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JK Bank Home Loan Interest Rate Oct 2017

Last Updated 28th Sep 2017

Jammu And Kashmir Bank Home Loan Interest Rates

Interest Rate 8.65% - 9.00%
Check Best Offers
Processing Fee Upto 0.25%
Minimum Rs. 500 Maximum Rs. 10,000
Max Tenure 15 years
Lowest EMI Rs. 994 per lakh
Prepayment, Foreclosure Charges Allowed with Nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Home Loan @ 8.35%*
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Jammu And Kashmir Bank Home Loan

Jammu And Kashmir Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from Jammu And Kashmir Bank has the following benefits:

    Home Loan Interest Rates Jammu And Kashmir Bank

    Jammu And Kashmir Bank offers attractive home loan rates in the range of 8.65% to 9.00%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.65%. Compare and click on details in the table to get slab wise interest rates of different Jammu And Kashmir Bank housing loan offers.

    Jammu And Kashmir Bank Floating Rate Home Loans

    Home Loan Jammu And Kashmir Bank Interest Rates
    Jammu And Kashmir Bank Home Loan Floating 8.65% - 9.00%
    Details -
    Jammu And Kashmir Bank Home Loan Floating
    Loan Amount Rate
    Upto Rs. 2,500,000 8.65%
    Rs. 2,500,001 - 10,000,000 8.65%
    Rs. 10,000,001 - 30,000,000 8.85%
    Above Rs. 30,000,000 9.00%

    Jammu And Kashmir Bank home loan rate depends upon

    • Loan amount: Housing loan rate in Jammu And Kashmir Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
    • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
    • Type of loan opted for: Jammu And Kashmir Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.

    Interest Rate and its impact on Jammu And Kashmir Bank Home Loan Eligibility

    Jammu And Kashmir Bank has detailed criteria to determine a potential borrower’s eligibility for housing loans. These eligibility criteria determine the loan amount you can avail. Interest rate offer by Jammu And Kashmir Bank also impacts the amount of loan you can avail from Jammu And Kashmir Bank.
    Some of the key eligibility criteria are summarized in the table below:

    Jammu And Kashmir Bank Home Loan Eligibility Criteria
    Interest Rate 8.65% - 9.00%
    Age 21 - 60 years
    Job Stability in case of Salaried (in years) 3 years
    Minimum Credit Score 650 and above
    Loan Amount Rs. 1,500,000 to Rs. 50,000,000
    Loan to Value Ratio Upto 80%
    FOIR (Fixed Obligations to Income Ratio) Up to 0.65

    Home Loan Charges Applicable (Other than Interest)

    In addition to interest rates, home loan also carry some other charges which include:

    • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Jammu And Kashmir Bank allows prepayment of house loan with Nil prepayment charges
    • Processing Fee - Jammu And Kashmir Bank charges a processing fee of 0.25% of loan amount Minimum Rs. 500 Maximum Rs. 10,000 with applicable tax
    • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

    Home Loan JK Bank Products

    Jammu And Kashmir Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

    Jammu And Kashmir Bank Home Loan Eligibility Calculator

    Jammu And Kashmir Bank Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from Jammu And Kashmir Bank. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

    Jammu And Kashmir Bank Home Loan EMI and Interest Calculator

    Further, you can also use the Jammu And Kashmir Bank Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

    • EMI calculator of Jammu And Kashmir Bank helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on home loan
    • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
    • Rate of interest is an important factor which affects your EMI. Higher the rate, higher will be the EMI. You can also estimate the interest amount you pay over the tenure of the loan at various loan tenure as well as interest rates. Home loan interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility
    • Loan tenure matters equally as higher tenure reduces your EMI

    What are the benefits of calculating Jammu And Kashmir Bank Housing Loan EMI?

    • EMI calculator helps you to calculate your monthly EMI at different rate of interest
    • Jammu And Kashmir Bank Home Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
    • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

    Housing Loan JK Bank documents required

    For Salaried employee

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

    For Self-Employed

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

    Frequently Asked Questions

    What is Jammu And Kashmir Bank home loan interest rate?

    Jammu And Kashmir Bank housing loan interest rates are 8.65% to 9.00% depending on eligibility, loan amount, loan tenure and type of property. If you are an existing customer with a salary account in the bank, then you are eligible to get low interest rates on loan.

    What is Jammu And Kashmir Bank home loan processing fees?

    Jammu And Kashmir Bank charges a home loan processing fees of up to 0.25% of the loan amount. Processing fees charged is between Rs. 500 to Rs. 10,000

    What is Jammu And Kashmir Bank home loan procedure?

    You can apply for a Jammu And Kashmir Bank home loan by contacting the bank directly or by approaching them through online marketplaces like myloancare.in. Approaching the bank through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results.

    Why to take home loan from Jammu And Kashmir Bank?

    Jammu And Kashmir Bank offers housing loan at 8.65% rate with the lowest EMI of Rs. 994 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Jammu And Kashmir Bank.

    What is the maximum loan tenure I can opt under Jammu And Kashmir Bank house loan?

    Jammu And Kashmir Bank offers you a longer tenure of 15 years to repay your loan with a benefit of paying less EMI per month.

    Do I get tax benefit on home loan from Jammu And Kashmir Bank?

    As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

    Can I foreclosure my home loan? What are the charges applicable?

    Yes, you can foreclose your loan with Nil charges.

    Can I transfer my house loan from another bank to Jammu And Kashmir Bank?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to Jammu And Kashmir Bank offers you to pay lower EMIs and save money.

    Can I club the income of my spouse with mine and apply for joint home loan?

    You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

    What is the benchmark applicable for housing loan?

    The benchmark applicable for home loan in Jammu And Kashmir Bank is 1 Year MCLR.

    What is the effect of part payments on Jammu And Kashmir Bank housing loan EMI ?

    Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

    How to increase my eligibility on Jammu And Kashmir Bank housing loan?

    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

    How will interest rate on Jammu And Kashmir Bank housing loan change in future?
    • Floating rate on Jammu And Kashmir Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.90%. When Bank offers a home loan at 8.65%, it applies a premium of -0.25% to its MCLR Rate to arrive at this home loan rate.
    • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
    Jammu And Kashmir Bank Home Loan Interest Rate
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.