SBI to hold a mega e-auction for properties



State Bank of India will be holding a mega e-auction of over 1,000 open plots, commercial, residential and industrial properties to recover dues on February 26, 2020. These include houses, industrial and commercial units which are stressed assets of defaulters and the bank has made provisions or exposure in accordance with the Reserve Bank of India norms.

As per the Act, those signing up for the e-auction have to pay 10% of the reserve price set for the distressed property which is returned in case the bidder is not successful. If the bidder is successful, the amount is adjusted in the final price. Banks give out details of the properties they are auctioning. A portal launched by the Indian Banks Association (IBA) provides a common platform. Prospective buyers can log on to ibapi.in, register themselves, view details of properties and even participate in the auction process.

Five things to follow while participating in SBI’s e-auction are-

 

  1. Earnest money deposit (EMD) for the particular property as mentioned is essential, said the bank. Earnest money deposit is the token amount that the buyer pays to show genuine interest in a property.
  2. KYC (Know Your Customer) documents must be submitted to the branch concerned before participating in the e-auction.
  3. Avalid digital signature is also mandatory. Bidders may approach the e-auctioneers or any other authorised agency to obtain digital a signature, SBI said.
  4. Login ID and password will be sent to the email id of the bidders after the successful submission of Earnest money deposit and KYC documents in the branch said SBI.
  5. The full list of properties available for the auction is mentioned on SBI’s website. Bidders are required to bid during the auction hours on the date set by SBI.

Add a Comment

Your email address will not be published. Required fields are marked *