| J&K Bank Home Loan Highlights | |
| Interest Rate | 8.75% p.a. onwards |
| Loan Amount | Depends on the loan applicant’s age, income, repayment capacity, assets and liabilities, cost of the proposed house/flat, etc. |
| Loan Tenure | For salaried professionals: Up to 30 years (including moratorium)
For others: Up to 20 years |
| Loan to Value Ratio | For purchase/construction:
For purchase of plot/land: Borrowers cost should at least be more than 60% of the total cost of plot or land For supplementary repairs, renovation, alterations or additions:
|
| Processing fees | 0.25% of the loan amount plus GST (min Rs 2,000 to Rs 50,000) |
Note: Interest rates as on 18th November 2024
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Table of Contents
J&K Bank Home Loan Interest Rates
J&K Bank Home Loan interest rates start from 8.75% p.a. The home loan interest rates set for J&K Bank housing loan applicants is based on their CIBIL or other credit scores, loan amount and loan to value (LTV) ratio.
For Loan Amount up to Rs 30 lakh
| CIBIL Score | LTV Ratio | Interest Rates (p.a.) | |
| Salaried | Non-salaried | ||
| Above 800 | Up to 80% | 8.75% | 8.85% |
| Above 80% and up to 90% | 8.95% | 9.05% | |
| 751-800 | Up to 80% | 8.95% | 9.05% |
| Above 80% and up to 90% | 9.15% | 9.25% | |
| 701-750 | Up to 80% | 9.15% | 9.25% |
| Above 80% and up to 90% | 9.35% | 9.45% | |
| 700 or below | Up to 80% | 9.35% | 9.65% |
| Above 80% and up to 90% | 9.55% | 9.85% | |
For Loan Amount above Rs 30 lakh and up to Rs 75 lakh
| CIBIL Score | LTV Ratio | Interest Rates (p.a.) | |
| Salaried | Non-salaried | ||
| Above 800 | Up to 70% | 8.75% | 8.85% |
| Above 70% and up to 80% | 8.95% | 9.05% | |
| 751-800 | Up to 70% | 8.95% | 9.05% |
| Above 70% and up to 80% | 9.15% | 9.25% | |
| 701-750 | Up to 70% | 9.15% | 9.25% |
| Above 70% and up to 80% | 9.35% | 9.45% | |
| 700 or below | Up to 70% | 9.35% | 9.65% |
| Above 70% and up to 80% | 9.55% | 9.85% | |
For Loan Amount above Rs 75 lakh
| CIBIL Score | LTV Ratio | Interest Rates (p.a.) | |
| Salaried | Non-salaried | ||
| Above 800 | Up to 65% | 8.75% | 8.85% |
| Above 65% and up to 75% | 8.95% | 9.05% | |
| 751-800 | Up to 65% | 8.95% | 9.05% |
| Above 65% and up to 75% | 9.15% | 9.25% | |
| 701-750 | Up to 65% | 9.15% | 9.25% |
| Above 65% and up to 75% | 9.35% | 9.45% | |
| 700 or below | Up to 65% | 9.35% | 9.65% |
| Above 65% and up to 75% | 9.55% | 9.85% | |
Compare Home Loan Interest Rates for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Apply Now |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Compare Home Loan Schemes Offered by Top Lenders Compare Now
J&K Bank Home Loan Fees & Charges
J&K Bank Home Loan Processing fees
| Particulars | Rates |
| Processing fees |
|
J&K Bank Home Loan Prepayment/Foreclosure Charges
| Particulars | Rates |
| Foreclosure Charges | Nil |
J&K Bank Home Loan Amount
For J&K Bank home construction/purchase loan:
The loan amount is arrived at after subtracting the down payment amount from the total cost of construction. Home loan applicants can enhance their loan eligibility by adding the income of spouse/children living with applicant, provided that:
- They have a steady salary income (wherein the salary account is preferably maintained with J&K Bank) or by engagement in any business activity, (which the loan appraising officer and concerned sanctioning authority must ascertain after due diligence)
- They are made co-borrowers i.e. the loan is sanctioned in joint names.
- They (optional for spouse) are joint owners of the flat/land/house.
- Only the residual income of spouse, son or daughter i.e. the income calculated post all deductions (including deductions towards servicing of existing loans) to be considered.
- The income proof documents of children or spouse, as applicable under the scheme, is considered to verify their income.
- Expected rent accruals (after deducting taxes, cess, etc.) if the house or flat being purchased is to be rented out.
- Depreciation, subject to certain conditions.
- Regular income (from all sources).
For J&K Bank Housing Loan offered to state/central govt pensioners:
The loan amount is 36 times the net monthly pension subject to the condition that the home loan borrower should fully repay the loan by the time he/she is 70 years old and total deductions do not exceed 50% of their monthly income.
For J&K Bank Home Loan availed for repairs/renovations:
The loan amount offered under J&K Bank Housing Loan for repairs/renovations can go up to Rs 25 lakh.
