India’s largest lender State Bank of India (SBI) will conduct an electronic auction of mortgage properties for both commercial and residential properties.
Bidders can bid for some home, plot or shop at a price lower than the existing market rate under SBI mega e-auction.
SBI tweeted “Bid from your home! Join us during the e-auction and place your best bid”.
Bid from your home! Join us during the e-auction and place your best bid.
— State Bank of India (@TheOfficialSBI) October 22, 2021
The bank mentioned on its website, “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, given its measurement, location etc., including other relevant details in the public notices issued for auctioning”.
Buying a property in an auction can also have risks which buyers should be aware of.
SBI mega e-auction for properties: Here are steps to participate in bidding:
-Bidders need to visit SBI website and login using email ID and password.
-Bidders need to click on the ‘participate’ button to enter the auction after accepting the terms and conditions.
-Bidders have to upload the KYC documents, EMD Details and FRQ (First Rate Quote – Quote Price after clicking the ‘participate’ button.
-The bidder has to submit the Quote Price once all the necessary documents are uploaded. Quote Price can be equal or greater than the reserved value of the property or asset.
-Click on the ‘submit’ option and then ‘final submit’ in order to submit the final bids online after filling up the quoted price. Bidder should keep in mind that no changes can be done in the uploaded documents or the quoted price after the final submission.