Home > Finance > PNB is doing an e-auction of properties. Should you buy?

PNB is doing an e-auction of properties. Should you buy?

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Do you want to buy a property and are unable to as the market prices are higher? So, here is your chance to buy your dream house and that too at a cheaper price than the market rates. Punjab National Bank (PNB) is giving you a golden opportunity to buy property at a cheaper rate. The country’s second-largest government bank has announced a nationwide online mega e-auction (auction) of residential as well as commercial properties. The auction will be held today, 15 March. The bank has given the information through its official Twitter handle.

“You won’t want to miss this! Grab the opportunity before it slips away. Get reasonable prices of residential and commercial property through PNB e-Auction being held on 15th March 2021,” PNB said in a tweet.

Actually, PNB is auctioning properties that have come under the category of defaulters. This means that the loan was taken by pledging the property, but it has not been paid. The bank will auction the property of such defaulters. According to the information given by the bank, if you want to participate in the auction, you have to register first.

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The bidder has to complete the following formalities well in advance :

Bidder/Purchaser Registration: Bidder to register on e-Auction Platform using his mobile number and email-id.

KYC Verification: Bidder to upload requisite KYC documents. KYC documents shall be verified by the e-auction service provider, which may take 2 working days.

Transfer of EMD amount to Bidder Global EMD Wallet: Online/off-line transfer of fund using NEFT/Transfer, using challan generated on e-Auction Platform. Tutorial Video

Bidding Process and Auction Results: Interested Registered bidders can bid online on the e-Auction Platform after completing all the above steps.

Should you go for it?

When a bank auctions properties, it generally garners huge interest as these properties are believed to be auctioned at a lower price. However, you may find a property priced lower than the market price but at the same time, you should be aware of the risks involved in buying a property in an auction. So, if you are planning to buy a property through a bank auction, do understand the process clearly.

On 5 March, the country’s top lender State Bank of India (SBI) conducted an electronic auction (e-auction) for the mortgage properties. The properties offered by the SBI e-auction included all kinds of properties like housing, residential, commercial, industrial, etc.

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