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Jammu & Kashmir Bank Home Loan Interest Rate

Loans that are provided by banks act as a catalyst to get you on your way to your dream house. Home loans are sanctioned by banks not just for buying a house, but also for renovation purposes or for buying a plot and building your house from scratch that you can design yourself.

An amount of interest rate will be charged when your loan gets sanctioned and along with the principal amount, this interest will also have to be paid off. Different banks have different interest rates and they might depend on the type of loan that was sanctioned or the income of the applicant.

Jammu & Kashmir Bank Home Loan Details

  • Home loan interest rate charges start from 8.85%.
  • Processing fee of up to 0.25% is charged where minimum of Rs. 5000 and maximum of Rs. 25,000 will have to be paid.
  • Repayment tenure for salaried or professional individuals is limited to 30 years or 70 years of age, whichever is earlier. For other customers, it is up to 20 years.
  • Lowest EMI to be paid per lakh is Rs. 1,005.
  • Minimum age to avail for a loan is 18 years and maximum age is 70 years.

Jammu & Kashmir Bank Home Loan Interest Rate and Other Charges

  • Interest rate ranges from 8.85% to 9.15%.
  • Loan AmountJammu & Kashmir Bank Home Loan
    Up to Rs. 100 lakhsOne Year MCLR
    Above Rs. 100 lakhs up to Rs. 300 lakhsOne Year MCLR + 0.20%
    Above Rs. 300 lakhsOne Year MCLR + 0.35%
  • Processing charges of 0.25% on the loan amount plus applicable GST is charged. A minimum of Rs. 5000 and a maximum of Rs. 25,000 will be charged according to the type of loan that is being availed.
  • 50% waiver will be provided for women borrowers.

Jammu & Kashmir Bank Home Loan Eligibility

There are many purposes for which people would want to avail a home loan:

  • Residential homes or flats to be purchased or constructed by the applicant.
  • Residential homes or flats to be constructed by public agencies like housing boards, local bodies, builders or co-operative societies.
  • For purchase of a plot only on some terms and conditions.
  • For alterations and repairs.
  • Housing loan for purchase or construction of a second house.
  • Individuals having a proper source of income, who belong to any of the following categories:

    1. Permanent employees of State/Central government, Government/Semi-government undertakings and Autonomous Bodies.

    2. Employees of a reputed company, that have a minimum of 3 years of service.

    3. Persons engaged in agricultural and similar activities.

    4. Professionals, self-employed individuals or businessmen with a minimum of 3 years standing in the current profession.

    5. Retired employees of State/Central government, public sector undertakings.

    6. Non - Resident Indians are also eligible to apply for loans in Jammu & Kashmir Bank.

Loan margin

For construction or purchase of a house

Loan AmountLoan Margin
Up to Rs. 30 lakhs10%
Above Rs. 30 lakhs up to Rs. 75 lakhs20%
Above Rs. 75 lakhs25%

For supplementary/ repairs /renovations/ alterations

Loan AmountLoan Margin
Up to Rs. 5 lakhsNil
Above Rs. 5 lakhs up to Rs. 10 lakhs10%
Above Rs. 10 lakhs15%

Jammu & Kashmir Bank Home Loan Quantum of Finance

  • The loan amount will be determined, taking into consideration factors like the applicant's income, repaying capacity, age, assets and liabilities and cost of the proposed house or flat.
  • Factors like the income of the applicant’s spouse or children might also be taken into consideration.

Loan for construction or purchase of a house or a flat:

Cost of construction of house or flat less by stipulated margin.

Loans for carrying out repairs and renovations:

For carrying out repairs or renovations of the house: Maximum Rs. 25 lakhs

Purchase of land:

Maximum of Rs. 50 lakhs will be provided or 60% of the cost of the plot of land will be taken up considering whichever is less and the provided area of proposed land shall not be more than 5440 Sq. ft.

Jammu & Kashmir Bank Home Loan Moratorium Period

  • In case of loans sanctioned for construction of a house or a flat, a maximum of 9 months is given from the date of first disbursement. 12 months is given for applicants from Jammu & Kashmir state.
  • Loans sanctioned for renovations or repairs will get a maximum of 3 months.
  • For fully built houses or flats, maximum of 3 months is given from the day of when the loan was sanctioned.

Documents Needed to Avail for a Home Loan

For Salaried Employees:

  • Loan application form should be filled up.
  • 2 passport size photos.
  • Income Tax Returns of last 2 years.
  • Identity proof of either passport/driving license/voter’s ID/PAN will be needed.
  • Residential address proof of either registered rent agreement/utility bill (up to 3 months old), passport will also be needed.
  • Income documents of 6 months’ payslip,2 years Form 16, 6 months bank statements showing salary credit and any EMI debit.
  • Property documents like conveyance deed, sales deed, allotment letter is needed.

For Self-Employed:

  • Loan application form should be filled up.
  • 2 passport size photos
  • Identity proof of either passport/driving license/voter’s ID/PAN will be needed.
  • Residential address proof of either registered rent agreement/utility bill (up to 3 months old), passport will also be needed.
  • Business proof such as VAT/ service tax registration.

FAQs: Jammu & Kashmir Bank Home Loan Interest Rate

1. How much loan will be sanctioned for carrying out repairs and renovations?

Maximum of Rs. 25 lakhs will be sanctioned for carrying out repairs and renovations.

2. What is the interest rate range that is charged by Jammu & Kashmir Bank?

Interest rate ranges from 8.85% to 9.15% and changes depending on the amount that was borrowed, the income of the individual and other factors.

3. What is the minimum age that can apply for a home loan at Jammu & Kashmir Bank?

If the applicant is 18 years of age, he or she would be able to apply for a home loan at Jammu & Kashmir Bank.

4. What is the repayment period, for home loans at Jammu & Kashmir Bank?

Repayment tenure for salaried or professional individuals is limited to 30 years or 70 years of age, whichever is earlier. For other customers it is up to 20 years.

5. Are there any processing charges that are to be paid for?

Yes, processing charges of 0.25% on the loan amount plus applicable GST is charged. A minimum of Rs. 5000 and a maximum of Rs. 25,000 will be charged according to the type of loan that is being availed.

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