Want to buy a house? SBI’s mega e-auction is live now - Know how to bid for your dream property

Buying a dream house at affordable price has become even easier. On Monday, the largest lender State Bank of India (SBI) announced that their Mega e-auction has gone live and bidders can place their bids for residential properties. One can visit SBI’s sbi.auctiontiger.net  and www.bankeauctions.com  to see the properties and register. At SBI, one can register as a bidder and bid for the foreclosed properties. Last week, SBI assured individuals by clarifying that,  it is a myth that one has to deal with legal complications when buying auctioned foreclosed properties. Through SBI Mega E-auction, the lender puts up mortgaged properties that includes residential and commercial ones too. 

SBI via is Twitter account said, “Looking for good property at rates significantly lower than the market price? Register as a bidder today, and participate in the SBI Mega E-Auction. Visit http://sbi.auctiontiger.net  and https://www.bankeauctions.com  to see the properties and register. #EAuctions #SBIMegaAuction #BeABidder.”

Looking for good property at rates significantly lower than the market price? Register as a bidder today, and participate in the SBI Mega E-Auction. Visit https://t.co/MmQMFULpOI and https://t.co/nxAafseVF3 to see the properties and register.#EAuctions #SBIMegaAuction #BeABidder pic.twitter.com/7JTxdgGGtO

— State Bank of India (@TheOfficialSBI) June 10, 2019

Here’s what an individual must do for participating in SBI Mega E-auction.

Registration: 

Bidder is required to create a login ID and password on the portal by providing the basic information. Registration on the portal is free. Bidder has to create the login account for participating online into e-Auction.

After filling up all the required details carefully, bidder has to click on Submit button in order to complete the registration process.

Bidder can use his/her email ID as a login ID and the password which he/she has created at the time of registration for login purpose on the portals mentioned. 

Bidders can search / view the live auction events and can download the related documents without login on the portal.

Also, a bidder  can search for the events using the reserve price, description of the event or with the name of the bank. 

Further, they can download the related documents from the section “Auction Related Documents” And in order to participate in the event, bidder is required to click on Participate Button available at the bottom of the page. 

In case the bidder has forgot his / her password, the same can be retrieved by clicking on the link “Forgot Password” .

How to participate? 

Stage 1: Participation Stage : Under Participation stage, bidder has to click the check box for the acceptance of Terms and Conditions pertaining to the auction event and have to click on Submit button.

Application will also reflect the status of the auction (Eg: Current Stage) for the ease of the bidders.

After the acceptance of Terms and Conditions, bidder have to click on Participate button. Once the bidder click on Participate button, application will navigate the user to the participation stage (Uploading of KYC Documents, EMD Details and FRQ (First Rate Quote – Quote Price) etc.)

To do the above mentioned services, bidders must upload the KYC / Annexures and proof of EMD by clicking on the link “Pay / Update ” And “Upload Doc”. After uploading all the required details bidder has to submit the Quote Price.

It needs to be noted that, a bidder cannot be able to make changes in the uploaded documents or the quote price after the final submission. If the bidders fails to click on Final Submit button within the stipulated date and time; not be able to participate in the auction.

On multiple occasions, SBI opens its mega auction for many homebuyers, who are planning to buy their dream house. You can review the properties that are available for sale at affordable prices. 

SBI puts up residential or commercial properties for auction of defaulters to recover dues. SBI furnishes all the 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.

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.

Remember these overall requirements:

• EMD for the particular property as mentioned in the e-Auction notice
• KYC Documents - to be submitted to the concerned Branch.
• Valid Digital Signature -Bidders may approach e-auctioneers or any other authorised agency to obtain digital signature.
• Login Id and Password– Will be sent to the email id of the bidders by e-auctioneers after the deposit of EMD and submission of KYC documents to the concerned branch
• Bidders to login and bid during the auction hours on the date of e-Auction as per auction rules.