We have created a list of common questions that we have received from members. If you do not find your answer on this page, please Contact Us and we will resolve your queries.
It is a non-conventional method of auction conducted electronically through our KFC e-Sale software.
It is a secure method and it is free from middlemen. You are directly working with Kerala Financial Corporation. It makes it convenient to place a quote once the auction is posted in the site and hence the chance of missing out is avoided.
Auction & Bid Information
e-Tender
e-Tender is the first stage of the e-Sale. It is a closed process where members can submit bids for any amount above the Reserve Price. The bid amounts are confidential and so no one can see the exact amounts that have been submitted.
e-Bidding: e-Bidding is the second stage of the e-Sale and starts only when the e-Tender has been closed. This is an open process similar to any auction. Bidders submit bid amounts higher than the last bid amount starting from the Minimum Reserve Price. Note: There is a Minimum Incremental Bid Amount (MIBA).
Next step after e-Tender and e-Bidding: After the e-Tender and e-Bidding is closed, the highest bid amount from both these stages is identified and that Bidder is declared as the winner of the auction.
Who can auction the property through E-Sale?
Any Individual, Institutions, Banks and Government Departments can auction the properties through E-Sale. Individuals should provide all details that RBS may require in the manner in which it is required. Banks and Institutions can E-Sale properties under relevant Acts and their rules. Unique user ID and password will be delivered to the Authorised Officer of the Bank/Institution only to ensure security. SLA will be executed between RBS & Institutions.
Is there any fee or charge to be paid for posting the property for E-Sale?
There is no fee or charge for posting the properties for sale or purchase. Likewise, the postings are free for viewing except the contact information.
How does one get the contact information?
By registration through payment of respective scheme for the particular property. Separate payments have to be made for different contact information. Registration entails a member to intimations of postings through their email ID and SMS.
How does one ensure non-encumbrance or correctness of the property?
As explained earlier, no property will be posted if information is not provided in the laid down norms. Therefore properties minus the required details are not offered for transaction.
What is the fool proof mechanism adopted in RBS?
All properties except properties of Banks/Institution are subject to strict scrutiny with sufficient due diligence before posting the property in the site.
What are all the schemes and tariff?
It will be displayed in the website from time to time. Tariff will be devoted depending in the property in transaction.
What is the minimum period of bidding a property?
If it is a Bank/Institution property under SARFAESI ACT - the statutory notice period plus 15 days from closure of auction. If it is individual’s property – 10 days from closure of auction.
