Before applying for a Housing Loan from the bank, you need to check whether you are eligible to apply for Jammu and Kashmir Bank Home Loans. There are necessary criteria to be fulfilled before the bank grants you a Jammu and Kashmir limited home loan and every applicant is required to match the stipulated criteria. Below list has Jammu and Kashmir ltd. home loan eligibility criteria required for the applicant to match so that he or she will be eligible to seek a home loan from Jammu and Kashmir limited.
- Any individual having a regular income is eligible for taking a Jammu and Kashmir limited home loan from the bank. Having regular income is a criterion which means that the person is having a fixed income and therefore he or she can easily pay off the required EMIs.
- For salaried employees: Applicants should be a confirmed employee of a Government department and should have been working for minimum of 3 years in Public Sector Undertakings/Autonomous Bodies / Reputed Companies /Bodies.
- For professional or self employed: An applicant should have a minimum of 3 years standing experience in the professions like doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretaries, management consultants, advocates etc.
- For Businessmen or women: the applicant should be an individual having dealings with the bank and having a minimum of 3 years of experienced.
- For pensioners: If the applicant is any State or Government Pensioner drawing monthly pension from the bank and whose spouse is alive and is eligible for family pension.
- For Others: Jammu and Kashmir limited home Loan can be granted to an applicant in for repairs or renovation or alteration or additions to an ancestral property in the name of either father or mother, who is dependent on son, by taking the son as a co-borrower and the son’s income can be taken for computation of quantum of Jammu and Kashmir home loan. However, in all such cases mortgage of house shall be mandatory and all the legal heirs of the father/mother should stand as guarantors to the amount of housing loan.
- Joint family members or joint borrowers can take Jammu and Kashmir home loan if they have regular income.
- Non Resident Indians can also avail Jammu and Kashmir home loan under this scheme, provided they show that they have regular earnings.
For Commercial Premises Finance
A variety of people are eligible to take up Jammu and Kashmir’s Commercial Premises Finance. They may be individuals, proprietorship concerns, professionals or specialised personnel who are self-employed, partnership concerns and also public limited as well as private limited companies. But one thing has to be kept in mind that the persons applying for Jammu and Kashmir’s Commercial Premises Finance must have a running business that is working for at least 3 years.
Jammu and Kashmir’s Commercial Premises Finances’ measure of the monetary benefit is 4 times net income over the period of a year. But, this income should not exceed the maximum of Rs. 50, 00, 000 lacs. On the other hand if the person applying for Jammu and Kashmir’s Commercial Premises Finance is a married man, then the income of that person’s partner or spouse will also be taken into consideration. Again, in case of the requirement of margin, only purposeful money that is paid is considered. That again equals to 25% of the premium that is chartered.