SBI Mega E-auction: Check this tweet, you will shed your fears about buying a house in an auction

Homebuyers mostly refuse to buy any house where there is a problem with the documentation. This especially applies to buying a house in an auction as there are a host of legalities involved and most importantly uncertainty about possession. However, the largest lender, State Bank of India (SBI) has clarified that it is a myth that one has to deal with legal complications when buying auctioned foreclosed properties. Through SBI Mega E-auction, the lender puts up mortgaged properties that includes residential and commercial ones too. On multiple occasions, SBI opens its mega auction for many homebuyers, who are planning to buy their dream house. You can review the properties that are available for sale at affordable prices. 

However, SBI has sought to calm the fears of homebuyers over legal complications and through its Twitter account announced, “Worried you might buy more problems than property? Don’t be! Only litigation free properties are put up at the SBI Mega E-Auction. Visit http://sbi.auctiontiger.net  and https://www.bankeauctions.com  to see the properties.”

Worried you might buy more problems than property? Don’t be! Only litigation free properties are put up at the SBI Mega E-Auction. Visit https://t.co/MmQMFULpOI and https://t.co/nxAafseVF3 to see the properties. #SBI #StateBankofIndia #EAuctions #SBIMegaAuction #BeABidder pic.twitter.com/QBwLDps4G2

— State Bank of India (@TheOfficialSBI) June 6, 2019

SBI puts up residential or commercial properties for auction of defaulters to recover dues. SBI furnishes all the 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.

There is 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.

Requirements for participating in e-Auction

• EMD for the particular property as mentioned in the e-Auction notice
• KYC Documents - to be submitted to the concerned Branch.
• Valid Digital Signature -Bidders may approach e-auctioneers or any other authorised agency to obtain digital signature.
• Login Id and Password– Will be sent to the email id of the bidders by e-auctioneers after the deposit of EMD and submission of KYC documents to the concerned branch
• Bidders to login and bid during the auction hours on the date of e-Auction as per auction rules.

To know the details of properties offered under this e-auction visit the website www.bankeauctions.com/Sbi and sbi.auctiontiger.net.