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JK Bank Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Jammu And Kashmir Bank 2021

Last Updated 23rd Nov 2021

Eligibility CriteriaJammu And Kashmir Bank Home Loan
Eligible Age of Borrower21 - 60 years
Work Experience for Salaried3 years
Business Stability for Self Employed3 years
Home Loan Eligibility Calculator

What is JK Bank Home Loan Eligibility?

JK Bank offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. JK Bank home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a JK Bank home loan using the JK Bank home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by JK Bank?

JK Bank Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

JK Bank Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum Jammu And Kashmir Bank home loan age limit to get a Jammu And Kashmir Bank home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. Jammu And Kashmir Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

JK Bank Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much Jammu And Kashmir Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by Jammu And Kashmir Bank, the loan amount that you will be eligible for would be ₹ 27,74,414 to ₹ 35,71,245 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 55,48,827 to ₹ 71,42,490 for the same property at the same rate depending on your age at the time of loan application. However, Jammu And Kashmir Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years35.71 Lakh53.57 Lakh71.42 Lakh
30 years35.71 Lakh53.57 Lakh71.42 Lakh
35 years35.71 Lakh53.57 Lakh71.42 Lakh
40 years35.71 Lakh53.57 Lakh71.42 Lakh
45 years35.71 Lakh53.57 Lakh71.42 Lakh
50 years27.74 Lakh41.62 Lakh55.49 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your Jammu And Kashmir Bank home loan eligibility.

  • Nature of employment: Jammu And Kashmir Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Jammu And Kashmir Bank requires minimum income history and job stability of more than 3 years for salaried individuals and of 3 years for self-employed individuals.

Home Loan Eligibility Jammu And Kashmir Bank based on Value of Property

  • Value of property: Jammu And Kashmir Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Jammu And Kashmir Bank's legal team.

The housing loan eligibility calculator of Jammu And Kashmir Bank can be a useful tool to assess your eligibility for the loan.

JK Bank Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Jammu And Kashmir Bank to determine your home loan eligibility. Jammu And Kashmir Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an Jammu And Kashmir Bank home loan is 0.65. Calculate your eligibility with the Jammu And Kashmir Bank home loan calculator and apply for the eligible loan amount hassle-free.

Jammu And Kashmir Bank Home Loan Eligibility for Women

Jammu And Kashmir Bank offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for JK Bank Home Loan

JK Bank considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from JK Bank. However, a low CIBIL score reduces your chances to get a home loan. JK Bank requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance JK Bank Home Loan Eligibility?

You can enhance the JK Bank home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use JK Bank’s Home Loan Eligibility Calculator?

To check Jammu And Kashmir Bank home loan eligibility perform the following steps:-

  • Go to the Jammu And Kashmir Bank website
  • Now navigate to the option Jammu And Kashmir Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number .

FAQs

What is the criteria to get Jammu And Kashmir Bank home loan?

The basic criteria to get a home loan from Jammu And Kashmir Bank are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Jammu And Kashmir Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Jammu And Kashmir Bank?

The minimum salary required to avail home loan from Jammu And Kashmir Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Jammu And Kashmir Bank.

Is Jammu And Kashmir Bank good for home loan?

The lowest interest rate provided by Jammu And Kashmir Bank is 7.20% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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JK Bank Home Loan News - Dec 2021
  • 2021-02-19 : Jammu and Kashmir revised its MCLR
    Jammu and Kashmir changed its MCLR. The overnight, one month and three months rate stands at 6.60%, 6.70% and 6.90%, respectively. The rate for 6 months is 7.20%. Further, the revised rates for one year, two years and three years is 7.35%, 7.80% and 7.85%, respectively. The revised rates are effective from february 10, 2021. The revised rates will impact MCLR linked home loans.
  • 2019-03-14 : Jammu and Kashmir Bank launches Customer- Connect Initiative
    Jammu and Kashmir bank has announced the launch of its customer connect initiative. Under this newly launched initiative, the bank aims to further improve its banking as well as customer services in the near future by addressing the requirements of the customers. In addition to this, the bank also plans to expand its number of bank branches worldwide as well to achieve a significant growth across its retail loans including home loans and personal loans.
  • 2018-05-23 : Jammu and Kashmir Bank revises MCLR
    J&K Bank has hiked its MCLR for the month of May. The rates stand in the range of 7.90% and 9.30%. Six month MCLR is now at 8.65% and that of one year is 8.80%. The new rates are effective from May 10th.
  • 2018-05-15 : J&K Bank reduces loan rates for women borrowers
    Jammu and Kashmir Bank has reduced its interest rates on loans for women borrowers in housing loan segment. The bank has reduced the rate of interest by 10 to 40 basis points in the non priority segment for women borrowers. Interest for two-wheeler loans, loan against mortgage of property and computer loans have been reduced by 50 basis points while in education loan, it has been cut by 75 basis points.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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