The country’s second largest government bank, overtaking PNB and BOB, is selling houses and shops cheaply, this work will have to be done to buy

IOB Mega E-Auction: Indian Overseas Bank has become the second largest state-run bank in the country, surpassing Punjab National Bank (PNB) and Bank of Baroda (BOB). IOB has come up with great offers to buy houses, shops and plots at cheap prices. Home or commercial property buyers can take advantage of this opportunity. The Bank is conducting Mega E-Auction on 23rd July, 17th August and 15th September 2021. You too can buy a house, shop or plot at very cheap prices by participating in this mega auction. Let us know some important things related to it.

IOB has given information about this mega e-auction by tweeting. IOB tweeted and wrote – IOB is conducting Mega E-auction on 23rd July, 17th August and 15th September 2021. Property details are available on the bank’s website iob.in.

What is the need to participate in E-Auction

>> EMD i.e. Earnest Money Deposit, ‘KYC Documents’ to be shown at the concerned bank branch for the respective property mentioned in the e-auction notice.
>> The person participating in the auction should have a digital signature. If not, the e-auctioneer or any other authorized agency can be contacted for this.
>> E-Auctioneer will send login ID and password to the bidder’s email ID after depositing the EMD at the concerned bank branch and showing the KYC documents.
>> You can bid by logging in on time on the day of e-auction as per rules of auction.

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What property does the bank auction

The people to whom the bank gives loans in the form of loans, for this, they mortgage their residential property or commercial property etc. as a guarantee. If the borrower is unable to repay his loan, then in this situation the bank auctions his mortgaged property to recover his money. The respective branches of PNB publish advertisements through newspapers and other media.

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