Punjab National Bank (PNB) is organizing an electronic auction (e-auction) event for mortgaged properties which is scheduled to begin today on August 3, 2023.
The properties available for auction encompass a wide array, including residential, commercial, industrial, agricultural properties.
The PNB mega e-auction presents a remarkable opportunity for prospective buyers to place bids and potentially secure properties at prices below the prevailing market rates.
PNB's official Twitter handle tweeted about this opportunity on July 3, encouraging prospective buyers not to miss out on this significant chance to acquire a property of their preference.
Don't miss the mega opportunity to get the property of your choice.
To participate please visit: https://t.co/x5lOHWls9X#Auction #Home #Properties #Digital #Loan pic.twitter.com/8qwdSkjeNqJuly 31, 2023AdvertisementTo participate in this e-auction, you need to visit the Indian Banks Auctions Mortgaged Properties Information portal, which is an initiative of Indian Banks Association (IBA) under the overarching policy of the Department of Financial Services (DFS), Ministry of Finance to provide a common platform to display details of mortgaged properties to be auctioned online by Banks, starting with Public Sector Banks.
Prospective buyers can use this portal to search and view details of properties and participate in the auction process.
PNB Mega E-Auction: Details
As part of the auction, a substantial number of properties will be available for auction in the next seven days:
1102 residential properties
384 commercial properties
102 industrial properties
The auction is set to take place today, with another session scheduled this month on August 22.
Within the next 30 days, the auction will comprise of more properties as stated on the IBAPI) portal
2730 residential properties
681 commercial properties
237 industrial properties
Documents Required for PNB's Mega e-auction For Properties
For individuals intending to participate in PNB's mega e-auction for properties, the following KYC documents are required for registration:
PAN or Form 16
Address Proof (acceptable documents include Voter Identity card, Driving License, MNREGA Job Card signed by a state government official, and Letter from the National Population Register)
Interested bidders must complete the following procedures in advance:
Register on the e-Auction Platform using their mobile number and email ID.
Upload the necessary KYC documents, which will be verified by the e-auction service provider (verification process may take up to 2 working days).
Initiate online/offline fund transfer using NEFT/Transfer, utilizing the generated challan from the e-Auction Platform.
Once the above steps are completed, registered bidders can proceed to place online bids on the e-Auction Platform.
PNB Mega E-Auction Participating Banks
Total of 11 banks are participating in this e-auction
Bank Of Baroda
Bank Of India
Bank of Maharashtra
Canara Bank
Central Bank Of India
Indian Bank
Indian Overseas Bank
Punjab National Bank
State Bank Of India
UCO Bank
Union Bank Of India
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