SBI mega e-auction: The country’s largest lender State Bank of India is giving property buyers an opportunity to bid on their dream property. SBI will be conducting an electronic auction for the mortgage properties — both the commercial and residential properties — on December 30.

Under SBI mega e-auction, buyers have a chance to bid and win some home, plot, or shop at a lower price than the existing market rate.

In its statement, the bank said: “Bank puts up the mortgage properties (like Residential properties / Commercial properties, etc.) of defaulters to recover the Bank dues.”

The country’s top lender said in a tweet: “Looking for properties to invest in? Register for SBI Mega E-Auction.”

“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 bank stated.

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Individuals who are interested in buying or bidding for the mortgaged properties can click here to find out all details about the e-auction process.

“Our bank puts up the mortgage properties (like residential properties /commercial properties etc.) of defaulters to recover the bank dues. For this purpose respective Branches of SBI publish the advertisement in the leading newspapers (English and Vernacular). The advertisements are also published in social media (like Twitter, Facebook, Instagram, etc.),” SBI said on its website.

Upcoming auctions

As per the details on the bank’s website, there are 3,317 residential properties, 935 commercial properties, 513 industrial properties, and nine agricultural properties that will be put up for the e-auction.

“The details of such properties put up for e-auctions may be accessed through the links provided in the advertisement. There is 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,” said SBI.

According to the bank, 758 residential properties, 251 commercial properties and 98 industrial properties will go on sale within the next seven days. Within the next 30 days, 3035 (residential), 844 (commercial) and 410 (industrial) properties will go on sale.

Requirements for participating in SBI property 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 digital signature.

Login Id and Password Will be sent to the 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 rule

Besides the aforementioned requirements, there are some pre-bidding requisites that interest individuals have to meet well in advance. They are:

Bidder/Purchaser registration: The bidder (individual) has to register on the e-auction platform using his/her mobile number and email id.

KYC verification: The bidder has to upload all the required KYC documents. These documents will be verified by the e-auction service providers. The process may take a couple of days.

Transfer of EMD amount to Bidder Global EMD wallet: Individual has to transfer (online or offline) funds using NEFT/transfer, using challan generated on e-auction platform.