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Best Home Loan in Jammu & Kashmir: Bigger Savings with NoBroker

Before making a final decision, it is crucial to conduct research on various lenders and their interest rates. So, here's a quick look at the best home loan interest rates in Jammu & Kashmir.

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Comparing Home Loan Rates in Jammu & kashmir

LenderHome Loan Interest Rates In Jammu-and-kashmirProcessing Fees & ChargesMaximum Loan AmountMaximum Loan Tenure
Aavas Financier Limited Home Loan8%2%-30 Years
Aditya Birla Capital Home Loan9% - 12.50%1%10 Crores30 Years
Andhra Bank Home Loan8.15% - 9.20%0.50% or ₹15000 + GST (whichever is lower)-30 Years
Axis Bank Home Loan8.75% - 14%1%10 Crores30 Years
Bank of Baroda Home Loan8.50% - 10.60%0.25%- 0.50%10 Crores30 Years
Bank of India Home Loan7.80% - 9.65%-7.50 Crores30 Years
Bank of Maharashtra Home Loan8.40%0.25% or 25,000 (whichever is lower)1 Crore30 Years
Canara Bank Home Loan8.85%- 11.25%₹1,500 - ₹10,0003 Crores30 Years
Central Bank of India Home Loan8.45% - 9.20%0.50% or ₹20,000 + GST (whichever of lower)75 Lakhs30 Years
DBS Home Loan8.25% - 9.75%-5 Crores25 Years
Dena Bank Home Loan8.25% - 8.35%0.50%1.5 Crores30 Years
Dhanalakshmi Bank Home Loan7.2%1% or ₹10,00 + GST (whichever is higher)1 Crore30 Years
DHFL Home Loan8.75%-5 Crore30 Years
Federal Bank Home Loan10.15% - 10.30%-15 Crores30 Years
HDFC Ltd. Home Loan8.50% - 9.60%0.50% or ₹3000 (whichever is higher)10 Crores30 Years
IDBI Bank Home Loan8.75% - 11.45%-10 Crore30 Years
IDFC First Bank Home Loan8% - 14%3%10 Crores30 Years
Indiabulls Home Loan8.75%1%2 Crores30 Years
Indian Overseas Bank Home Loan9.55%--30 Years
India Shelter Finance Corporation Home Loan13% - 20%2% - 3% + GST50 Lakhs20 Years
Jammu and Kashmir Bank Home Loan8%0.25% + GST50 Lakhs30 Years
Karnataka Bank Home Loan9.08% - 10.38%0.50% - 2%5 Crores30 Years
Karur Vysya Bank Home Loan9.23% - 12.13%₹2500 - ₹7500 + GST-25 Years
Kotak Mahindra Bank Home Loan8.85% - 9.40%0.50%10 Crores20 Years
LIC HFL Home Loan8.70%0.30% onwards10 Crores30 Years
PNB Housing Home Loan8.50% - 10.85%-2 Crores30 Years
Reliance Home Finance Limited Home Loan9.35% - 13%0.50% - 1.50%-20 Years
South Indian Bank Home Loan7.95% - 9.60%0.50% + GST15 Crores30 Years
State Bank of India Home Loan9.55%₹2000 - ₹10000 + GST5 Crores30 Years
Sundaram Home Finance Ltd Home Loan6.95% - 8.30%0.50%4 Crores25 Years
Tamilnad Mercantile Bank Home Loan9.10% - 9.60%0.50%5 Crores30 Years
Tata Capital Limited Home Loan8.95%2%5 Crores30 Years
Union Bank Home Loan8.75%0.50% or ₹15000 + GST (whichever is lower)-30 Years
Yes Bank Home Loan9.15% - 11.25%1.5% - ₹10000 (whichever is higher) 10 crores35 Years

Eligibility For Home Loan In Jammu & Kashmir

In order to be eligible for a home loan in Jammu & Kashmir, preferred clients are required to fulfil the following criteria:

  1. Age : The client must be at least 21 years but no older than 65 years by the time the loan matures.
  2. Income : Clients are expected to have an annual income of at least Rs. 2-3 lakh to be considered eligible for the loan. However the amount may vary depending on the lender
  3. Employment stability : The applicant is expected to be in employment for at least 2-3 years.
  4. Credit score : It will be preferred for the client to have a credit score of 750 or above.
  5. Property valuation : The property that the client wishes to purchase will have to meet the bank’s legal and valuation criteria.

