SBI Home Loan: Upgrade your home with this bridge home loan facility

SBI Bridge Home Loan: Do you know what State Bank of India’s (SBI) bridge home loan is and how it can be useful to you in case you are planning to upgrade your home? India's largest state lender provides this short term loan to people who are planning to upgrade their homes to a bigger or better place.

SBI Bridge home loans are useful when there is liquidity mismatch on account of time lag between sale of existing property and purchase of new property. SBI Bridge Home Loan will help to mitigate this shortfall of funds, and customers can avoid distressed sale of their existing homes.

While, many banks offer such short term loans, it is always advisable to compare rates and if possible consult with people who are expert in these matters.

The advantage of these loans is that the interest is charged on Daily Reducing Balance. The repayment period of this loan is up to 2 years.

What SBI Bridge loans offer to customers? 

According to the information on the SBI website, bank charges a processing fee of 0.35 per cent of the loan amount along with applicable service tax, minimum of Rs 5,000, out of pocket expenses towards TIR, Valuation Report etc.
Pre-sanction - Advocate's fee for property search and the title investigation report and valuer's fee for valuation report
Post-sanction - Stamp duty payable for Loan agreement & mortgage. Property insurance premium.
CERSAI Registration Fee of Rs 50 + GST up to Rs 5 Lakh limit; and Rs 100 + GST for limits above Rs 5 Lakh.

Visit the website or contact the bank branch to know more about interest rates.

Eligibility:

Resident type: Resident Indian
Minimum age is  18 years and maximum age is 70 years

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Loan Tenure: up to 2 years
Loan Amount: Minimum Rs 20 lakhs and Maximum Rs 2 crores