Eligible customers can avail housing loans from Jammu and Kashmir bank at attractive interest rates. Loans are given provided at an interest rate that starts from 8.20% p.a.. The processing fee is 0.25% of the loan amount plus applicable GST. The repayment tenure is 30 years for salaried individuals and 20 years for other customers.
J&K Bank offers a housing loan for the purchase or construction of a residential house/flat, and for the purchase of a plot. Additional loan within the overall loan ceiling is also offered for renovation, addition, alteration, and repairs to existing houses or flats. This housing loan can also be availed for the purchase or construction of a second home.
The maximum tenure offered is 30 years with floating interest rate packages starting from 8.85% p.a. The processing fees charged on the loan is 0.25% of the loan amount + GST with a 50% waiver on the fees for women borrowers (sole and joint borrowers).
|Interest Rate||8.20% p.a. to 8.60% p.a.|
• 0.25% + GST (min.: Rs.5,000; max.: Rs.25,000).
• 50% waiver for women applicants.
• No fees charged for loan takeovers.
You can calculate your equated monthly instalments (EMI) towards your home loan by using an EMI calculator. The EMI per lakh on this loan starts from Rs.794.
On the Home Loan EMI Calculator, enter your loan details including the amount, tenure, interest rate, and processing fees. You even have the option to choose if you’ll be making prepayments on the loan. After entering the details, hit the ‘Calculate’ button to know your EMI.
Here is a table showing you what your EMIs could look like for different loan amounts and tenures under this home loan:
|Rs.10 Lakh||Rs.20 Lakh||Rs.40 Lakh||Rs.50 Lakh|
Let’s say that you are applying for the J&K Bank Home Loan for Rs. Rs.10 lakh, Rs.20 lakh, Rs.40 lakh, or Rs.50 lakh at an interest rate of 8.85% p.a. It is imperative that you know the latest J&K Bank home loan interest rates before entering the details in the EMI calculator.
|Age||Min.: 18 years on the sanction date Max.: 70 years|
|Nationality||Resident and non-resident Indians|
• Salaried/self-employed/businessmen with 3 years’ experience in current profession.
• Employees of state/central/semi government undertakings/autonomous bodies.
• Retired employees of state/central government/PSU.
• Individuals engaged in agricultural and related activities.
Contact the bank to know about the specific documents you need to provide to successfully apply for this loan.
Currently, the bank offers floating-rate home loans that are pegged to their MCLR with a reset clause of 1 year.
There are no prepayment charges on home loans offered by Jammu and Kashmir Bank floating-rate home loans.
No. Salaried employees and professionals can avail a home loan with a maximum tenure of 30 years. However, for all other customers, the maximum tenure offered is 20 years. Other conditions may be applicable.
Yes. Your age cannot be more than 70 years when your loan matures. Hence, for this purpose, your age will be a determining factor for your loan tenure.
The youngest borrower’s age can be taken into consideration to calculate the loan tenure, if their contribution towards the EMI will be above 50%.
Yes. A moratorium period of up to 3 months is provided on home loans for repairs/alterations/additions.
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