# Jammu and Kashmir Bank Home Loan EMI Calculator

₹ 50k ₹ 5Cr
6.0% 30.0%
1 years 30 years
Principal Amount
Interest Amount

Monthly EMI

Principal Amount

Interest Amount

Tenure (Years)

Total Amount

## 2044

Considering a home loan from Jammu and Kashmir Bank? Be sure to use the EMI calculator to determine the monthly installments you’ll be paying throughout the loan term, which could extend from 20 to 30 years. Knowing your EMI in advance allows you to better manage your finances and ensures a smooth repayment process. In this article, we will learn how to use a home loan calculator to calculate your monthly installments without any hassle.

## What is EMI?

EMI refers to the monthly installments to be paid by a borrower till the expiry of the loan tenure. The installments combine a portion of both principal and interest. As you would know, Jammu and Kashmir Bank generally provides a home loan on a floating rate basis which means the interest rates will keep changing according to the RBI’s take on the repo rate, the rate at which the central bank lends to commercial banks. The cut or hike in repo rate can make lenders revise their interest rates. Though the equated monthly installments (EMIs) remain constant throughout the tenure, the interest and principal components change with the change in interest rates throughout a loan.

## How to Use Wishfin Jammu and Kashmir Bank Home Loan EMI Calculator?

Go to the Wishfin EMI calculator page. Enter the following to get an indicative EMI on the screen.

• Loan Amount
• Interest Rate
• Loan Tenure

In addition to computing the EMI, the calculator also indicates the amount of interest to be paid by a borrower over the loan tenure, along with providing a schedule of interest and principal repayments on a year-on-year basis. You can also check the outstanding balance of a home loan at the end of each year.

### Formula to Calculate EMI

The online calculator uses the following formula to give you the output:
E = P . R . (1+R)^N/((1+R)^N – 1),

Where E = EMI
P = Principal Loan Amount
R = Interest Rate
N = Monthly Loan Tenure

For instance, you apply for a home loan of ₹30,00,000 from J&K Bank, and the bank approves it at an interest rate of 8.75% for a 15-year term.

Here’s the detailed breakdown of the calculation:

• Principal Amount (P): ₹30,00,000
• Interest Rate (R): 8.75% per year, (which is equal to 8.75/12/100 = 0.00729 per month)
• Loan Tenure (n): 15 years, or 180 months

Using the EMI calculation formula:

[30,00,000 x 0.00729 x (1 + 0.00729) ^ 180]/[(1+0.00729 ^180 -1] = 29,983

This calculation yields a monthly EMI of ₹29,983

## Jammu and Kashmir Bank Home Loan Amortisation Schedule

Refer to the EMI table and the amortization schedule to understand the monthly installments for your home loan as per the above example.

Number of Months

Principal Paid

Interest Charged

Total Payment (Interest + Principal)

Balance

1

₹8,108

₹21,875

₹29,983

₹29,91,892

2

₹8,167

₹21,815

₹29,983

₹29,83,724

3

₹8,227

₹21,756

₹29,983

₹29,75,497

4

₹8,287

₹21,696

₹29,983

₹29,67,210

5

₹8,347

₹21,635

₹29,983

₹29,58,862

6 ₹8,408 ₹21,575 ₹29,983 ₹29,50,454
7 ₹8,469 ₹21,513 ₹29,983 ₹29,41,984
8 ₹8,531 ₹21,451 ₹29,983 ₹29,33,452
9 ₹8,593< ₹21,389 ₹29,983 ₹29,24,859
10 ₹8,656 ₹21,327 ₹29,983 ₹29,16,202
11 ₹8,719 ₹21,263 ₹29,983 ₹29,07,483

### 12

₹8,783 ₹21,200 ₹29,983 ₹28,98,700
13 ₹8,847 ₹21,136 ₹29,983 ₹28,89,853
14 ₹8,911 ₹21,071 ₹29,983 ₹28,80,941
15 ₹8,976 ₹21,006 ₹29,983 ₹28,71,965

## What is the Minimum EMI Offered by Jammu and Kashmir Bank on Home Loans?

Here are the monthly EMIs for different home loan amounts from Jammu and Kashmir Bank, calculated with annual interest rates of 8.75% and 9.85% over 20 years:

Interest Rate of 8.75%

Interest Rate of 9.85%

10 lakh loan amount - ₹8,837 p.m.

