PNB mega e-auction for properties begins today – View Documents, Property Details

New Delhi: Punjab National Bank (PNB) is starting the e-auction of properties during which buyers can expect to buy properties at great prices.

Punjab National Bank It was also informed through a tweet that the bank is going to auction different types of properties. According to PNB’s tweet, the auction will be held on Thursday (August 25). The properties offered by PNB e-auction include all types of properties, housing, residential, commercial, industrial.

“Your search for affordable residential and commercial properties will end here! To bid, log on to the e-sale portal” PNB Tweet.

How to Participate in Punjab National Bank Mega E-Auction of Properties?

The bidding for PNB e-auction will be completely online as the name suggests. If you also want to bid in this digital auction, then for this you will first have to register through your mobile number and email id. After this you will have to upload the paper for KYC. Online challan will be filled after verification is complete, only after which you will be able to bid online.

Generally, the properties whose loans could not be repaid i.e. properties on default, are put up for auction by the banks. Such properties are auctioned by banks from time to time through the Information on Auction Pledged Properties of Indian Banks (IBAPI) portal.

“Indian Bank Auction Pledged Property Information (IBAPI) Portal is an initiative of Indian Banks’ Association (IBA) to display details of mortgaged properties under the comprehensive policy of Department of Financial Services (DFS), Ministry of Finance Provides a common platform. Starting from Public Sector Banks to be auctioned online by banks. Potential buyers can use this portal to search and view details of properties and participate in the auction process,” the Ibapi website reads .

As per the information available on the IBAPI portal, 14,545 residential properties, 2734 commercial properties, 1486 industrial properties, 106 agricultural properties, 35 properties are available across the state. These properties have been auctioned by 11 banks.