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.
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
2% of overdue amount plus interest
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.
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.