For J&K Bank Housing Loan availed for home extension/alteration of existing house/flat that was not acquired by bank finance or where the home loan on the house/flat was adjusted/liquidated:
No cap on maximum loan amount provided that the addition/alteration is done after obtaining valid permission from the competent authority or municipality.
For J&K Bank Home Loan availed for plot purchase:
J&K Bank can finance the plot purchase used for home construction as a part of the home loan, subject to maximum of Rs 50 lakh or 60% of the cost of plot purchase, whichever is less, provided that the plot area is not more than 5440 square feet or 1 Kanal. The total loan amount for plot purchase should be within the overall ceiling of the housing loan eligibility and should not surpass 60% of total loan eligibility.
For J&K Bank Housing Loan availed for home construction when existing borrowers have already availed home loans for plot purchase:
J&K Bank will set the home loan limit for such cases after considering the total construction cost (post deducting the down payment amount). However, the total of the EMI amount for home construction and the EMI for home loan availed for plot purchase/other credit facility should not exceed the gross deduction limit set by the bank which are as follows:
- 60% of gross income: For individuals with income up to Rs 10 lakh p.a.
- 65% of gross income: For individuals with income above Rs 10 lakh p.a. and up to Rs 30 lakh p.a.
- 75% of gross income: For individuals with income above Rs 30 lakh p.a.
Note: The gross deduction should also include estimated income tax/TDS, insurance premiums, PF contribution and any other compulsory deductions.
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J&K Bank Home Loan Eligibility Criteria
The home loan eligibility criteria set for availing J&K Bank Housing Loans are as follows:
- Minimum age: 18 years (as on the loan sanction date)
- Maximum age: 70 years (as on the date of loan maturity)
- Individuals belonging to any of the following categories are eligible for availing J&K Bank Home Loans:
- Permanent employees of state or central government, government or semi-government undertakings & autonomous bodies
- Employees of reputed companies with minimum 3 years of service
- Professionals, self-employed individuals or businessmen with minimum 3 years standing in the current profession
- Individuals engaged in agricultural and allied activities
- Retired employees of central/state government and public sector undertakings. NRIs are also eligible for loan financing under the scheme. Sanctioning authorities should satisfy themselves about the income earned by the Non-Resident and take necessary safeguards for extending finance and regular repayment of such loans.
- For repairs, renovation, alteration or additions to ancestral property in the name of father or mother who is dependent on their son/daughter, the lender can grant the home loan to the parent(s) by making their son/daughter as the co-borrower and consider the co-borrower’s income for computing the loan amount. However, in such cases the father/mother needs to mortgage the house and the legal heirs of the father/mother should stand as guarantors of the home loan amount.
Additionally, J&K Bank will determine the eligibility of its home loan applicants based on their credit assessment and monthly disposable / surplus income. The lender will also check if the loan applicant has adequate cash flows to meet the EMIs of the proposed home loan.
J&K Bank Home Loan Documents Required
Although J&K Bank has not given details related to the home loan documents required while applying for housing loans, lenders providing housing loans usually require their loan applicants to submit the below mentioned documents for availing home loans:
- Proof of identity (any one): PAN Card, Passport, Driving Licence, Voter’s ID Card, Aadhaar Card, etc.
- Proof of residence (any one): Ration Card, utility bills (telephone / electricity / water / gas), bank passbook, etc.
- Proof of age (any one): Aadhaar Card, 10th class marksheet, bank passbook, birth certificate, etc.
- Proof of income:
- For salaried: Last 3 year Income Tax Returns (ITR), form 16, promotion/increment letter from the employer, last 3 month salary slips, etc.
- For self-employed: Financial statements (P&L and Balance Sheet) of the company/firm duly attested by Company Secretary/Chartered Accountant, professional practice licence (for self-employed professionals like doctors and consultants), ITR of last 3 years, etc.
- Property documents: Copy of sale agreement, copy of plans approved by local authorities, title deed of the plot, detailed estimate of home construction by the civil engineer or architect, etc.
- Proof of business address
- Other documents: Proof of own contribution, last 6 month bank statements showing repayment of existing loans (if any), details of existing loans of individual/business entity, cheque for processing fee in favour of the home loan lender
- Additional documents for self-employed: Form 26 AS (latest), business profile, list of directors and shareholders with details of individual shareholding certified by CA / CS (if the business entity is a company)
- Articles of Association (AOA) and Memorandum of Association (MOA) of the company
- Partnership Deed (of a partnership firm)
Note: J&K Bank may ask its loan applicants to provide additional home loan documents, if necessary, based on the loan applicant’s profile.
FAQs on J&K Bank Housing Loan
1. What is the maximum repayment tenure offered by J&K Bank?
The maximum repayment tenure offered by the J&K Bank is as follows.
- For salaried / professionals:1 to 30 years (including moratorium period)
- For other customers:1 to 20 years
The loan tenure available applicable to a borrower is subject to the number of remaining years of service or till the borrower attains the age of 70 years.
2. What is the security required to avail a home loan?
The security required to avail a home loan is the Equitable/Registered Mortgage of house property/flat to be constructed/purchased. It is important to underscore that the title of the property must be clear, marketable and free from encumbrance certificate.