How to bid for SBI Mega real estate e-auction?

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State Bank of IndiaState Bank of India (SBI), country’s largest lender is coming up with online auction of 1,000 commercial and residential properties starting today.  The prospective buyers can register themselves for the e-auction.

SBI’s official website has made an announcement on its official website stating that, “The SBI Mega E-Auction is here! Register and on 29th May, 2018, bid for a chance to own any of the 1000 properties being auctioned”.

The online portal of the State lender also makes it clear that for availing its mega e-auction scheme, KYC (Know Your Customer) documents are mandatory to be submitted to the concerned branch.

SBI’s twitter handle further adds, prospective buyers must properly review the ownership clauses before going for a purchase.

Here’s how to bid online for 1000 commercial, residential properties.

Requirements for availing e-auction:

EMD (Earnest Money Deposit) for the particular property as mentioned in the e-Auction notice.

KYC Documents – to be submitted to the concerned bank branch.

Valid Digital Signature – Bidders may approach e-auctioneers or any other authorised agency to obtain digital signature.

Login ID and Password – This will be sent to the email ID of the bidders by e-auctioneers, once the deposit of EMD and submission of KYC documents to the concerned branch has been made.

During the auction hours on the date of e-auction, bidders are required to log in and bid as per auction keeping into account all the bidding rules. Following which, subject to eligibility, loans would be available to the successful bidders, the SBI website said.

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