PNB Mega Property E-Auction: If you want to buy a house, shop or cheap agricultural property, then a golden opportunity has come for you. Know through which mega e-auction your dream of buying property will be fulfilled.
Mega E-Auction of Property: The country’s second largest public sector bank Punjab National Bank (PNB) is giving you a chance to buy many properties cheaply through Mega e-auction. This government bank is organizing nationwide online e-auction or mega e-auction 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 X post. This auction will be done by Punjab Bank on 28 June 2024. In its official post, PNB has written that from residential to commercial, you can take everything at one place at the same time in Mega e-auction. 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.
Don’t miss the opportunity at Mega e-Auction!
For more information please visit: https://t.co/N1l10rKewq to participate.#Auction #Online #Properties #PNB #Banking #Properties pic.twitter.com/dBJrb8A2Nu
— Punjab National Bank (@pnbindia) June 24, 2024
What is IBAPI portal and how does it work?
Mortgage properties are auctioned through banks on IBAPI portal.
This is an initiative of Indian Banks Association (IBA) which is being started with public sector banks or government banks.
This mega e-auction is being conducted under the important policy of Department of Financial Services (DFS), Ministry of Finance to provide a common platform for their display.
Apart from searching and viewing the details of land-plot, house-shop or properties, this portal can be used to participate in the auction.
Auction will be done under SARFAESI Act
PNB has also said that this auction will be done under SARFAESI Act. It will be completely transparent and anyone can participate in it.
How many properties of what type are in the auction
Residential Properties
12695
Commercial Properties
2363
Industrial Properties
1168
Agricultural Land
102
Check the 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 of e-auction platform
Stage 1: Bidder/Purchaser Registration: Bidders need to register on the e-auction platform using their mobile number and email ID
Stage 2: KYC Verification: Bidders need to upload the required KYC documents. The KYC documents will be verified by the e-auction service provider. (This may take up to 2 working days)
Stage 3: Transfer the EMD amount to your Global EMD account. Transfer the money using the challan generated on the e-auction platform through online/offline mode via NEFT/RTGS.
Stage 4: Bidding Process and Auction Result: Registered bidders can bid online on the e-auction platform after completing Stages 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 their land or plot is taken over by the bank. Banks auction such properties from time to time to recover their outstanding amount.
