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SBI BRIDGE LOAN

SBI BRIDGE LOAN

NEW PRODUCT : SBI BRIDGE HOME LOAN

SBI Bridge Loan is a Short Term Loan to meet shortfall in funds for purchase of a new home/flat by mortgaging existing unencumbered property.

The applicant for Home Bridge Loan should satisfy each of the below mentioned eligibility criterion :

  • a) Individuals who own an unencumbered fully constructed house/flat and intend to sell the existing home/flat for meeting temporary shortfall in cost for acquiring new home/flat.

  • b) In case of joint ownership of the existing property, all co-owners of the property should also join as co-borrowers for the Bridge Loan.

Loan will be given by way of Term Loan (No Overdraft facility.)

LTV & Permissible Loan Amt.

  • i) 65%, if Market Value of the existing property is upto Rs.1 Crore.

  • ii) 60%, if Market Value of the existing property is above Rs.1 Crore.

  • iii) 90% of the cost of the proposed home/flat.

Loan Tenor : Maximum 2 years. Interest applied on Bridge Loan during the currency of the loan should be serviced.

Repayment :The Bridge Loan needs to be repaid in full by the borrower any time within the loan tenure of 2 years, in one or more number of instalments. No EMIs will be stipulated.

HOME LOANS TO NON-SALARIED SEGMENT DIFFERENTIAL OFFERINGS

Home Loans for the purpose of construction/acquisition of residential house/flat, purchase of residential plot, & takeovers to non-salaried class with relaxation in EMI/NMI rate. Eligibility : Professionals/Self-Employed/Businessmen who are over 18 years of age. In case of Firm it should be profit making unit in last 2 years with 3 years existence.

Loan Amount : Minimum: Rs.50000/-, Maximum : Rs.50 Crores.

Relaxation in EMI/NMI ratio :

Additional EMI/NMI Ratio

Upto 5%

> 5% and upto 10%

> 10% and upto 15%

Eligibility Criteria

LTV ratio upto 65%

LTV ration upto 60%

LTV ratio upto 50%

OR
Liquid Collateral of 7.50% of loan amt.

OR
Liquid Collateral of 15% of loan amt.

OR
Liquid Collateral of 25% of loan amt.

“Liquid Collateral in the form of Term Deposits with our Bank or NSCs/KVPs in own name/in the name of parents/spouse/children/siblings.

Repayment : Maximum of 30 years . Interest applied during the moratorium period should be serviced.

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