PNB To Auction Houses, Agricultural Land On June 15

If you are considering buying a house at a cheaper price than the market, then here is a great opportunity for you. Punjab National Bank (PNB) has come up with this special offer of auctioning properties. The auction will take place on June 15 wherein investors can purchase residential, agricultural, commercial and industrial properties at affordable prices.

Here is how you can participate

The bank is auctioning properties that have come on the list of default. The Punjab National Bank has informed its customers by a tweet that if they are eyeing to invest in a property then they can participate in the upcoming mega e-auction on June 15, 2021.  Detailed information regarding this can be found at the website of Indian Banks Auctions Mortgaged Properties Information (IBAPI).

Prospective bidders will have to fulfil the following conditions to participate in the auction:

Registration: The bidder will have to register on the e-auction platform using mobile number and email-id.

KYC verification: After registration, the bidder needs to upload the required KYC documents that will be verified by the e-auction service provider. This process may take up to two working days.

Amount transfer: Post this, you have to transfer the amount using the challan generated on the e-auction platform. You can use NEFT/transfer or even an offline payment mode

Bidding process and auction result: After completing the above steps, you can place a bid online on the e-auction platform.

Banks confiscate the properties and lands of individuals who fail to repay their loan. These properties are then auctioned on a regular basis to recover the pending dues. As per the information furnished by the e-Bikray portal, there are 12855 residential properties, 2804 commercial properties, 1400 industrial and 101 agricultural properties to be auctioned on June 15.

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