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JK Bank Home Loan

JK Bank Housing Loan 2021

Last Updated 13th May 2021

  • Current Jammu And Kashmir Bank home loan interest rate starts at 7.20%.
  • Processing fee on Jammu And Kashmir Bank home loan is Upto 0.25%, Minimum ₹ 500 and Maximum ₹ 10,000.
  • Jammu And Kashmir Bank home loan tenure ranges from 5 to 15 years.
  • Interest rates on Jammu And Kashmir Bank housing loans are linked to RLLR.
  • Apply for JK Bank home loan online and get cashback upto ₹ 1,000*.
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

JK Bank Home Loan Details

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 15 years
Interest Rate 7.20%
Interest Rate Linked To RLLR
Processing Fee Upto 0.25%, Minimum ₹ 500 and Maximum ₹ 10,000

Features & Benefits of JK Bank Home Loans

  • Jammu And Kashmir Bank Home Loan Interest Rate starts from 7.20%.
  • Jammu And Kashmir Bank charges a processing fees of Upto 0.25%, Minimum ₹ 500 and Maximum ₹ 10,000.
  • Loan Tenure of Home Loan ranges from 5 years to 15 years.
  • Lowest EMI per lakh on home Loan from Jammu And Kashmir Bank is ₹ 910 per lakh offered at the lowest interest rate of 7.20% at the longest loan tenure of 15 years.
  • Jammu And Kashmir Bank allows prepayment of home loans with Nil charges on floating rate loans.

Jammu And Kashmir Bank Home Loan Procedure

Getting a home loan from Jammu And Kashmir Bank is fairly easy with an online application process. A home loan can be availed from Jammu And Kashmir Bank in five simple steps:

Step 1: Visit the website, branch, or website of authorised online channel partner of Jammu And Kashmir Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
Step 2: An official of Jammu And Kashmir Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Jammu And Kashmir Bank’s representative will visit your home or office to collect your documents.
Step 4: Jammu And Kashmir Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Jammu And Kashmir Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

JK Bank Home Loan EMI Calculator

JK Bank home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. JK Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance. Apart, the results of home loan calculations that JK Bank Home Loan EMI calculator offers is accurate and reliable.

JK Bank Home Loan Eligibility Calculator

JK Bank Home loan eligibility calculator is an online tool that helps the JK Bank home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Documents Required for JK Bank Home Loan

To apply for a home loan in , one is required to submit the following documents:

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or JK Bank bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank account held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

JK Bank Pradhan Mantri Awas Yojana Subsidy 2021

Pradhan Mantri Awas Yojana is a home loan subsidy initiated by the Government of India to promote housing for all. The scheme offers financial help to the lower-income groups of the society who earn an income below ₹ 18 Lakh, by offering them home loans at subsidised interest rates. These income groups are EWS or the economically weaker section, LIG or the lower-income group, MIG-1 or the Middle-income group-1 and the MIG-2 or the middle-income group. A maximum subsidy of approximately ₹ 2.67 Lakh can be availed with PMAY on JK Bank home loans. The repayment tenure of JK Bank PMAY Home loan is up to 15 years. Home loan applicants who are eligible to avail the PMAY subsidy can borrow a home loan with JK Bank.

PMAY Eligibility

  • Middle Income Group I: The Household with an yearly income from ₹ 6,00,001 to ₹ 12 Lakh.
  • Middle Income Group II: The household with an yearly income from ₹ 12,00,001 to ₹ 18 Lakh.
  • The beneficiaries are defined as a family comprising husband, wife and unmarried children.
  • An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
  • In case of a married couple, either of the partners or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
  • The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

Compare JK Bank Home Loan with Other Banks

FAQs

Can I apply for an JK Bank home loan online?

Yes, you can apply for a JK Bank home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best JK Bank home loan scheme?

Choosing the best JK Bank home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best JK Bank home loan scheme is based on one’s needs.

Is JK Bank good for a home loan?

JK Bank is one of the best home loan lenders in the country. Currently, JK Bank lowest home loan interest rate is 6.65%.

How can I check my JK Bank home loan status?

One can check their JK Bank home loan status on JK Bank’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the JK Bank mobile app

What is the eligibility for a Home Loan of Jammu And Kashmir Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

Does Jammu And Kashmir Bank Home Loan include registration fees?

Various charges charged by banks on Home Loans include processing fee, registration fee, legal and technical fee, or MODT charges. These may vary across lenders.

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 applying through online marketplaces like myloancare.in. Availing a loan through an online marketplace improves the chances of getting the 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 the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also apply by visiting Jammu And Kashmir Bank Home Loan apply online portal and can check your Jammu And Kashmir Bank online Home Loan status by logging into your customer account with MyLoanCare.

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 the benefit of paying less EMI per month.

Can I foreclose 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. Availing loan transfer to Jammu And Kashmir Bank can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Jammu And Kashmir Bank is RLLR


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JK Bank Home Loan News - Jun 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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