The Punjab National Bank (PNB) will launch the e-auction of properties on Tuesday, November 29, during which buyers can anticipate purchasing property-both commercial and residential-at fantastic prices.
The auction of various types of property will be conducted by Punjab National Bank, according to a tweet from the bank. Residential and commercial properties are among the ones that the PNB e-auction is offering, according to their tweet.
“Mega E Auction offer mega opportunities! Get set to bid for residential and commercial properties on https://ibapi.in,” said a PNB tweet.
How to participate in the PNB Mega e-auction of properties?
The PNB e-auction bid will be submitted entirely online, as the name implies. You must register with your mobile number and email address before you can place a bid in this online auction. After that, you will need to upload KYC documentation. Only after the online challan has been filled out and verified will you be able to place an online bid.
Banks typically put up for auction any properties whose loans could not be serviced, or properties in default. Banks occasionally place these properties up for auction through the Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal.
"Indian Banks Auctions Mortgaged Properties Information (IBAPI) portal is an initiative of the 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 may use this portal to search and view details of properties and participate in the auction process," the Ibapi website reads.
There are 13083 residential properties, 2544 commercial properties, 1339 industrial properties, 98 agricultural properties, and 34 properties over the state, according to the information on the IBAPI portal. The properties were put up for auction by 12 banks.
