J&K Bank Housing Loan Scheme With Low Interest Check Details

J&K Bank Housing Loan Scheme With Low-Interest Check Details

ELIGIBILITY

AGE

  • Individuals having a perpetual source of income, who belong to any of the following categories:
    1. Persons engaged in agricultural and allied activities.
    2. Retired Employees of State / Central Government, Public Sector Undertaking. Non-Resident Indians are also eligible for financing under the scheme. Sanctioning authorities to satisfy themselves about the income earned by the Non-Resident and take necessary safeguards for extending finance and regular repayment of such loans.
    1. Others: In Case of repairs/renovation/alteration/additions to ancestral property in the name of either father or mother, who is dependent on the son/daughter, the loan can be granted to the parent(s) by making the son/daughter as co-borrower and his /her income can be taken for computation of quantum of loan.
      However, in all such cases, the mortgage of the house shall be mandatory and all the legal heirs of the father/mother should stand as guarantors to the amount of the housing loan.
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  • Minimum: 18 years as of the date of sanction
  • Maximum age of Applicant at loan maturity: 70 years. In case the quantum of loan is computed by adding the income of spouse/child (ren), the age of the youngest borrower / co-borrower can be considered for fixing the tenor of the loan subject to the condition that his / her contribution towards the EMI is more than 50%.

MARGIN

  • For Construction / purchase:

Loan up to 30 Lakh10%Loan above Rs. 30 Lakh to Rs. 75 Lakh20%Loan above Rs. 75 Lakh25%

For Purchase of Land / Plot: Borrowers’ contribution (margin) shall not be less than 40% of the cost of land/plot.

  • For
  • Supplementary/repairs/renovation/additions/alterations:

Up to Rs. 5.00 Lakh NIL Above Rs. 5.00 Lakh to Rs. 10.00 Lakh10%Above 10.00 lakh15%

MORATORIUM PERIOD

  • Maximum 9 months from the date of the first disbursement in case of loans sanctioned for construction of house/flat (12 Months for Union Territories of J&K and Ladakh).
  •  Maximum   3   months in case of loans sanctioned for repairs/renovations/additions etc.
  • Maximum 3 months in case of loans sanctioned for outright purchase of fully built up house/flat/apartment/land for housing purpose.

REPAYMENT

Subject to a number of remaining years of service in case of employees or till the borrower attains the age of 70 years.

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