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

India's largest state-owned bank State Bank of India (SBI) is offering people the chance to buy a home at a much lower rate than the market prices via e-auction of mortgaged properties on March 5. The lender said customers can buy "cheaper residential and commercial properties, land, plant & machinery, vehicles and many more".

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

The bank has put up these mortgage properties, including residential or commercial, of defaulters on auction to recover dues. The bank has placed ads in leading dailies and social media platforms.

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 to for any clarification regarding the auction process and the property he/she is interested in and may inspect the properties of their interest," SBI mentioned.

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 a digital signature.
• Login ID and password will be sent to 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.

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