The electronic auction of the National Bank of Punjab (PNB electronic auction) will start on December 29, the bank reported through a tweet. According to PNB’s tweet, buyers can learn more about the properties at https://ibapi.in/.
Previously, the State Bank of India had also reported through a tweet that the bank will auction different types of property. According to the SBI tweet, the auction will take place on December 30. The bank has reported on it through advertisements in different newspapers. The properties offered by SBI e-Auction include all types of properties, housing, residential, commercial, industrial.
The bid for the electronic auction, as the name suggests, will be completely online. If you also want to bid on this digital auction, you must first register using your mobile number and email ID. After that, you will have to upload documents for KYC. Once verification is complete, the online challan will be completed, only after which you will be able to bid online.
Typically, properties whose loans could not be repaid, that is, properties in default, are auctioned by banks. Those properties are auctioned from time to time by banks through the Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal.
“India Bank Auction Mortgaged Property Information Portal (IBAPI) is an initiative of the Indian Banks Association (IBA) under the general policy of the Department of Financial Services (DFS), Ministry of Finance, to provide a common platform to display the details of mortgaged properties to be auctioned online by banks, starting with public sector banks. Potential buyers can use this portal to search and view property details and participate in the process auction, “reads the Ibapi website.
According to the information available on the IBAPI portal, 3,747 residential properties, 958 commercial properties, 532 industrial properties, 8 agricultural properties, 30 properties throughout the state are available. The auction of these properties has been carried out by 12 banks.
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