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JK Bank Home Loan EMI Calculator

Last Updated 20th Apr 2017

JK Bank Home Loan - Lowest EMI is Rs. 997 per lakh

  • Get monthly EMI as low as Rs. 997 per lakh with Jammu And Kashmir Bank now offering home loans with loan tenure upto 15 years.
  • Lowest home loan interest rate currently offered by Jammu And Kashmir Bank is 8.70%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 997 for a 15 year loan and Rs. 881 for a 20 year loan.
  • Check the EMI for other tenures using the Jammu And Kashmir Bank home loan EMI calculator on this page.
Home Loan EMI Calculator
Rs.

Home Loan EMI Calculator Jammu And Kashmir Bank

JK Bank Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Jammu And Kashmir Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Jammu And Kashmir Bank offering Home Loans with loan tenure upto 15 years, the loan EMI can be as low as Rs. 997 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by Jammu And Kashmir Bank on Home Loan is 8.70%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years
    2,500,000 0
    5,000,000 0
    7,500,000 0
    10,000,000 0
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

JK Bank Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Jammu And Kashmir Bank Home Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 1,500,000 to Rs. 50,000,000

r = Rate of interest per month. Current rate is 8.70%, which is linked to JK Bank 1 Year MCLR, which is currently 8.60%. Last revised on 10th Apr 17

n = tenure in month. For Jammu And Kashmir Bank, this can be 180 months

Will the JK Bank home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by Jammu And Kashmir Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, Jammu And Kashmir Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Jammu And Kashmir Bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • Jammu And Kashmir Bank allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
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