Documents Required To Get The Best Jammu & Kashmir Bank Home Loan Interest Rates

The following paperwork would be deemed necessary to secure a home loan in Jammu & Kashmir:

DOCUMENT TYPEDOCUMENT
KYC DocumentsAadhaar card, PAN card, passport, and voter ID card
Proof of IncomeSalary slips, income tax returns, Form 16, and bank statements
Property-related DocumentsProperty registration papers, property tax receipts, and NOC from the builder or society
Proof of EmploymentOffer letter, appointment letter, and employment contract
OthersPassport-size photographs, loan application form, and declaration of assets and liabilities

It is crucial to acknowledge that the specific paperwork required may differ based on the lender.

Tax Benefits On Home Loan Rates In Jammu & Kashmir

Securing a home loan will prove beneficial to the clients. Here are the key tax benefits of home loans in Jammu & Kashmir:

  • Tax deduction on interest payment : Section 24 of the Income Tax Act, 1961 permits taxpayers to avail a deduction on the interest paid towards a self-occupied property, up to a maximum of Rs. 2 lakh. In the case of a rented-out property, there is no upper limit to the deduction that can be claimed on the interest paid.
  • Tax deduction on principal repayment : As per Section 80C of the Income Tax Act, 1961, individuals who have taken a home loan can avail a deduction of up to Rs. 1.5 lakh on the principal repayment of the loan.
  • Tax benefits on joint home loans : When a home loan is taken jointly, each borrower can avail tax benefits on both the interest paid and the principal repayment in proportion to their respective share in the loan.
  • Tax benefits on pre-construction interest : Under the Income Tax Act, borrowers can claim a tax deduction on the interest paid during the pre-construction period, in equal instalments of five years. The deductions can be claimed from the year in which the construction of the property is completed.
  • Tax benefits on stamp duty and registration charges : As per Section 80C of the Income Tax Act, borrowers can claim a deduction on the stamp duty and registration charges paid for the purchase of a house, subject to a maximum limit of Rs. 1.5 lakh.

NOTE:Tax benefits related to home loans are subject to modifications in tax laws and regulations. To obtain comprehensive information on the tax benefits of home loans, borrowers are recommended to consult with a tax expert.

Top 5 Locations To Buy Homes In Jammu & Kashmir

Here are some of the preferred locations in Jammu & Kashmir, viable for home purchase provided with some supporting information:

  • Udhampur : It is a well-connected area, with several new residential projects being developed to meet the growing demand for housing in the region.

  • Anantnag : It is an emerging real estate market, with affordable prices and good potential for future growth.

  • Baramulla : It is a fast-developing locality, with good connectivity and several ongoing infrastructure projects.

  • Srinagar : The capital city is a popular choice among buyers due to its scenic beauty, excellent infrastructure, and fast-developing real estate market.

  • Jammu : It is another popular city for real estate investment, with a growing number of residential and commercial projects.

FAQs
What is the difference between fixed and floating interest rates on home loans in Jammu & Kashmir?−
Home loans in Jammu & Kashmir can come with either fixed or floating interest rates. Fixed rates provide borrowers with stability and predictability as the interest rate remains the same throughout the loan tenure while floating rates are subject to market fluctuations and can vary over time, potentially being lower than fixed rates when market conditions are favourable.
What is the maximum loan amount I can get for a home loan in Jammu & Kashmir?+
When it comes to eligibility for home loans in Jammu & Kashmir, banks take into account a borrower's income, credit score, and property value. Typically, banks offer up to 80% of the property value, with the maximum loan amount varying by lender and commonly ranging from Rs. 10-20 crores.
Can I prepay my home loan in Jammu & Kashmir without penalty?+
While many banks allow prepayment of home loans without penalty, some may charge a fee if the prepayment amount exceeds a specific limit or if it occurs within a designated period, such as the first year of the loan.
How long does it take to process a home loan application in Jammu & Kashmir?+
The processing time for home loans in Jammu & Kashmir can vary depending on the bank and may take up to 2-3 weeks for document verification, property appraisal, and loan approval. However, some lenders may offer expedited processing for specific types of loans.
Can I avail of tax benefits on a joint home loan in Jammu & Kashmir?+
Joint loan applicants in Jammu & Kashmir can claim tax benefits on both the principal and interest components, subject to certain conditions. Under Section 80C and Section 24 of the Income Tax Act, respectively, the maximum deduction allowed is Rs. 1.5 lakhs per person per year for the principal amount and Rs. 2 lakhs per person per year for the interest amount.
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