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Jammu And Kashmir Bank Home Loan Balance Transfer

Home Loan Transfer to Jammu And Kashmir Bank

Last Updated 13th May 2021

Interest Rate7.20%
Processing Fee₹ 500
Lowest EMI per lakh₹ 910
Loan Tenure15 years
  • Jammu And Kashmir Bank offers home loan balance transfer facility at low interest rates starting at 7.20% for a tenure of upto 15 years.
  • Transfer home loan to Jammu And Kashmir Bank to reduce EMIs and save more on interest.
  • Avail top up from Jammu And Kashmir Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

JK Bank Home Loan Transfer

JK Bank, the largest Private Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to Jammu And Kashmir Bank at lowest interest rates. To transfer your housing loan to Jammu And Kashmir Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of JK Bank.

Jammu And Kashmir Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to Jammu And Kashmir Bank, compare and calculate all the costs of loan transfer. The table below mentions Jammu And Kashmir Bank home loan transfer interest rate and other home loan transfer charges of Jammu And Kashmir Bank.

Home Loan Rates 6.75%
Processing Fees Upto 0.25% Minimum ₹ 500 and Maximum ₹ 10,000
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of Jammu And Kashmir Bank Home Loan Transfer

To transfer your existing home loan to Jammu And Kashmir Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to Jammu And Kashmir Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to Jammu And Kashmir Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • Jammu And Kashmir Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to Jammu And Kashmir Bank will be completed.

Eligibility for Jammu And Kashmir Bank Home Loan Transfer

To transfer your home loan to Jammu And Kashmir Bank, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for JK Bank.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to Jammu And Kashmir Bank.
  • You must be an Indian resident and fulfil the age criteria of Jammu And Kashmir Bank. The minimum & maximum age to avail a Jammu And Kashmir Bank home loan is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of Jammu And Kashmir Bank Home Loan Transfer

Here are key features of Jammu And Kashmir Bank Home Loan Transfer:

  • Lower Interest Rates: Jammu And Kashmir Bank offers lower home loan rates starting at 6.75% along with ₹ 500 processing on home loans. Thus, you can save on your home loan by transferring your loan to Jammu And Kashmir Bank.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of Jammu And Kashmir Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With Jammu And Kashmir Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the Jammu And Kashmir Bank.

Document Required for JK Bank Home Loan Transfer

To avail of home loan balance transfer from JK Bank, you need to submit the following documents to JK Bank.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to JK Bank?

Yes, transferring your home loan to Jammu And Kashmir Bank is a good idea for home loan borrowers as Jammu And Kashmir Bank provides lower home loan rates starting at 7.20%.

How can I transfer my JK Bank home loan from one branch to another?

To transfer your Jammu And Kashmir Bank home loan from one branch to another, you can place your request through net banking/mobile banking. Jammu And Kashmir Bank also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for JK Bank home loan balance transfer?

Yes, Jammu And Kashmir Bank charges home loan transfer fees such as ₹ 500 for Jammu And Kashmir Bank home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a JK Bank home loan balance transfer?

If you apply for a home loan transfer to Jammu And Kashmir Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, Jammu And Kashmir Bank home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my Jammu And Kashmir Bank home loan balance transfer?

To know your Jammu And Kashmir Bank home loan status, you can call Jammu And Kashmir Bank home loan customer care number or visit JK Bank official website to check the status.


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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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