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We all wish to upgrade to something better throughout our lives. Be it a new mobile phone, new gadget, adopt new technology to make our lives easier or invest in a premium asset. As we progress economically, the desire to purchase newer things increases. This holds true for our homes too. Many people today are able to buy a home in their earning lifecycle and also aspire to purchase a better home to suit their tastes. One can sell their current home and invest in a new one to manage the transition financially and not locking huge amount of funds. However, this transition is easier than it seems. Sometimes, due to time or other unforeseen reasons, your current house may not be sold at the right price. And one is not able to buy the new house at the desired time. This can be made possible now with the help of SBI Bridge Home loan. This product is specifically designed for those home owners who want to buy bigger houses or move to a different location by selling off their existing home. The SBI Bridge Home loan helps in mitigating the shortfall of funds that may happen due to time lag between sale of existing property and purchase of the new one.
1. SBI Bridge home loan is a short term loan that will meet your working capital requirement till proper funds come through.
2. SBI offers low interest rates on this loan and low processing fee.
3. There are no hidden charges when you take the loan. All details are shared upfront and transparent.
4. There are no prepayment charges applicable.
5. Loan Interest charges are applicable on the daily reducing balance.
6. Repayment of the loan can be done up to 2 years.
There are some minor processing charges levied by the bank on your bridge loan application. Do note that these fees are subject to revision by the bank from time to time. It is advisable to check the fees applicable at the time of your application.
0.35% of the loan amount + taxes
Minimum at INR 2000/- + taxes
Maximum at INR 10,000/- + taxes
Advocate fee for property valuation and title investigation report
Valuer’s fee for valuation report
Stamp Duty payable for loan agreement & mortgage
Property Insurance premium
CERSAI Registration Fee of INR 50+GST upto INR 5 lac limit; INR 100+GST for above INR 5 Lac
The Pre-Sanction and Post-Sanction fees are to be paid by the customer on actuals.
While applying for a home loan, it is smart to check the eligibility criteria listed out by the bank. This will help in avoiding any unnecessary hassles at the time of loan application. An important step towards this action is checking your credit score. A good credit score is considered to be the foundation of your financial life. It checks the credit worthiness of the individual on the basis of regular income, expenses, liabilities, credit dues and so on. A score is generated on the basis of these details which becomes an indication of your financial capabilities. Generally a score of 700+ is treated as a good score by financial institutions. You can assess your credit score at www.creditmantri.com which is also your one-stop-shop point for various loans and financial assistance options. In case, your credit score is the lower side, it is recommended that you pay off any pending debts or dues and then apply for a home loan. This will avoid a possible rejection on your loan application.
Minimum INR 20 lacs
Maximum INR 2 cr
Please note that the loan tenure also depends on the customer’s risk profile, age, specific repayment scheme and any other terms and conditions as applicable by the Bank.
*Funding is normally approved on the basis of the repayment capacity of the customer and is subject to market value of the property, as assessed by State Bank of India
A short term home loan like the SBI Bridge Home Loan works on a simple interest rate method for the 2 year period. However, these rates are subject to revision by the bank at their discretion. It is important that you check with the bank on the prevailing interest rates at the time of loan application.
The Bank requires a certain set of documents along with the completed and signed Loan Application Form. These documents have been mentioned below:
The SBI Bridge Home Loan is the perfect solution for your short term financial gap. Some of the advantages of taking this loan are:
1. What does a Home Insurance policy cover?
It cover the structure of the house, contents and possessions. Some policies combine various personal insurance features too.
2. Can I get an in-principle loan approval and avail the loan later?
SBI offers an in-principle loan approval before you select a property on the basis of your income and capacity to repay. This makes the process of identifying and buying a house lot easier as you know in advance how much funds can be expected.
3. How do I benefit from the interest calculated on a daily reducing balance for SBI Home loans?
SBI Home Loan interest is calculated only on the outstanding loan amount, which reduces every time you pay off your EMIs or make any prepayments. In the case of annual reducing balance method, you pay the interest on repayment amounts for the coming one year as the interest for the year is determined on the basis of the balance outstanding at the beginning of the year.
4. What is the difference between fixed rate and floating rate of interest?
When the interest rate remains constant throughout the period of the loan, it is called fixed rate. Floating interest rate can decrease or increase on the basis of market fluctuations.
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