With SBI Bridging Loan, you can move in to your new home before selling away your current property. You only need to service the interest during the repayment period; the loan can be repaid once you receive your sales proceeds from your existing property. |
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a) |
Repayment period of up to 6 months |
b) |
Service interest only during the repayment tenor |
c) |
Repay the principal only when you receive sales proceeds from your existing property |
d) |
Competitive interest rates |
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| Terms and conditions apply. |
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a) |
Singaporeans/PRs of age ≥ 21 years and annual income ≥ S$30,000 |
b) |
Minimum bridging loan amount S$30,000 |
c) |
Maximum bridging loan amount S$300,000 |
d) |
Must have proof of sale of existing property |
e) |
Must take the bridging loan together with home loan for new purchase |
f) |
Borrowers must pay 5% cash down payment using their own funds |
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No processing fees |
b) |
Default fee: 2% of overdue amount in addition to regular interest |
c) |
No pre-payment/cancellation fees |
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| Documents to be submitted along with the application form (originals to be produced for face to face verification) |
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| If existing property to be sold is a HDB |
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a) |
Option to purchase for existing property |
b) |
Latest CPF withdrawal statement for existing property |
c) |
Account statement from existing bank/HDB showing latest loan balance |
d) |
1st appointment letter from HDB |
e) |
In-principle approval letter from HDB |
f) |
Letter of authorization to HDB |
g) |
Letter of undertaking by law firm acting in the sale |
h) |
Caveat lodged on existing property |
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| If existing property to be sold is a private property |
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a) |
Duly exercised option to purchase for existing property |
b) |
Latest CPF withdrawal statement for existing property |
c) |
Account statement from existing bank/HDB showing latest loan balance |
d) |
Exercise letter from the buyer’s lawyer |
e) |
Letter of undertaking by law firm acting in the sale |
f) |
Caveat lodged on existing property |
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| Approval of this application is at the bank’s discretion. |
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| a) |
Walk in to any of our branches to talk to our relationship managers, or |
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Email us at homeloan@sbising.com, or |
| c) |
SMS <HL><your full name> to (65)9833 3430 |
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