SBI Bridge Home Loan
SBI Bridge Home Loan helpsbridging the financial gap between sale of existing property and purchasing a new property. This short-term loan comes with a repayment tenure of 2 years and competitive interest rate rages from 9.50% p.a. to 10.50% p.a. You can apply for a loan amount ranging from Rs.20 lakh to Rs.20 crore with this financing scheme.
Bridge loans are temporary loans that are used to bridge the gap between short-term fund requirements and long-term loans. It helps meet immediate cash requirements in the transitional phase of moving to a new home while your existing home is yet to be sold.
Tenure | Interest Rate |
1st year | 9.50% p.a. |
2nd year | 10.50% p.a. |
Features and Benefits ofSBI Bridge Loan
- Competitive rates
- No prepayment charges
- No hidden charges
- Repayment tenure of up to 2 years
- Loans available for both the salaried and self-employed
Eligibility Criteria
Resident type | Resident of India |
Age |
|
Type of employment | Salaried and self-employed |
Documents Required
- Employer's ID card
- 3 passport-size photographs with the duly filled loan application form
- Address proof
- Identity proof
- Property-related documents
- Last 6 months bank account statements
- Loan account statement for the last 1 year (only if applicable)
Income proof for the salaried
- Last 3 months salary slips
- Copy of Income Tax Returns for the last 2 years or copy of Form 16
Income proof for the self-employed/non-salaried
- Last 3 years profit and loss account statements
- Last 2 years Income Tax Returns
- Business address proof
- Business license details
- Balance sheet details for the last 3 years
- TDS certificate
- Qualification certificate (for doctors, C.A., and other professionals)
So, if you want to sell your existing property and buy a new one, getting an SBI Bridge Loan can work for you.
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