If you are thinking of buying property then you have a golden opportunity. State Bank of India is going to auction the property mortgaged to it. E-auction will start from March 5.
In this e-auction, there will be an opportunity to buy cheap residential and commercial properties, land, plant and machinery, vehicles and many other things cheaply. You can apply online to participate in the e-auction. SBI has given information about this e-auction by tweeting.
Which properties are auctioned by the
bank in exchange for lending to its customers. If the customer is unable to repay the loan, then the bank auction their mortgage properties for recovery of the dues. Apart from the mortgaged properties, the bank also conducts auction of immovable properties attached by the court.
What needs to be kept in mind
To participate in the e-auction, an earnest money deposit (EMD) has to be submitted.
All documents will have to be submitted for full details of KYC at the branch.
Valid digital signature will be required.
After submitting the EMD and KYC documents at the branch, the login ID and password will be sent to the email ID of the bidders from the e-auctioners, through which one can participate in the auction.