Jammu and Kashmir Bank Loan Against Property

Last Updated : Feb. 6, 2023, 1:52 p.m.

About Jammu and Kashmir Bank Loan Against Property

Jammu and Kashmir Bank Loan Against Property is an apt product that comes handy for individuals, business enterprises, professionals and self-employed as an immediate and dependable source of funding for expenditures of multiple types. The only requirement to be able to avail this credit facility is that the applicants must have a minimum service/standing of three years. In times of dire financial needs, your property and immovable assets can come to your rescue by acting as a mortgage and helping you avail a Loan Against Property. Read on to know in-depth about this product that has been preferred by many customers ever since its launch!

Jammu and Kashmir Bank Loan Against Property Details:

Eligibility Criteria for Jammu and Kashmir Bank Loan Against Property

• Minimum 3 years of work experience; in case of self-employed, minimum 3 years of business continuity
• Minimum age of 21 years and maximum age for 60 years (loan completion age)
• Minimum Net Annual Income must be ₹ 1 Lakh

Jammu and Kashmir Bank Loan Against Property Eligibility

Consider the below given example for getting a clear understanding of the loan amount eligibility of Jammu and Kashmir Bank Loan Against Property.

For the sake of assumption, let us consider that you make an average earning of ₹ 1,00,000 on a monthly basis. Post all your expenses and deductions, let us say that you are able to save about 40% of your income every month. In order to avail a LAP, you must be aware of the eligibility required for this credit facility and the amount that you can afford to pay off as your monthly EMI.

As per the current norms regarding the loan tenure and the interest rates, the calculation of your monthly EMI and loan amount inclusive of interest amount would be the facts that you would want to check beforehand. If you consider paying your saving as your monthly EMI towards your Loan Against Property, then the calculation would look as follows:

Amount- ₹ 1 Lakh

Loan Tenure- 7 years

Rate of Interest- 11.65% p.a.

Your monthly EMI will be ₹ 1,747

So your calculation for LAP would be

₹ 1 Lakh x 40000/1,747 = ₹ 23 Lakhs approx

Hence, your loan amount eligibility is ₹ 23 Lakhs approx .

Jammu and Kashmir Bank Loan Against Property EMI Calculator

EMI or the monthly installment that a loan bearer is supposed to pay off towards the repayment of the loan amount is basically the cumulative amount of principal amount and interest amount. Calculation of the monthly EMIs could be a very cumbersome and time-consuming task, if done manually. Hence, using an EMI calculator eases out the process of calculation and saves a big deal of time. This tool considers the total loan amount that you want to avail, the total loan tenure and the rate of interest offered by the bank. Using an EMI Calculator can put an end to much of your worries pertaining to this loan. Let us consider an example to know how an EMI calculator works and the results it would churn out.

For instance, let us consider that you want to avail a loan worth ₹ 1,00,000 from Jammu and Kashmir for 7 years at an interest rate of 11.65% p.a. The key factors that you would want to know before applying for the loan would be regarding the EMI, total interest outgo and total amount payable from your pocket will be ₹ 1,747, ₹ 46,715, and ₹ 1,46,715 at the end of your loan tenure, respectively.

For your reference, take a look at this table given below wherein, you can also know your EMI, interest amount and total amount payable on the same amount of loan for different tenures.

Table showing EMI, interest outgo and total amount payable on your loan against property

Documentation Required for Jammu and Kashmir Bank Loan Against Property

Income Documents

• Salaried: Latest 3 years Payslip, 6 months Salary account bank statement &, Latest year Form 16.
• Self-employed: Latest 2 years ITR, Financial Documents (P & L account, Balance Sheet, Schedules to Balance Sheet & Tax Audit report) & 6 months Company Primary Current account statement
• Your current obligations i.e. the other installments (EMIs) you are currently paying, the number of credit cards and credit limits you have or use

KYC Documents

• Pan Card, Secondary ID Proof (Driving License, Adhaar Card, Voter’s ID) & Passport size photo

Proof of Employment/Business Continuity

• Salaried: Form 16 or Appointment letter, dated 2 years or earlier period
• Self-employed: ITR or Sales/Service Tax registration certificate, dated 2 years or earlier period

Property Documents (In case of LAP)

• Under construction property – Allotment letter, Proof of booking amount paid and Payment Schedule
• Ready Property – Sale Deed, Parent Documents, Property tax paid certificate (Latest), Khatha (7/11 extract) and Latest EC
• Plot & Self-construction – Sale Deed, Parent Documents, Khatha (7/11 extract) and Latest EC

Features & Benefits of Jammu and Kashmir Bank Loan Against Property

• Availability of maximum loan amount
• Convenience in loan repayment
• Acceptance of both residential and commercial property as collateral
• Faster loan approvals and attractive interest rates
• Minimal documentation