Jammu and Kashmir Bank Home Loan Highlights 2022
|Interest Rate||7.35% p.a. onwards|
|Loan Tenure||Up to 30 years|
|Loan-to-Value Ratio||Up to 90% of the property value|
|Processing Charges||0.25% on the loan amount plus applicable GST|
● Minimum: Rs. 5,000
● Maximum: Rs. 25,000
J&K Bank Home Loan Interest Rates 2022
The rate of interest offered by Jammu and Kashmir Bank Home Loan is directly linked with the Repo Linked Lending Rate (RLLR), which currently stands at 7.60%. The total interest rate applicable on a home loan is the combination of RLLR and spread (basis the loan amount). The table below shows the ROI applicable for different loan amounts.
|Loan Amount||Rate of Interest|
|Housing Loans under Priority Sector||7.35% p.a.|
|Up to Rs. 1 crore (Non-Priority)||7.45% p.a.|
|Above Rs. 1 crore to Rs. 3 crore||7.60% p.a.|
|Above Rs. 3 crore||7.75% p.a.|
Compare Home Loan Interest Rates for Top Banks & HFCs
|Name of Lender||Up to Rs. 30 Lakh||Above Rs. 30 Lakh to Rs. 75 Lakh||Above Rs. 75 Lakh|
|SBI||8.40% - 9.15%||8.40% - 9.05%||8.40% - 9.05%|
|HDFC||8.40% - 10.00%||8.40% - 10.25%||8.40% - 10.35%|
|LIC Housing Finance||8.30% - 10.00%||8.30% - 10.20%||8.30% - 10.40%|
|ICICI Bank||8.40% - 9.50%||8.40% - 9.50%||8.40% - 9.50%|
|Kotak Mahindra Bank||8.30% onwards||8.30% onwards||8.30% onwards|
|PNB Housing Finance||8.50% - 13.00%||8.50% - 13.00%||8.60% - 11.70%|
|Punjab National Bank||8.25% - 9.00%||8.20% - 8.90%||8.20% - 8.90%|
|Bank of Baroda||8.25% - 10.00%||8.25% - 10.00%||8.25% - 10.25%|
|Union Bank of India||8.25% - 10.15%||8.25% - 10.35%||8.25% - 10.35%|
|IDFC First Bank||8.45% onwards||8.45% onwards||8.45% onwards|
|L&T Housing Finance||8.40%-8.60%||8.40%-8.60%||8.40%-8.60%|
|Bajaj Housing Finance||8.20% onwards||8.20% onwards||8.20% onwards|
|Godrej Housing Finance||8.39% - 10.99%||8.39% - 10.99%||8.39% - 10.99%|
|Tata Capital||8.60% onwards||8.60% onwards||8.60% onwards|
|Federal Bank||8.37% - 9.60%||8.37% - 9.65%||8.37% - 9.70%|
Compare Home Loan Schemes Offered by Top Lenders Compare Now
J&K Bank Home Loan Processing Fee and Other Charges
|Processing Fee||0.25% on the loan amount plus applicable GST|
● Minimum: Rs. 5,000
● Maximum: Rs. 25,000
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Note: Administrative charges and other loan-related charges may be levied by the bank as and when applicable.
J&K Bank Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Jammu and Kashmir Bank.
|Eligible Profiles||● Permanent Employees of State/Central Government, Government/Semi-Government Undertakings & Autonomous Bodies|
● Employees of Reputed Companies with a minimum of 3 years of service
● Professionals, Self-Employed Individuals/Businessmen with a minimum of 3 years standing in the current profession
● Persons engaged in agricultural and allied activities.
● Retired Employees of State / Central Government, Public Sector Undertaking
Note: Non-Resident Indians are also eligible for financing under the scheme. Sanctioning authorities must satisfy themselves about the income earned by the Non-Resident and take necessary safeguards for extending finance and ensuring regular repayment of such loans.
|Quantum of Loan||● Loan for fresh construction/purchase of house/flat: Cost of construction/ House/Flat (as per the stipulated margin)|
● For State/Central Govt Pensioners: 36 times of the net monthly pension subject to the condition that loan sanctioned shall be fully repaid by the time pensioner attains the age of 70 years and total deductions do not exceed 50% of their monthly income
● Home repair/renovation: Maximum Rs.25 lakh
● Home extension/addition/alteration: No limit (provided that the addition/alteration is done after obtaining valid permission from a competent authority)
● Purchase of land: Maximum Rs. 50 lakh or 60% of the cost of the land, whichever is lower
|Age||● Minimum: 18 years|
● Maximum: 70 years
Note: In case, quantum of the loan is computed by adding the income of spouse/child(ren), the age of the youngest borrower/co-borrower can be considered for fixing the tenure of the loan, provided that his/her contribution towards the EMI is more than 50%.
J&K Bank Home Loan Documents Required
Following are the documents required to successfully apply for Jammu and Kashmir Bank Home Loan.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of last 3 months||ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 6 months||Bank statement of the past 12 months|
|Form-16 and Income Tax Returns (ITR) details||For partnership firms: Latest partnership deed|
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement
|Title documents of the property||Title document of the property along with business address proof|
J&K Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Apply For Home Loan at Attractive Interest Rates Click Here
J&K Bank Home Loan Customer Care Details
Customers can reach out to Jammu and Kashmir Bank through the below-mentioned contact details to get their home loan-related queries addressed.
- Contact Centre : 1800 1800 234 (Toll-free)
- Customer Care : 0194-2481999
Q1. What is the maximum repayment tenure offered by J&K Bank?
The maximum repayment tenure offered by the J&K Bank is as follows.
- For salaried / professionals:1 to 30 years (including moratorium period)
- For other customers:1 to 20 years
The loan tenure available applicable to a borrower is subject to the number of remaining years of service or till the borrower attains the age of 70 years.
Q2. What is the security required to avail a home loan?
The security required to avail a home loan is the Equitable/Registered Mortgage of house property/flat to be constructed/purchased. It is important to underscore that the title of the property must be clear, marketable and free from encumbrance certificate.