North India Statesman
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Mega E-Auction of Properties: The country's second largest government bank Punjab National Bank (PNB) is giving you an opportunity to buy many properties cheaply through mega e-auction. This government bank is organizing online e-auction or mega e-auction across the country through which banks can recover their dues by selling mortgaged properties. Common people benefit from this because through auction one gets a golden opportunity to buy good properties at cheap rates. If you also want to buy property at a low price, then know this news because this opportunity is going to be available this week.
Punjab National Bank did X post
Punjab National Bank has given this information through ex post. This auction will be done by Punjab Bank on 28 June 2024. In its official post, PNB has written that in the mega e-auction, you can get everything from residential to commercial at one place at the same time. That is, if you are planning to buy a house, then you can also buy a cheap house through the special e-auction offer of Punjab National Bank.
What is IBAPI portal and how does it work?
Auction of mortgaged properties is done through banks on IBAPI portal.
This is an initiative of the Indian Banks Association (IBA) which is being launched with the Public Sector Banks or Government Banks.
This mega e-auction is being organized under the flagship policy of the Department of Financial Services (DFS), Ministry of Finance to provide a common platform for their showcasing.
This portal can be used to search and view details of land-plots, houses-shops or properties besides participating in the auction.
Auction will be done under SARFAESI Act
PNB has also said that this auction will be done under the SARFAESI Act. It will be completely transparent and anyone can participate in it.
How many properties of which type are up for auction
Residential Properties
12695
Commercial Properties
2363
Industrial Properties
1168
agricultural land
102
Check Official Link
For more information about this auction, click on the official link https://ibapi.in/Sale_Info_Landing_hindi.aspx. Here you will get complete information about the auction.
Guidelines for E-Auction Platform
Phase 1: Bidder/Buyer Registration: Bidders need to register on the e-auction platform using their mobile number and email ID
Phase 2: KYC Verification: Bidders are required to upload the required KYC documents. KYC documents will be verified by the e-auction service provider. (This may take up to 2 working days)
step 3: Transfer the EMD amount to your Global EMD account. Transfer the money using the challan generated on the e-auction platform via NEFT/RTGS through online/offline mode.
step 4: Bidding Process and Auction Result: Registered bidders can bid online on the e-auction platform after completing Steps 1, 2 and 3.
Which properties are auctioned by banks?
Many people take loans from banks for property, if for some reason they are unable to repay the loan then the bank takes possession of their land or plot. Banks auction such properties from time to time to recover their dues.
