Housing Loan | Jammu and Kashmir J&K Bank

Purchase/Construction: 

Primary:

Purchase/Construction:

  • Equitable/ Registered Mortgage of house property/flat to be constructed/ purchased.  (House property to include land underneath & appurtenant thereto in case independent house only).
  • The title of the property must be clear, marketable and free from encumbrance.
  • Where  mortgage  of     house  /flat  cannot  be   created immediately and / or possession of house / flat is not given in situations like house/flat or under construction house / flat or to be constructed house/ flat  is being purchased/ from   the   Housing   Board/        Co-operative   Society   / Development  Authority/  Construction  Company/  Builder and   title/conveyance   deed   is   executed   in   favour   of purchaser   only   after    completion   of   full   or   partial construction after  purchaser making full payment of the cost   of   house/flat,      a   tripartite   agreement   shall   be executed  amongst  the

1)  Housing  Board/  Development authority  /  Co-operative Society/ Construction Company/ Builder,  
2)  The Borrower and
3) The Bank   wherein the Housing   Board/  Development  Authority  /  Co-operative Society/  Construction Company/ Builder undertakes that the  title   to  house/  flat     shall  be  transferred  to  the Borrower     immediately    on    receipt    of    entire    sale consideration and the Bank’s lien shall also be marked in their/ his records, thereafter to be followed by execution of mortgage deed in favour of the Bank once the project has been completed and Sale Deed (Deed of apartment/Conveyance Deed   in case of Flats) has been executed. Charge to be registered in favour of the Bank with the    concerned    authorities.    Besides    tripartite agreement an affidavit cum undertaking from the Housing Board/ Development Authority / Co-operative Society/ Construction Company/ Builder to the effect that the construction shall be as per the sanctioned plan & building bye laws, to be obtained.

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Repairs/Additions/Alterations/Extension of existing houses:

  • Equitable/ Registered Mortgage of house property/flat to be repaired / renovated.  (House property to include land underneath & appurtenant thereto in case independent house only).

Collateral:

  • No collateral security /3rd  party guarantee is required in all cases except in case of following:
    • Pensioners- guarantee of spouse / Legal Heir(s), who is / are entitled for family pension.
    • NRIs- 3rd party guarantee of two resident Indians of sufficient means to cover the liability apart  from the other securities shall be obtained.
    • Loans upto Rs.5.00 lacs (Rs.10.00 lacs in case of employees Goverenment of UT of J & K and UT of Ladakh) to be granted for the purpose of repairs/ additions/alterations /extension of existing houses, where the mortgage of the house property is not taken as security.

One thought on “Housing Loan | Jammu and Kashmir J&K Bank

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