction) also started on December 29. The bank had previously informed via a tweet. As per the PNB tweet, buyers can get more information about properties at https://ibapi.in/.

Here are the list of documents that you will require for participating in the SBI Mega e-auction of properties, as mentioned by SBI website:

(Requirements for participating in e-Auction)

• EMD for the particular property as mentioned in the e-Auction notice.
  
• KYC Documents - to be submitted to the concerned Branch.
  
• Valid Digital Signature -Bidders may approach e-auctioneers or any other authorised agency to obtain digital signature.
  
• Login Id and Password– Will be sent to the email id of the bidders by e-auctioneers after the deposit of EMD and submission of KYC documents to the concerned branch.
  
• Bidders to login and bid during the auction hours on the date of e-Auction as per auction rules.

How to participate for the Mega e-auction of Properties

The bid for e-auction as the name suggests will be completely online. If you also want to bid in this digital auction, then for this you have to register first through your mobile number and email ID. After that you will have to upload papers for KYC. Once the verification is complete, online challan will be filled, only after which you will be able to bid online.

Usually, those properties whose loans could not be repaid i.e. properties on default, are placed in the auction by banks. Such properties are auctioned from time to time by banks through Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal.

"Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal is an initiative of Indian Banks Association (IBA) under the overarching policy of the Department of Financial Services (DFS), Ministry of Finance to provide a common platform to display details of mortgaged properties to be auctioned online by Banks, starting with Public Sector Banks. Prospective buyers may use this portal to search and view details of properties and participate in the auction process," the Ibapi website reads.

According to the information available on the IBAPI portal, 3747 residential properties, 958 commercial properties, 532 industrial properties, 8 agricultural properties, 30 properties over state are available. Auction of these properties has been conducted by 12 banks.

The auctions being conducted by SBI and PNB would last for a month.