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Jammu and Kashmir Bank Home Loans

Whenever you think of buying a home, you also need to think about acquiring a home loan to finance that home purchase. There are many banks and financial institutions in India that offer a variety of home loan products to satisfy home buying needs of plenty of customers. Jammu and Kashmir Bank home loans are innovative loan products offered by Jammu and Kashmir Bank that come with a range of benefits and exclusive features.

About Jammu and Kashmir Bank Home Loans

Jammu and Kashmir Bank home loans offer attractive interest rates and other benefits to the borrowers. Given below are the various features of Jammu and Kashmir Bank home loans:

1) Loan amount

  • For Purchase/construction: 60 months net income or 75.00 Lacs whichever is less.
  • For renovation/maintenance: 20 months net income, conditional on a maximum amount of Rs.10.00 Lacs.
  • In case of land purchase: 20 months net income/salary conditional on a maximum amount of Rs.5 Lacs within Jammu & Kashmir and Rs.10.00 Lacs away from Jammu & Kashmir.

In addition, as a bonus for small borrowers, loan amounts upto Rs. 1.5 Lacs offered for refurbishments/maintenance of existing dwelling units would now be guaranteed by third party guarantee of 2 individuals or such other collateral as is considered suitable by Jammu and Kashmir Bank.

Eligibility criteria for Jammu and Kashmir Bank home loans

Given below are the eligibility criteria for Jammu and Kashmir Bank home loans:

  • Employees of Government Departments, Municipal Bodies, Semi-Government Departments and Public Sector Undertakings with at least 5 years employment are eligible.
  • Self employed individuals and professionals such as engineers, doctors, chartered accountants, lawyers with an experience of at least 5 years are eligible.
  • Esteemed businessmen with a presence of at least 5 years will qualify.




Security for Jammu and Kashmir Bank home loans

Given below are the two types of securities against Jammu and Kashmir Bank home loans:

1) Primary security for Jammu and Kashmir Bank home loans:

The primary security against Jammu and Kashmir Bank home loans will be mortgage of the residential property to be constructed/purchased.

2) Collateral for Jammu and Kashmir Bank home loans:

The collateral for home loans offered by Jammu and Kashmir Bank will be third party guarantee of one individual, transfer of Life Insurance Policies, guarantee of Government securities and so on.

Jammu and Kashmir Bank home loans are one of the best home loan products that are available in Indian housing finance market. The loans boast all the features and benefits that a contemporary housing finance product should have. The flexibility of repayment terms and affordability of interest rates make these loans a preferred borrowing option among customers. J&K Bank always focuses on the needs of the customers while developing the loan products.

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