SBI Mega E-auction: Now, buy properties at lower prices, check how to submit bid

SBI is planning to conduct an electronic auction for mortgage properties that include both commercial and residential spaces. You can buy properties at cheaper rates by participating in the bid.

New Delhi: Planning to invest in property at discounted rates? If yes, then we have good news for you! The State Bank of India (SBI) is planning to conduct an electronic auction for mortgage properties that include both commercial and residential spaces. The electronic auction of the properties will take place on October 25 as part of the SBI mega e-auction. 

"Your next big investment opportunity is here! Join us during the e-auction and place your best bid," SBI said in a Tweet.  

Your next big investment opportunity is here! Join us during the e-auction and place your best bid.
Know more: https://t.co/vqhLcagoFF #Auction #EAuction #Properties #SBIMegaEAuction pic.twitter.com/e24yoxgh1C — State Bank of India (@TheOfficialSBI) October 13, 2021

Investors planning to invest their money could use the opportunity to bid for homes, plots, commercial shops and more at prices cheaper than market rates. The properties that are put on a bid by SBI are actually mortgage properties of defaulters 

Here’s how you can bid for properties: 

Step 1: Log in to the official portal by using your registered credentials or register as a new user. 

Step 2: After accepting the terms and conditions, select the ‘Participate' button. 

Step 3: Upload the documents required for submitting the bids. These documents include KYC docs, EMD details and First Rate Quote. 

Step 4: After uploading all the documents, bidders will have to submit the Quote Price which can be either equal to greater than the reserved value of the property on sale. 

Step 5: Now, click on the 'submit button. 

Step 6: Verify all the details again before clicking on the 'final submit button to submit your bid for the property. 

“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,” India’s largest state-owned bank said. Also Read: Tata Punch to launch on October 18, check upcoming SUV's price, features, booking details

“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 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," the bank added. Also Read: Kia Sonet First Anniversary Edition launched in India: Check price, specs and other details