How to bid for SBI e-auction of properties in India on 29th November 2017


Eager to buy a house, office, shop or land in India? This article provides guidelines on how to participate in the forthcoming SBI mega e-auction of residential and commercial properties in India scheduled for 29th November 2017.

When the owner of a property is not able to pay back a bank loan, the bank offers the property to buyers. Those interested in the property can purchase the property through online bids. The electronic auction process, called e-auction in short, is a good platform to acquire property quickly. It saves time and enables you to, perhaps, get a lucrative deal.

State Bank of India (SBI) has announced its next mega e-auction which is scheduled for 29th November 2017. You can bid for different types of property, including an apartment, a commercial office, a factory, etc. So if you are eager to acquire commercial space to set up a franchise or buy a flat in a central location of a city, the SBI e-auction is a great place to grab a chance to do so.



Before the bid

Prior to pitching your bid for any property at the SBI e-auction, note some important things –
  1. Software: Check that you have the requisite software & Internet requirements, including:
    • Browser: Internet Explorer 8 and above, Safari, Google Chrome, Mozilla Firefox.

    • Net connectivity speed: 256 KBPs or higher. A break in Net connectivity could create problems!

  2. Ensure that you have the requisite documents -

    Formats permitted are: .ppt, .doc .pdf, .xls, .jpg and .zip files. There is a size limit of 2 MB for each document, wherein you can upload only one document for a particular field. If you wish to upload multiple documents for a required field, then you can upload a single zip file containing multiple documents.

  3. Check if a Digital Signature is required for participation.

  4. Confirm property details: This does not include merely finding out the site location, area, etc. You should also be aware of the taxes & bills, if any, which the previous owner has not paid up, the EMD, etc.

  5. Find out what is the requisite down payment, which will be in terms of the percentage of the property's selling price.




How to participate in the e-auction

You have to register at the e-auction site (there is no fee for registration), enabling you to put forth your bid during the e-auction schedule. Here is a step by step guidance –
  1. Register and create an account with a login ID and password at https://www.bankeauctions.com/sbi by providing the basic information. Note that you do not require to log-in to your account to search for or to view a live auction event. You can also download the auction-related documents without log-in at the site.

  2. Once you have zeroed in on the property for which you wish to bid, click on it and check out the property description, the reserve price, EMD details, documents required, etc. Then click on the 'Participate' button and log-in with your email & password.

  3. Then simply follow the instructions which appear on the screen till the very end, for the four stages, namely Participation, Opening, Auction and Reports.

Note: You will be required to submit hard copies of KYC / EMD to the bank.

Refer for complete guidance: https://www.bankeauctions.com/Bidding_Process_Flow_for_Bank_E_auction.pdf

Contact information

For technical support and assistance, you can call Monday to Friday between 9a.m. to 6p.m. at: 0124-4302020/21 // Mob.: +91-7291981124 / 1125 / 1126

All queries would require to be registered at the official email for on-time support at: support@bankeauctions.com
Website: https://www.bankeauctions.com

Bidding details can be checked at: https://sbi.auctiontiger.net and https://www.tenderwizard.com/SBIETENDER


Article by Vandana
Vandana is based in India with over 15 years experience as a freelance writer. Writing, no doubt, is her primary passion! Having learned the art of blogging from ISC, Vandana is enjoying the thrills of blogging, taking pleasure in sharing information & getting good pageviews at her various blogs.

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Comments

Author: Partha Kansabanik28 Nov 2017 Member Level: Diamond   Points : 4

The article is very useful. It gives all relevant information of SBI e-auction of the property of home loan defaulters and participation in e-auction of such properties. This is almost an annual event conducted by SBI. This year, the e-auction is going to take place on 29th November, 2017.

So far as purchase of defaulting property is concerned, I would like to state that properties sold under Bank Auctions can be bought for as cheap as 30% from the current market rate. This is because very few bidders participate in bank auctions as these properties are usually bought by investors or people who have ready funds available. The participants must also remember that no home loan is available for purchase of such properties.

I again thank the author for this informative article.

Author: Natarajan28 Nov 2017 Member Level: Gold   Points : 2

Nice to hear about this e-auction. It is basically properties of defaulters. I would like to get clarification on a few doubts. Are these properties under litigation? Would they be occupied or vacant? Does the bank help if the disgruntled defaulter files a case. If we bid for a flat or office space and win, what is the deadline for payments to be released?



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