All about SBI e-auction of properties that starts October 25, 2021

[ecis2016.org] Mentioned is all you need to know about the SBI e-auction of properties, including the documents required for participating, application process and the SBI e-auction date

SBI e-auction of properties starts from October 25, 2021. In SBI property auctions, the bank puts up properties of defaulters, to recover dues. Loans will also be available for successful bidders of the SBI e-auction, subject to eligibility.

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SBI e-auction : Property information

SBI e-auction follows a transparent process, when putting up the immovable properties, mortgaged with the SBI or attached by court order, for auction. All the relevant details about the property are furnished, to enable bidders to participate in the auctions. Details, including whether the property is freehold or leasehold, its measurement, location, etc., are included in the public notices issued for the auction.

SBI e-auction documents required

To participate in the SBI mega e-auction, an individual has to submit the KYC documents at the concerned branch. These include:

a) PAN card or Form 16

b) Address proof (including Voter identity card, driving licence, job card issued by NREGA duly signed by an officer of state government, letter issued by National Population Register, passport, or Aadhaar).

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SBI auction : Requirements for participation

To participate in the SBI e-auction, you have to pay the Earnest Money Deposit (EMD) for the property you are interested in. Note that the EMD is refundable. Once you have paid the EMD and have submitted the KYC documents to the SBI branch concerned, to participate in the SBI e-auction, you will receive an email from the e-auctioneers where your login id and password will be mentioned. This can also be obtained by registering yourself on the e-auctioneers website.

To participate in the SBI e-auction, you should have a valid digital signature. Bidders can get the digital signature from e-auctioneers or any other SBI authorised agency. Finally, bidders can bid by logging in during the auction hours on the date of the SBI e-auction, abiding by the auction rules.

SBI e-auction property confidentiality information

All SBI e-auction property conducted are confidential in nature that takes place between the auctioneer and a set of bidders on the SBI e-auction partner platforms. No part of the SBI e-auction event can be viewed by anyone without proper authentication by the auctioneer. Even on authentication, a bidder can only view details of his bid and nobody else’s.  Thus, one can rest assured that bidder’s information including pricing, specification of the item etc. are private and only can be accessed by auctioneers who have permission for the same.

SBI e-auction properties list and details

Details of bidding and properties that are put up for SBI e-auction can be accessed through the links provided below, that are being provided by the SBI e-auction partners.

• C1 INDIA Pvt Ltd : https://www.bankeauctions.com/Sbi
• e-Procurement Technologies Limited : https://sbi.auctiontiger.net/EPROC/
• For displaying of the properties : https://ibapi.in
• For auction platform : https://www.mstcecommerce.com/auctionhome/ibapi/index.jsp

The homepage of C1 INDIA Pvt Ltd, the SBI e-auction partner, looks like the below picture. Once you have your login ID and password as a bidder, you can enter the same here and login to the site on the auction day.

Note that bidders can search live SBI e-auction events. You can search for the events using the reserve price, the state and type of the property. You will see a huge list of properties with auction ID, bank name, asset on auction, city, sealed bid submission last date, reserve price, EMD, event type and DRT name.

If you want to show your interest in bidding for any particular property, you can click on the ‘I am interested’ link in that ‘Asset on Auction’ row. You will be led to a pop up box where you have to fill your details and someone will revert to you.

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To get details of the asset on auction, click on the auction ID. And you will be redirected to another page that will give you all details about that particular property in the SBI e-auction.

So, you will see the event details, property details including the category, description and borrower’s name.

You will also get information on auction details like the reserve price, the bid increment value, EMD amount to be paid, first round quote submission last date, SBI e-auction start date and time and end date and time.

As shown in the picture above, you can also download all auction-related documents and study them. If you are keen on bidding for the property, then, click on the ‘Participate’ button at the bottom of the page. You will be led to the page as shown in the picture below.

Once you login, there are four stages: participation, opening, auction and reports. In the participation stage, accept the terms and conditions and submit.

Then, you have to upload the KYC documents in ‘Upload Doc’, EMD payment details in ‘Pay/ Update’ and finally proceed to submit the First Rate Quote (FRQ).

Source: bankeauctions.com

Source: bankeauctions.com

Remember that the quote price can be equal or greater than the reserved value of the SBI e-auction property. After filling up the quote price, the bidder has to click on submit and then ‘Final Submit’ to submit the final bids online. However, note that the bidder cannot make changes in the uploaded documents or the quote price after the final submission. Also, if the bidder does not click on the Final Submit button before the deadline, he will not be able to participate in the SBI e-auction.

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SBI e-auction day

Bidders, whose bids are accepted, will be able to participate in the property e-auction.

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To enter the SBI e-auction, bidders have to enter their login and user name on the homepage of the auction site as mentioned in the beginning of the article. Once this is done, the SBI e-auction event will be listed under the tab ‘Live & Upcoming Auction’. To participate in the SBI e-auction, bidders have to click on the track link and further go on to accept the terms and conditions. Once the SBI e-auction starts the bidder will get the option ‘Click Here To Enter Auction’ and by clicking on it one will be redirected to the bidding page.

Source: bankeauctions.com

After this step, the bidder has to click on ‘Click here to Enter Auction’ at the start time of auction. You will be led to the bidding page.

Source: bankeauctions.com

Here, you can bid in the SBI e-auction property event by clicking on the Submit button. As soon as the bid is submitted, the rank will be generated. Thus, the highest bid ranks 1, the second-highest ranks 2 and so on. The last bid received in the SBI e-auction can be viewed in the first box available under the View uploaded file link. On the same page, you can also check the time remaining for the SBI e-auction bidding.

Source: bankeauctions.com

Similar steps have to be followed if you choose any other SBI e-auction property partner’s platform to participate in the e-auction process.

SBI property auction contact information

There is a designated contact person for SBI e-auction at the SBI branches. Prospective buyers may approach them for any clarification regarding the SBI e-auction process and the property he /she is interested in. They may also inspect the properties of their interest.

Helpline for the SBI e-auction property is as below:

033-23400020/21/22

18001025026/011-41106131

You can also email at helpdesk@mstcindia.co.in

SBI e-auction: Things to remember before investing in e-auction properties

Most properties in bank e-auctions are the ones where the borrowers are unable to pay and the properties are seized by the banks. So, the property is auctioned to recover whatever money can be by the bank and thus are available at less than market prices. However, remember that this may be because of any litigation that the property may be in. While banks are allowed to only auction when the title is clear of all legal problems, many times the e-auction notice of a property makes it clear that ‘while currently there exists no encumbrances, the bank cannot be held responsible for any hidden encumbrance or dues.’ So, a bidder should do a thorough background check on the property he is planning to bid. He should know about the property condition and any liability that is attached with it to steer clear from any kind of legal hassle.

In addition to the price advantage that is being offered by properties that are e-auctioned by banks, one should also invest in this if the location in which it is present is very attractive. As is the norm with any property investment, it’s better to invest in a ready-to-move property rather than in an under construction, owing to the risks the latter possesses.

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