SBI mega e-auction for properties on March 5: All you need to know

State Bank of India (SBI) is going to conduct a mega electronic auction (e-auction) of multiple mortgage properties on March 5.

The country's largest state-owned bank is giving people an opportunity to buy a new property at a cheaper price, much lower than the market rates. The mega e-auction is offering all kinds of properties such as residential, housing, industrial and commercial, etc.

"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 said in a tweet. E-auction usually draws interest from buyers as the asset put up for sale is available at low rates.

The state-run lender will carry out the e-auction to sell the mortgage assets of loan defaulters to recover the dues.

Also Read: SBI mega e-auction of properties on March 5; check out details

The bidding price of properties will be lower than the existing market rates. Individuals can bid for any type of property (residential, commercial, and industrial) during the mega e-auction. SBI has also put up the advertisement in the leading newspapers along with its social media handles - Facebook, Twitter, Instagram, etc.

The lender said it has put immovable properties, mortgaged with the bank or attached by court order to auction, on sale 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," SBI said in a statement.

How to get mortgaged property details?

SBI has given details of such properties put up for e-auctions through the links it has provided in the advertisement. "There is a designated contact person also for auction at the Branches whom prospective Buyers may approach for any clarification regarding the auction process and the property he/she is interested in and may inspect the properties of their interest," the bank mentioned.

Also Read: SBI mega property e-auction on December 30; check eligibility, property, other details

Requirements for participating in SBI e-auction

Bidding prerequisites: Bidders will have to complete the following formalities in advance: -

EMD (Earnest deposit of money) 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 a digital signature.

Login ID and password will be sent to the email id of bidders by e-auctioneers after the deposit of EMD and submission of KYC documents to the concerned branch

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