[ecis2016.org] Here is all you want to know about the soon to be conducted e-auction of properties by the state-run bank.
Taking forward the zest of the festive season, Bank of Baroda e-auction presents home buyers an opportunity to buy a property of their choice across India with ease. The Bank of Baroda e-auction will be held on November 16, 2021, under the SARFAESI Act. This mega e-auction of properties will include varied types of properties, including residential and commercial. Through the e-auction, the bank invites bids for the attached properties of people who have failed to repay their loans. Note that this is the second time the auction is taking place — Bank of Baroda e-auction was earlier held on October 22, 2021.
You are reading: All about Bank of Baroda’s November 16 property e-auction
Bank of Baroda e-auction property information
The Bank of Baroda e-auction will be held through the Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal. The Bank of Baroda e-auction follows a transparent process where properties that are attached with the bank are put on auction. Properties, including houses, flats, office spaces, land/plots and industrial properties, will available in this e-auction.
The Bank of Baroda e-auction will offer properties that will have a clear title and will be available for immediate possession. Also, people can avail of bank loans from Bank of Baroda on easy terms if they fit the eligibility criteria.
Bank of Baroda e-auction participation requirements
To participate in the Bank of Baroda e-auction, you need to have all the required documents for KYC. You need not create an account and can directly access the portal. However, registration with the e-auctioneers site is recommended through which you will proceed with the bidding. On the Bank of Baroda website, you can search property details as per location and as per the bank wise. You also have to pay the Earnest Money Deposit (EMD) for the property you are interested in bidding for. Note that the EMD differs from property to property. The EMD to be paid for the property that interests you is clearly mentioned in the e-auction notice of that property. To check the e-auction notice, on the https://www.bankofbaroda.in/e-auction/e-auction-notices click on the ‘All Notices’ tab. Click on ‘Know More’ on property whose Bank of Baroda e-auction is scheduled for November 16, 2021.
For instance, if you click on ‘Know More’ of the first tab which belongs to the Chandigarh zone and Jalandhar region, you will be led to the e-auction notice for that property which will look like the below shown screenshot.
In the notice, you can see the EMD to be paid, EMD collection account number, mode of payment (which is mostly NEFT) and IFSC code. If you are not a successful bidder, the EMD will be refunded to you.
For initiating the refund, click on the EMD refund link once you login. Then, upload a cancelled cheque and bank mandate form. On approval of the EMD request, the amount will be automatically credited to your registered bank account. As a bidder you should also know EMD paid for one property can be used for another property as long as the EMD value is equal to what is needed or more than that.
Bank of Baroda e-auction documents required
Individual bidding
For an individual to participate in the Bank of Baroda e-auction, he has to submit the following KYC documents at the Bank of Baroda branch or uploaded online.
These include:
1) PAN Card or Form 16
2) Address Proof (valid set of address proof include Voter Identity card, Driving License, Job Card issued by MNREGA duly signed by an officer of state government, Letter issued by National population register)
Group of individuals bidding
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If a group of individuals are bidding for the property, they have to provide the following documents.
Primary member
1) PAN Card or Form 16
2) Address Proof of all the members (valid set of address proof include Voter Identity card, Driving License, Job Card issued by MNREGA duly signed by an officer of state government, Letter issued by National population register)
Group members
1) PAN Card or Form 16
2) Address Proof of all the members (valid set of address proof include Voter Identity card, Driving License, Job Card issued by MNREGA duly signed by an officer of state government, Letter issued by National population register)
3) Authorization letter in favour of lead member
Bank of Baroda e-auction properties available
To check on the properties that are available for Bank of Baroda e-auction, go to the Bank of Baroda e-auction page at https://www.bankofbaroda.in/e-auction/e-auction-notices. Here, click on the ‘Mega E-Auction on 16th November 2021 for Immovable Properties Across under SARFAESI Act’ link.
You will reach https://www.bankofbaroda.in/e-auction/-/media/Project/BOB/CountryWebsites/India/eauction/list-of-783-properties-for-mega-eauction-16th-november-2021-06-16.pdf . You have the option to download the list of properties scheduled for the Bank of Baroda e-auction.
The details of the properties include state, district and city in which the property is located, description of the property, summary description, property type, property sub type, pincode, reserve price, EMD, possession type, zone, region, branch, borrower, IBAPI Property Id, Auction open and close date, auto ext time, min incremental value, website details to get auction notice and terms and conditions, branch official’s name and mobile number who should be contacted and the bidding URL.
To know whether the property is under physical or symbolic possession, click on the ‘List Of Properties Under Physical Or Symbolic Possession’ link. You will reach https://www.bankofbaroda.in/e-auction/-/media/Project/BOB/CountryWebsites/India/eauction/list-of-properties-under-physical-or-symbolic-possession-17-05.pdf
The list includes details like zone, region, branch, borrower name, property details, city, district, state, possession type, property type, authorized officer name and mobile number.
Note that the details of properties displayed in both the lists provide a broad understanding of properties in the Bank of Baroda e-auction. While this is an indicative and non-exhaustive list, every bidder/ prospective buyer should do a thorough verification of the property before purchasing it through the bank’s authorised officer or his own source.
Bank of Baroda e-auction access details
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All the details about bidding and properties that people are looking for with respect to Bank of Baroda e-auction can be accessed through https://ibapi.in and https://www.bankofbaroda.in. The bidding URL can be accessed at https://www.mstcecommerce.com/auctionhome/ibapi/ . You can login with your email ID and password. If you don’t have an account click on register.
All the dos and don’ts are mentioned on the registration page which every buyer has to make note of.
The first step for going with the Bank of Baroda e-auction is to pay the pre-bid EMD which can be done by selecting the Pay Pre-Bid EMD option on the left-hand side of the page. Enter the amount, the payment type and proceed to payment.
Once paid, you will get the challan for the payment made and the EMD wallet will be updated with the money received.
Next, you can proceed to enter the ID of properties that you are interested to bid by clicking on the ‘Properties of Interest’ tab. You can do multiple searches and add many properties to your box. Then click on the check boxes of properties that you like and submit the properties of interest. Note that bidders have the opportunity to deactivate properties from the bidding floor.
Then click on the bidding floor from the options present on the left-hand side of the page and enter the bid amount.
After the bidding process, the bidder can view the status – accepted or rejected by clicking on the auction result tab.
Bank of Baroda e-auction helpdesk
Bidders who have any issue related to IBAPI can contact on
Phone: 033-22901004, 033-22895064
Email id: bbarik@mstcindia.co.in, shembram@mstcindia.co.in.
FAQs
What are things to be remembered while paying the EMD?
While paying the EMD, take care that it’s paid well in advance so that it’s verified and you are able to participate in the bidding process. Any delay in EMD payment will result in disqualification.
In how days will you get the EMD refunded money in your account?
The EMD refund request is processed within three working days of receiving the request.
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