Those who are looking to buy a home at a very lower price from the existing market rates, here is an opportunity to grab! The State Bank of India (SBI) will be orgainising an electronic auction (e-auction) for the mortgage properties on 5 March.
What kind of properties to be auctioned?
The properties in the the SBI e-auction will comprise of properties ranging from housing, residential to commercial, industrial and more. "Bid for the best! Here’s your chance to buy cheaper Residential & Commercial Properties, Land, Plant & Machinery, Vehicles and many more. Attend SBI Mega E-Auction and place your best bid," SBI informed in a tweet. Also Read: Telecom Spectrum Auction: Bids Worth Rs 77,146 Crore Received On Day 1; All You Need To Know
"We at SBI are very transparent when putting immovable properties, mortgaged with the Bank / 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 lender mentioned on its website.
What are the pre-requisite for auction?
1) Earnest Money Deposit (EMD) is the amount that a buyer needs to pay to become eligible to bid for a property. The buyers have to pay EMD for the particular property as mentioned in the e-auction notice.
2) KYC documents need to be submitted to the concerned SBI branch.
3) Valid digital signature: Bidders may approach e-auctioneers or any other authorised agency to obtain a digital signature.
4) Once the bidder submits 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.