10 lakh loan amount -  ₹9,551 p.m.

12 lakh loan amount - ₹10,605 p.m.

12 lakh loan amount -  ₹11,461 p.m.

15 lakh loan amount - ₹13,256 p.m.

15 lakh loan amount -  ₹14,327 p.m.

17 lakh loan amount - ₹15,023 p.m.

17 lakh loan amount - ₹16,237 p.m.

20 lakh loan amount - ₹17,674 p.m.

20 lakh loan amount -  ₹19,102 p.m.

## The Benefits of Using Jammu and Kashmir Bank Home Loan EMI Calculator

Here are the key benefits of using the Jammu and Kashmir (J&K) Bank Home Loan EMI Calculator:

• Accurate and Instant Results: The online EMI calculator delivers precise results using the most recent interest rates from J&K Bank. Simply enter the necessary loan details, and the calculator immediately shows your EMI amount, total interest payable, and the total amount due over the duration of the loan. This quick feedback aids in expedited decision-making.
• User-friendly and Easy to Use: The J&K Bank home loan EMI calculator has a simple and intuitive interface. You just need to enter the loan amount, interest rate, and repayment tenure, and the tool instantly calculates your monthly EMI. It requires no complex math or manual calculations on your part.

• Breaks Down Loan Repayment: In addition to the EMI amount, the calculator also provides a detailed breakup of your repayment schedule. It shows how much of your EMI goes towards principal repayment and how much towards interest payment over the loan tenure. This clarity helps in understanding the loan's total cost.

• Helps in Financial Planning: By calculating your prospective EMIs in advance, the J&K Bank calculator allows you to plan your finances better. You can adjust the loan amount and tenure to arrive at an EMI that suits your monthly budget and repayment capacity. This helps ensure you don't strain your finances after taking the home loan.

• Completely Free to Use: J&K Bank provides the home loan EMI calculator on its website free of cost. You can access the calculator 24x7 from anywhere and use it any number of times without any charges. This makes it a convenient tool for all prospective home loan borrowers.

## J&K Bank Home Loan Eligibility

Age Requirements

• Minimum: Must be at least 18 years old at the time of loan sanction.
• Maximum: Up to 70 years old.

Nationality

• Open to both resident and non-resident Indians.

Employment Criteria

• Salaried, self-employed, or businessmen with at least 3 years of experience in their current profession.
• Employees from state, central, or semi-government undertakings, as well as autonomous bodies.
• Retired individuals from state or central government, or public sector undertakings (PSUs).
• Individuals involved in agriculture and related activities.

## Jammu and Kashmir Bank Home Loan Fees and Charges

Here are the fees and charges associated with your J&K Bank Home Loan:

Fee Type

Charges

Processing Fees

A processing fee of 0.25% of the loan amount plus GST is applicable, with a minimum of Rs 5,000 and a maximum of Rs 25,000.

There are no processing charges for the balance transfer of existing home loans from other lenders.

Sole or joint women borrowers receive a 50% waiver on processing charges.

Foreclosure Charges

NIL

## Limitations of Using Jammu and Kashmir Bank Home Loan Calculator

Here are the main drawbacks of using the J&K Bank Home Loan EMI calculator:

• Estimations Only: The calculator provides approximate EMIs, which may differ from the final figures due to other applicable fees and changes in interest rates.
• Excludes Additional Costs: It does not factor in extra expenses such as processing fees, documentation charges, or other up-front costs, which can affect the total cost of the loan.
• Static Assumptions: The EMI calculator operates on fixed input values and does not accommodate fluctuations in interest rates or financial circumstances that can occur with floating-rate loans.
• Credit Score Ignored: The impact of your credit score on possible interest rates is not considered, which can significantly influence loan terms.
• Limited Scope: While useful for basic EMI calculations, the calculator does not provide comprehensive assistance with other aspects of the loan application process, like eligibility assessment or detailed financial planning.

Frequently Asked Questions (FAQs)