New Delhi | Jagran Business Desk: The State Bank of India is going to conduct a mega e-auction on October 25 for the mortgage properties — both commercial and residential. The mega e-auction will give people a chance to buy properties at a lower rate. The bank decided to put up the mortgage properties of defaulters in order to recover the bank dues.

Informing about the e-auction, the SBI tweeted, "Your next big investment opportunity is here! Join us during the e-auction and place your best bid. We at SBI are very transparent when putting immovable properties, mortgaged with the Bank/attached by Court order to auction, by furnishing all the relevant details that can make it an attractive proposition for bidders to participate in the auctions. We also incorporate all relevant details and state whether the same is freehold or leasehold, give its measurement, location, etc., including other relevant details in the public notices issued for auctioning.”

It further added, “The details of such properties put up for e-auctions may be accessed through the links provided in the advertisement. There is a designated contact person also for auction at the Branches whom prospective Buyers may approach to for any clarification regarding the auction process and the property he/she is interested in and may inspect the properties of their interest."

These are the requirements for participating in e-Auction:

* EMD for the particular property as mentioned in the e-Auction notice.

* People have to submit their KYC documents to the concerned SBI branch.

* Valid digital signature - Bidders may approach e-auctioneers or any other authorised agency to obtain a digital signature.

* Once the bidder has submitted the EMD deposit and KYC documents to the concerned branch they will receive their registered login ID and password via email id by e-auctioneers.

* In order to buy a property from the mega e-auction, bidders need to log in during the auction hours on the date of e-auction as per auction rules.

A step-by-step guide to participating in bidding:

* First by using the registered email ID and password bidders need to log in on the portal.

* Now the bidder has to accept the terms and conditions after which he or she needs to click on the participate button to enter the auction.

* Now the bidders have to upload their KYC documents, EMD Details, and FRQ (First Rate Quote – Quote Price).

* After uploading all the documents it's time for a bidder to quote a price.

* Once the bidder has quoted the price -- click on the submit option and then on the final submit option to submit the final bid price.

NOTE: If the bidder is unable to click on the final submit button on the right date and time then they will not able to participate in the auction.

Posted By: Mallika Mehzabeen