Jammu and Kashmir (J&K) Bank Home Loan Interest Rate

Jammu and Kashmir (J&K) Bank provides house loans with competitive J&K Bank home loan interest rates beginning at 7.35%. All qualified salaried and non-salaried resident and non-resident borrowers are eligible for a house loan from the bank. The house loan can be used for a variety of purposes, including home purchase/construction, home repair or remodelling, home extension, and more.

Characteristics of the J&K Bank Home Loans

  • For some persons, the bank provides a Home Loan for the purchase or building of a residential property (home or flat) by individuals or by others such as public agencies, housing boards, builders, cooperative societies, or employers.
  • The bank also provides Home Loans for the acquisition of a plot of land for the construction of a house. In this situation, however, the applicant must declare that they will build the property within two years after receiving the loan. Plots sold under a power of attorney do not qualify for a loan advance.
  • People who currently own a home and want to build a second one can apply for a J&K Bank Home Loan. People who have existing home loans or are tenants can also apply.
  • J&K Bank also provides Home Loans for first and second home remodelling, reconstruction, repairs, or home enhancements.

J&K Bank Housing Loan Interest Rate 2022

Here is the table for the J&K Bank home loan interest rate 2022:

Amount of the Loan

JK Bank Housing Loan Interest Rate

Loans under Priority Sector

7.35%

Up to Rs. 1 crore

7.45%

More than Rs. 1 crore to Rs. 3 crore

7.60% 

More than Rs. 3 crore

7.75%

 

Who is Eligible for the J&K Housing Loan Scheme?

  • Applicants must be Indian and 18 years of age or older at the time of loan approval.
  • Individuals must be full-time employees of central or state government agencies, semi-government agencies, or autonomous organizations.
  • Employees with more than three years of professional experience who work for reputable companies
  • Individuals who work in agriculture or any of its connected activities as a vocation.
  • Individuals who are self-employed, professionals, or businesspersons with at least three years of working in their current occupation.
  • Individuals who have retired from the federal or state governments
  • Individuals who have retired from public-sector jobs will be 70 or younger at the time of loan maturity.
  • Non-resident Indians or NRIs are also eligible to apply.
  • Those are looking for a loan to repair or renovate an ancestral property in their name or the name of the parent dependent on the loan seeker. In such a case, the loan is provided to the parents, with the individual seeking the loan as a co-borrower. However, the loan is provided with the loan seeker's salary in mind, not the parent's. Also, if the youngest borrower contributes more than 50% of the EMI, the age of the youngest borrower will be considered in determining the loan term. In this or any other circumstance, the property is mortgaged.

Documents Required for the Home Loan

  • Application
  • ID proof 
  • Address proof 
  • Income
  • Property

Customer Care

Customers with home loan-related questions can contact Jammu and Kashmir Bank using the contact information provided below.

Contact Number: 1800 1800 234 (Toll-free), 0194-2481999 (Customer Service)

Other Charges with the J&K Bank Home Loan Process

Processing Charges - 0.25% (over the loan amount)

How to Apply for a Home Loan from J&K Bank?

You can choose two ways to apply for a home loan from J&K Bank, and they are the online and the offline method-

  • Offline Method: You will have to go to the nearest branch of the bank, and a representative of the bank will walk you through the process. Ensure that you carry along the required documents.

  • Online Method: In this process, you will have to visit the official portal of the bank, and navigate to the loan section. In that section, you will find a way to apply for the loan through an application. 
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