15 Steps process to participate in SBI E-Auction

State Bank of India (SBI) is the India’s largest Government Sector Bank. The State Bank of India is offering E-Auction of Residential and Commercial Properties on dated 12 June 2015.This E-Auction will contain properties which are at a price which is lower than Market Prices of those properties. This E-Auction contains Apartments, shops, Offices, factory Buildings etc. In this E-Auction the properties which are sold out are the properties of SBI Bank Customer who have taken loan from State bank Of India (SBI ) are not doing the repayment of loan amount. From this E-Auction SBI is planning to raise Rs 1200/- Crore from the 300 properties across 40 cities in India. Since this E-Auction is Electronic based so the chance of getting chitted will be Zero percentage.

Now I will tell you the process of participate in SBI E-Auction

  1. You have to Visit @ https://www.sbi.co.in/portal/web/home/auction-notices
  2. Then you have to click BANK E-AUCTIONS
  3. In BANK E-AUCTION you have to click e-Procurement Technologies Limited.
  4. Once you have selected e-Procurement Technologies Limited you will be redirected to auctiontiger.net.
  5. In Auctiontiger.net you have the option to select the Indian City from where you want to purchase the property. Once you have selected the city. The properties available for E-Auction will the shown.
  6. You have to select the property. Once you click the desired property there is a option called More Details .Once you click the More Details it will show the more details like property Address, Property Documents ,Auction Starting & Ending dates, address of concern SBI Branch ,Reserve Price ,EMD Amount
  7. In this selection there is option named Download Document. Once you click the Download Document it will show you JPG Image of Sale Notice and JPG Image of Terms and Conditions of E-Auction of that property.
  8. Now you can contact the concern Bank officer of that property and ask him the property documents and request him for property Inspection. It is always advisable to concern with Local property dealer for the property price and Property Lawyer to verify the property documents
  9. Once you are satisfied with Property Document and property condition you have to deposit EMD (Earned Money Deposit) which is 10% of the reserve price of property. This amount will be paid through Demand Draft,NEFT/RTGS only.
  10. Along the EMD amount you have to submit self-attested KYC documents. In KYC document you have to submit Address proof, ID Proof, PAN Card Detail. You can send the Scanned Document of KYC to the concern SBI Branch Officer.
  11. Once the Document get verified e-Procurement Technologies Ltd. Will provide User ID and Password to participate in the E-Auction.
  12. On the Decided E-Auction day with your User ID and Password you can participate in the Auction .In this way you can bit any property across 40 Cities in India by sitting at home.
  13. The Bidder who submits highest Bid for the property will be the owner of property. The owner of the property has to pay 25 % of the bid amount immediately after winning the E-Auction Bid and rest amount within 15 dates of the E-Auction.
  14. The property owner has to bear Stamp duties,Transfer Fees and all other charges. After paying all dues the Sale Certificate will be issued in name of the applicant who has done highest Bid for the property.
  15. The helpline for this E-Auction is 079–40230801 or 0120–4888888.And the mail Id is support@ auctiontiger.net.

More Info @ http://goo.gl/TjLmI4

Originally published at yoyomoneysingh.in on June 8, 2015.

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