Punjab National Bank (PNB), the country’s second-largest government bank, is offering a chance to buy properties at low prices through a Mega E-Auction.
This nationwide online auction allows the bank to recover dues by selling mortgaged properties.
It’s a great opportunity for people to purchase good properties at affordable rates.
If you’re looking to buy property at a low price, this is the week to do it.
Details of the Mega E-Auction
According to PNB’s official post, you can purchase both residential and commercial properties in one place during the mega e-auction.
So, if you’re planning to buy a house, this special e-auction by PNB offers a great chance to get a property cheaply.
Details on IBAPI Portal
The mega e-auction is part of the Department of Financial Services (DFS), Ministry of Finance’s policy to provide a common platform for displaying properties.
On this portal, you can search and view details of various properties and participate in the auction.
The IBAPI portal is used by banks to auction mortgaged properties.
This initiative by the Indian Banks Association (IBA) involves public sector banks.
Auction Process and Property Details
PNB has stated that the auction will be conducted under the SARFAESI Act,
ensuring transparency and open participation for everyone.
Types of Properties Available
Details of all the listing are as below:
- Residential Properties: 12,695
- Commercial Properties: 2,363
- Industrial Properties: 1,168
- Agricultural Land: 102
For more information about the auction, visit the official link: Official Auction Info.
E-Auction Guidelines
Bidder/Purchaser Registration: Register on the e-auction platform using your mobile number and email ID.
KYC Verification: Upload the required KYC documents, which will be verified by the e-auction service provider (may take 2 working days).
Transfer the EMD Amount: Use the challan generated on the e-auction platform to transfer the money through online/offline mode via NEFT/RTGS.
Bidding Process and Auction Result: After completing the previous stages, registered bidders can bid online on the e-auction platform.
Why Do Banks Auction Properties?
Many people take loans from banks for properties. If they cannot repay the loan, the bank takes over the property.
Banks then auction these properties to recover their outstanding amounts.
