For Purchasing Plot 50 Lac or 60% of the cost of plot of land whichever is less, provided the area of proposed land shall not be more 1 Kanal.
Jammu & Kashmir Bank Housing Loan Scheme
Bank Name
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Jammu And Kashmir Bank Ltd.
|
|
Scheme
|
Housing Loan
|
|
Purpose
|
Purchase/Construction Of House/Flat
|
|
Quantum Of Loan (Max)
|
Purchase/Construction: Need Based
|
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Repair/Renovations: Rs. 25 Lac
|
||
Plot Purchasing: Rs. 50 Lac
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||
Margin
|
Upto 30 Lac
|
10%
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30 Lac – 75 Lac
|
20%
|
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Above 75 Lac
|
25%
|
|
Security
|
Equitable Or Registered Mortgage Of Property
|
|
Processing Charges
|
0.25% on the loan amount plus applicable GST
|
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Min: 5000
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Max: 25000
|
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Interest Rate Linked
|
RLIR
|
|
JK BANK HOUSING LOAN INTEREST RATE
|
UPTO 25 Lac
|
7.70%
|
25 Lac – 01cr
|
7.70%
|
|
01cr – 03 cr
|
7.85%
|
|
Above 03 CR
|
8.00%
|
|
Repayment Period
|
Max 30 Years
|
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Holiday Period
|
Max 09 months
|
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Lowest EMI in JK Bank Housing Loan
|
Rs. 713/month
|
|
Purpose of J&K BANK Housing Loan
Construction:
Residential
houses/flats to be constructed.
Purchase:
Independent
house or Flats (Old or New).
For carrying
out repairs/renovation/alterations/cost of furnishing to the house/flat.
Additions:
For carrying
out Additions to the existing house/flat.
For Buying and
Construction second house
For purchase of
a plot provided a declaration is obtained from the borrower that
the will
construct a house on the said plot, with the help of bank finance or
otherwise, within
a period of 2 years.
Advance is not
permitted against plots purchased on power of attorney basis
Housing loan
can be sanctioned for purchase/construction of 2nd house.
Loan can be
sanctioned for acquiring third and subsequent house too but
such loans
shall not be sanctioned under this scheme and are to be dealt as
Exposure to
Commercial Real Estate (CRE).
For meeting
cost escalation in the cases of under-construction flats to existing
Housing Loan
borrowers.
Eligibility
Criteria:
Entry Age: 18 – 65Years
Profession:
Confirmed
employees of State/Central Government/PSU & Autonomous
Bodies.
Employees of
Reputed companies with min 03 yr service
.
Professionals/Self
Employed/Businessmen with minimum 03 years standing
in current profession.
Any individual
having regular source of income
Documents
Required for JK Bank Housing Loan:
Duly filled
Application Form with Photograph
Identity Proof:
(PAN Card,
Passport, Any other Certificate from Statutory Authority)
Residence
Proof:
(Passport,
Driving License, Telephone Bill, Ration Card, Election Card,
Any other
Certificate from Statutory Authority)
Latest
Salary-slips for 3 months
Form 16 for
last 2 years
Last 6 months
Bank Statements (salary account)
Photocopy of
Title Documents of the Property, Approved Plan
For Businessmen
or Self Employed:
Last 3 years
Income Tax returns (self and business) with Profit & Loss
Account &
Balance Sheets duly certified/audited by a Chartered Accountant
Quantum of Loan
JK BANK:
For Purchase or
Construction of Old or new House or Fat:
No Limit (Need
Based depending on project cost)
Rs. 25 Lac
For Purchasing
Plot or Land:
Rs. 50
Lac or 60% of the cost of plot of land whichever is less, provided
the area of
proposed land shall not be more than 5440 Sq ft or 1 Kanal.
Loan amount for
purchase of plot shall be within the overall ceiling of housing
loan
eligibility and in no case should surpass 60% of total loan eligibility.
