SBI mega property e-auction across India starts today

Thinking of buying a new home or investing in property? There is good news for you, as State Bank of India (SBI) will be holding an online real estate auction today (December 30). The online auction will feature both residential and commercial properties. In general, bank auctions have mortgaged defaulting holdings in an effort to recoup the installments. "Are you planning to buy a new property? We have good news for you. Register for the SBI Online Mega Auction," the nation's largest lender said in a tweet.

Here you will find everything you need to know about the SBI e-auction:

1) The SBI floated mortgage assets for loan defaulters to recoup their installments through this online auction and published the ad in major newspapers along with their social media platforms: Facebook, Twitter, Instagram, etc.

2) That the offer price is less than the real market value. During the mega online auction, individuals will have the opportunity to bid on residential, commercial, and industrial properties.

Requirements to participate in the online auction

1) EMD for a specific property as mentioned in the Online Auction Notice.

2) KYC documents should be sent to the appropriate SBI branch.

3) Valid Digital Signature - Bidders can contact electronic auctions or any other approved agency to obtain a digital signature.

4) Once the bidder submits the EMD deposit and the "Know Your Customer" documents to the relevant branch, the online auctions will send the login ID and password via email ID.

5) Bidders must log in and bid during auction hours on the date of the online auction in accordance with the auction rules.

There are some pre-bid requirements that people must meet in advance.

1) Bidder / Buyer Registration: The Bidder (individual) must register on the online auction platform using their mobile phone number and email ID.

2) KYC Verification: Bidder must upload all required KYC documents. These documents will be verified by our electronic auction service providers. The process can take two days.

3) Transfer of the EMD amount to the bidder's global EMD portfolio: the person must transfer funds (online or offline) via NEFT / Transfer, using a challan created on the online auction platform.

Also Read: 5 sectors that will outperform in 2021 – Business2Business