J&K Bank Home Loan EMI Calculator

The J&K Bank, or Jammu and Kashmir Bank, is a scheduled commercial bank, and it is also one of the oldest private sector banks in the country, which was established in the year 1938. Given all this, the bank has been offering its customers different sets of products and services for all these years.

Along with its different products, the Jammu and Kashmir Bank is also a great source of housing loans. Therefore, whether you are a salaried person or a self-employed person, you can apply and avail of the home loans from J&K Bank. 

The repayment of the loan is also simple, and you can repay it through an EMI. Even if you want to know what the EMI would be before you could apply for the J&K Bank home loan, you can use the J&K Bank Housing Loan Calculator, which is a useful tool to present you with the EMI amounts beforehand.

The JK Bank Home Loan Calculator - Explained

The J&K Bank Home Loan EMI Calculator is an automated tool that can be used in order to know the EMI amounts beforehand. It is an online tool that uses a formula box in order to calculate the EMI amount and the interest amounts on a home loan from Jammu and Kashmir Bank. 

The Home Loan EMI Calculator J&K Bank works to provide you with instant assistance in knowing the monthly installments or the total interest on your principal. All you will have to do is provide some basic details in order to use it.

Benefits of Using Groww's J&K Bank Home Loan Calculator

There are several benefits to using Groww's J&K Bank home loan calculator, and some of the major benefits are:

• The Jammu and Kashmir Bank Home loan calculator can be used free of cost, and you will not be charged in any way.
• In order to use this calculator, you will not have to log in or register. 
• The calculator can be an estimation before you consider taking up a home loan. It could help you decide whether or not the loan is suitable for you and whether you can afford the home loan.
• It can help you to compare different tenures and different principal amounts to know how much money you can borrow and how much you can put into the downpayment.
• You would not have to face any errors that happen during the manual calculations of the EMIs or interest amount.

How to Use the Calculator

You would need three basic information sets in order to use the calculator. This information will not pertain to any personal data or information. This information is:

• The Principal Amount that you want.
• The Tenure of the Loan.
• The Interest Rate that the Jammu and Kashmir Bank provides to its customers over a home loan of a specific kind.

Usage of the J&K Bank Home Loan Calculator

The steps to use the Jammu and Kashmir Bank home loan calculator are simple, and you will not be mandated to have any technical expertise to use the calculator. The steps that you will have to follow are

Step 1

You will have to provide the principal amount needed from J&K Bank for a home loan.

Step 2

You can then enter the tenure of the loan that you want.

Step 3

Finally, you will have to enter the interest rate that the bank rate provides for a home loan.

After these details have been given, you will be displayed with the EMI amount and the total interest over the principal that you borrowed.

Formula Used by the Calculator

The J&K Bank home loan EMI calculator uses a standard calculator, and that is:

This formula represents -

P - The Principal Amount

R - The Rate of Interest

N - The Tenure of the Loan

Example

This calculator's formula can also be explained through an example. If Dr Suresh wanted to buy a house in July 2022, and the details of the loan were as follows:

Principal = Rs. 78 lakhs

Rate of Interest = 6.5%

Tenure = 19 Years

EMI = Rs. 59,659

Amortization Table

Here is an amortization table to show you how the values of the repayment of the loan over the tenure are based on the example that has been given above.