Calculation of
Loan Quantum jk bank:
Actual loan
amount will be determined taking into consideration factors such as :
Applicant’s
income and
Applicants
repaying capacity
Applicants age,
assets and liabilities
Cost of the
proposed house/flat etc.
Incomes of
spouse or children can also be included to enhance the quantum
of the loan and
they are also ade co borrowers.
For State/Central Govt
Pensioners:
36
times of the net monthly pension subject to the condition
that loan
sanctioned
shall be fully repaid by the time pensioner attains the age of 70 years
and total
deductions do not exceed 50% of their monthly income.
Jk Bank Home
Loan EMI
For fixing EMI
of JK Bank housing loan 50% take home pay norms should be
followed.
Margin in
J&K Bank Housing Loan
Upto Rs.30
lac 10%
Above Rs.30 lac
and Upto Rs.75 lac
20%
Above Rs.75
lac 25%
Purchase of
Land/Plot
45%
For
repairs/renovation/additions/alterations:
Upto Rs.05
lac NIL
Above Rs.05 lac
and Upto Rs.10 lac
10%
Above Rs.10
lac 15%
Security in JK
Bank Housing Loan:
Equitable or
Registerd Mortgage of property under question.
Repyment/Holiday
Period Jk Bank Housing Loan
For
Construction/ Additions of House/ Flat:
Till completion
of construction
09 months(12 Months for Union Territories of
J&K and Ladakh), from the
date of
disbursement of first installment of the loan, whichever is earlier.
For carrying
out repairs/ renovation / alterations to the house/ flat:
Till completion
of repairs/ renovation / alterations or 03 months, from the date
of disbursement
of first installment of the loan, whichever is earlier.
For purchase of
ready built House/ flat OR land/plot:
Till the date
of possession or 03 months from the date of advance,
whichever is
earlier.
Repayment
Period JK Bank Housing Loan
For salaried /
professionals: 1 to
30 years
(Including
moratorium period)
For other
customers:
1 TO 20 Years
Age of borrower
should not be more than 70 years at the time of loan maturity.
J&K Bank
Housing Loan Rate of Interest:
JK BANK HOUSING LOAN INTEREST RATE
|
UPTO 25 Lac
|
7.70%
|
25 Lac – 01cr
|
7.70%
|
|
01cr – 03 cr
|
7.85%
|
|
Above 03 CR
|
8.00%
|
No. of
Guarantors in J&K Bank Housing Loan:
No
3rd party guarantee is required in all cases except in case of following:
Pensioners-
guarantee of spouse / Legal Heir(s), who are are entitled for
family pension.
NRIs- 3rd party
guarantee of two resident Indians of sufficient means to cover
the liability
apart from the other securities shall be obtained.
Loans up-to
Rs.5.00 Lacs (Rs.10.00 lacs in case of employees Government
of UT of J
& K and UT of Ladakh) to be granted for the purpose of Repairs/ Additions/Alterations
/Extension of existing houses, where the mortgage of
the house
property is not taken as security.
About Jammu and Kashmir Bank
Jammu and Kashmir Bank (J&K Bank) is a major private
sector bank headquartered
at Srinagar in Jammu and Kashmir, India. J&K bank was incorporated on
01st of October 1938 and is listed on stock exchange (Both NSE
and BSE)
J&K bank has a network of 1038 branches out of which 877 branches are
located
in the Union Territory of Jammu and Kashmir and Union Territory of Ladakh
as on march 2020.
J&K bank has network of 1340 ATMs and cash deposition machines (CDM)
across
the country as on March 21 2020.
J&K Bank, was the first private bank in the country to emerge as a
state–owned bank.
J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialized
bank in the rest of the country. It
was also the only private sector bank designated
as RBI's agent for banking business, and carries out the banking business
of the Central Government, besides collecting
Registered
Office JK Bank:
M A Road-Srinagar
190 001
Jammu & Kashmir
Corporate Headquarters
M A Road-Srinagar
190 001
Jammu & Kashmir
www.jkbank.net
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