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  • SBI Bridge Home Loan

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  • 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 10.95% - 11.95% p.a. . You can apply for a loan amount ranging from Rs.20 lakh to Rs.20 crore with this financing scheme.

    Bridge loans aretemporary loans that are used to bridgethe gap betweenshort-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.

    Interest Rate Tenure
    10.95% p.a. 1st year
    11.95% p.a. 2ndyear

    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

    EligibilityCriteria

    Resident type Resident of India
    Age
    • Minimum: 18 years
    • Maximum: 70 years
    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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