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JK Bank Home Loan Interest Rates 2021

Jammu And Kashmir Bank Housing Loan Interest Rate -Today

Last Updated 06th Jul 2021

Current Jammu And Kashmir Bank Home Loan interest rates Jul 2021 starts at 7.20% p.a. for a maximum tenure of 15 years. The processing fee on its housing loans is Upto 0.25%, Minimum ₹ 500 Maximum ₹ 10,000.

Loan AmountJammu And Kashmir Bank Home Loan Floating Rate
Upto ₹ 25 Lakh7.20%
₹ 25 Lakh - ₹ 1 Cr7.20%
₹ 1 Cr - ₹ 3 Cr7.20%
Above ₹ 3 Cr7.20%
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Current Jammu And Kashmir Bank Home Loan Rate

Today Jammu And Kashmir Bank home loan interest rates are in the range of 7.20% to 7.60%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.20%.

Below-mentioned are Jammu And Kashmir Bank home loan rates for multiple housing schemes.

Jammu And Kashmir Bank Home Loan Scheme Interest Rates
Jammu And Kashmir Bank Home Loan Floating7.20% - 7.60%

JK Bank Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in JK Bank for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 25 Lakh 7.20%
₹ 25 Lakh - ₹ 1 Cr 7.20%
₹ 1 Cr - 3 Cr 7.20%
Above ₹ 3 Cr 7.20%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 25 Lakh 7.20%
₹ 25 Lakh - ₹ 1 Cr 7.20%
₹ 1 Cr - 3 Cr 7.20%
Above ₹ 3 Cr 7.20%

Jammu And Kashmir Bank Home Loan Processing Fee and Other Charges

Jammu And Kashmir Bank home loan processing charges are upto 0.25% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. Jammu And Kashmir Bank charges a minimum processing of ₹ 500 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees Upto 0.25% of the loan amount; minimum processing fee of ₹ 500 to maximum fee of ₹ 10,000
Foreclosure Charges Nil for floating rate home loans

JK Bank Home Loan Balance Transfer Interest Rates

Jammu And Kashmir Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Jammu And Kashmir Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Jammu And Kashmir Bank offers the lowest home loan balance transfer rate of 7.20%.

Illustration on Home Loan Interest Rate Jammu And Kashmir Bank
Maximum Annual Percentage Rate (APR) 7.22% to 7.62%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 15 Years
  • Jammu And Kashmir Bank Home Loan Interest Rate: 7.20% to 7.60%
  • Processing Fee payable to: Upto ₹ 250
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 910 for 15 Years ₹ 1,00,000 loan at 7.20% (lowest rate, longest time period) to ₹ 2,009 for 5 Years ₹ 1,00,000 loan at 7.60% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 7.22% to 7.62%
  • Total cost payable over loan tenure: ₹ 1,19,624 for 5 Years loan to ₹ 1,64,059 for 15 Years loan

FAQs

What is JK Bank Home Loan Interest Rate?

JK Bank Home Loan interest rate ranges between 7.20% to 7.60%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has JK Bank reduced home loan rates?

Presently, JK Bank offers personal loans at an interest rate starting at 7.20%. There has been no change in personal loan rates of JK Bank for a long time and continue to stand at 7.20%.

Why should I opt for balance transfer to Jammu And Kashmir Bank?

Jammu And Kashmir Bank offers lowest Home Loan EMI of ₹ 910 per lakh availed at the lowest interest rate 7.20% for a maximum tenure of 15 years. you are paying an EMI more than ₹ 910 per lakh, you should consider the option for a loan transfer to Jammu And Kashmir Bank from your existing bank.

  • Jammu And Kashmir Bank offers RBI Repo Rate linked Home Loan which starts at 7.20%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called Jammu And Kashmir Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 3.2% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the JK Bank Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Jammu And Kashmir Bank Repo Rate linked Home Loan rate will cut from 7.20% to 7.05%.

What is the current Jammu And Kashmir Bank Home Loan rate?

The current JK Bank Home Loan rate starts from 7.20% with a processing fee of Upto 0.25%, Minimum ₹ 500 and Maximum ₹ 10,000.JK Bank housing loan rate varies across the applicant’s eligibility and the scheme they opt for. JK Bank offers different home loan rates for different home loan products.

Can Jammu And Kashmir Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with JK Bank to lower the home loan rates.

What are the interest rates of home improvement loans in JK Bank?

You can avail of JK Bank home loans for home improvement at regular home loan rates starting at 6.65%.

Can JK Bank revise the home loan interest rates for their existing customers?

JK Bank home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does JK Bank offer a concessional home loan interest rate for women?

Yes, JK Bank offers special home loan interest rates for women. As against JK Bank home loan rates for male which is 7.20%, the home loan interest rate for women starts at %.

What is the JK Bank home loan rate of ₹ 25 Lakh for 15 years?

JK Bank home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, JK Bank provides home loan interest rate starting at 6.65%.

At what interest rate does an JK Bank employee get a home loan?

JK Bank offers concessional home loan rates of about 1% than the current home loan rates to JK Bank employees.

Is Jammu And Kashmir Bank home loan a floating rate loan or fixed-rate loan?

JK Bank home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


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JK Bank Home Loan News - Jul 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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