• Home Loan BYTES FROM OUR KITCHEN

    SBI Bridging Loan

    If you are unable to sell your current residence, but still want to move to your new home without instalments weighing you down, SBI Bridging Loan can help you out. It promises to reduce your stress of repayment of the loan amount.

    Features and Benefits

    • You can borrow from S$30,000 to S$300,000.
    • The repayment tenure extends up to 6 months.
    • During the repayment period, you just have to pay the interest.
    • After you sell off your current home, you can use that amount to pay off this loan.

    Terms

    • You should opt for the bridging loan when you apply for the home loan.
    • You must pay 5% of the amount as down payment in cash.

    Fees and Charges

    Type of fee Fees and charges
    Processing fees Nil
    Prepayment/cancellation fees Nil
    Default fee 2% of overdue amount plus interest

    Eligibility

    • If you are a Singapore citizen or a Permanent Resident, aged 21 years or above, you are eligible to apply.
    • Your yearly income should be S$30,000 or above.

    Documents Required

    All original documents should be presented for face to face verification.

    The application form duly completed should be presented for both the cases below.

    If current house is to be sold as an HDB

    • You must present the proof of sale of your current house.
    • A recent CPF withdrawal statement for your current house.
    • Bank/HDB statement reflecting the most recent loan balance.
    • You would require the In-principle approval letter and the first appointment letter from HDB.
    • You also need to present a letter of authorisation to HDB.
    • The law firm involved in the sale should give you a letter of undertaking.
    • You have to present the caveat lodged on your current  property.

    If current house is to be sold as a private property

    • A recent CPF withdrawal statement for your current house.
    • Bank account/HDB statement reflecting the most recent loan balance.
    • The law firm involved in the sale should give you a letter of undertaking.
    • You need an exercise letter from the house buyer’s lawyer.
    • The original caveat lodged on your current  property.
    • Duly exercised option to purchase for existing property.

    How to Apply

    You could visit any SBI branch and contact the relationship managers.

    Alternatively, you could email SBI at loans@sbising.com or send a message to (65)9833 3430.

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