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 :
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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.
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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.
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i) 65%, if Market Value of the existing property is upto Rs.1 Crore.
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ii) 60%, if Market Value of the existing property is above Rs.1 Crore.
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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 |
OR |
OR |
“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.