SBI mega e-auction today: Get your dream house at lower rates; check requirements, other details here

The State Bank of India (SBI) has come up with a mega e-auction on Monday, October 25, 2021 to give you an opportunity to own a property at lower rates than the market prices.

As per the information, the state-run bank will be selling properties of those who have taken the loan from the bank but have failed to repay their loans. The bank is conducting the online auction to recover its stuck money with the people who have failed to pay their loans.

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"Our Bank puts up the mortgage properties (like Residential properties / Commercial properties etc.) of defaulters to recover the Bank dues," the bank said.

The largest lender has informed about the e0auction via a tweet on its official Twitter handle. "Bid from your home! Join us during the e-auction and place your best bid," it tweeted. To know more about the auction process and property details, one can check on this link – https://bank.sbi/web/sbi-in-the-news/auction-notices/bank-e-auctions

Bid from your home! Join us during the e-auction and place your best bid.

Know more: https://t.co/vqhLcagoFF #Auction #EAuction #Properties #SBI_MegaEAuction pic.twitter.com/w70WVckFND

— State Bank of India (@TheOfficialSBI) October 22, 2021

Before participating in the auctioning process, one can check the complete information regarding the property, its location, size and other things on the website. To facilitate the smooth auctioning process, the bank designates one person to provide complete information regarding the property to prospective bidders.

According to the bank, the e-auction will be conducted in a transparent manner following all the required guidelines.

Requirements for participating in e-Auction:

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

2. KYC Documents - to be submitted to the concerned Branch.

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

4. 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.

5. Bidders to login and bid during the auction hours on the date of e-Auction as per auction rules.