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  • Bridge Loan

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  • A bridge loan comes in handy in situations where you are looking to buy a new property with the money earned by selling off an existing unit or property.  
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    The term ‘bridge loan’ is something not many people are aware of. It is a type of gap financing arrangement which enables you to get-short term loans from banks. These loans help in bridging the gap between short-term loan requirements and long-term goals.

    Most banks in the country offer bridge loans to applicants at a high rate of interest for a repayment period of 12 months. The loan is provided on the back of a collateral such as equity or debentures.

    SBI Bridge Loan

    Key Highlights
    • Loan amount up to Rs.2 crore
    • Tenure up to 2 years
    • Low interest rate and processing fees
    • No penalty for pre-payment
    • Eligibility: Must be a resident Indian & Age should be between 18 and 70 years
    Loan Tenure Interest rate (p.a.) Loan amount Processing fee
    Up to 2 years First year – 2.45% above 1-year MCLR Min. – Rs.20 lakh Max. – Rs.2 crore 0.35% of the loan amount + tax (Min. Rs.5,000)

    Capital & Housing Finance Bridge loan

    Key Highlights
    • Loan for both new purchase and re-sale of residential property
    • Co-applicant mandatory for availing the loan
    • Loan repayment up to 2 years
    • Maximum loan of 90% of the market value of existing house
    • Eligibility: Salaried Individuals (both Self-employed professionals & non-professionals)
    Loan tenure Interest rate (p.a.) Loan amount Processing fee
    Up to 2 years Not available Min. – Rs.20 lakh Max. – Rs.10 crore Up to 3% of the loan amount + tax

    kshaya Finance Bhaarath Ltd. Bridge loan

    Key Highlights
    • Approved within 3 days
    • Tenure can be as low as 1 day
    • Can be availed against new loan sanction letter
    • Eligibility: Property should have a clear title and must be in a prime area in Chennai Borrower must have guaranteed repayment source
    Loan tenure Interest rate (p.a.) Loan amount Processing fees
    Min. – 1 day Max. – 60 days Check with Akshaya Finance Bhaarath Min. – Rs.25 lakh Max. – Rs.10 crore Check with Akshaya Finance Bhaarath

    Bank of Baroda Bridge loan

    Key Highlights
    • Introduced for top-rated corporate clients
    • Offered against expected equity flows or issues
    • Also available against expected proceeds of global depository receipts/funds, or external commercial borrowings
    • Tenure of up to 12 months

    Note: Check with the bank for interest rates and other fees and charges.

    Though public sector banks offer bridge loans, the concept is yet to be fully explored in the country. If you require urgent financing for down-payment, you could check with the bank you have a long-standing relationship with, and see if they can offer you a good deal. You could also opt for a short-term personal loan if you’re sure to be able to pay it off soon.

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