PNB Mega e-auction for properties begin tomorrow, November 29--Check docs, property details

New Delhi: Punjab National Bank (PNB) is kicking off the e-auction of properties Property on Tuesday (November 29) during which buyers can look forward to buying property --both commercial and residential -- at great prices.

Punjab National Bank had also informed via a tweet that the bank is going to auction different types of property. According to the PNB tweet,  the properties offered by PNB e-auction includes residential and commercial properties.

“Mega E Auction offer mega opportunities! Get set to bid for residential and commercial properties on https://ibapi.in,” said a PNB tweet.

Mega E Auction offer mega opportunities!

Get set to bid for residential and commercial properties on https://t.co/N1l10rJGGS#MegaEauction #Auction pic.twitter.com/gqosZxfClW — Punjab National Bank (@pnbindia) November 27, 2022

How to participate in the Punjab National Bank Mega e-auction of Properties?

The bid for PNB e-auction as the name suggests will be completely online. If you also want to bid in this digital auction, then for this you have to register first through your mobile number and email ID. After that you will have to upload papers for KYC. Once the verification is complete, online challan will be filled, only after which you will be able to bid online.

Usually, those properties whose loans could not be repaid i.e. properties on default, are placed in the auction by banks. Such properties are auctioned from time to time by banks through Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal.

"Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal is an initiative of Indian Banks Association (IBA) under the overarching policy of the Department of Financial Services (DFS), Ministry of Finance to provide a common platform to display details of mortgaged properties to be auctioned online by Banks, starting with Public Sector Banks. Prospective buyers may use this portal to search and view details of properties and participate in the auction process," the Ibapi website reads.

According to the information available on the IBAPI portal, 13083 residential properties, 2544 commercial properties, 1339 industrial properties, 98 agricultural properties, 34 properties over state are available. Auction of these properties has been conducted by 12 banks.