Jammu and Kashmir Bank reduces loan rates for women borrowers

Srinagar: Jammu and Kashmir Bank has announced reduction in interest rates on loans for women borrowers following state government's decision to abolish stamp duty on properties registered in the name of female folk.

"In line with recent decision of state government to waive stamp duty on the purchase of immovable property registered in the name of women, J&K Bank has announced reduction in rate of interest in various loan schemes to women borrowers," a spokesman of the bank said.

The spokesman said the bank will also establish two 'Ladies Special Branches' - one each in Srinagar and Jammu. In housing loan segment, the bank has reduced the rate of interest by 10 to 40 basis points in non priority segment for women borrowers, he said.

In the priority segment , the bank is already charging interest on MCLR basis, which is lowest that bank can offer, the spokesman said.

"Interest in case of two-wheeler loans, loan against mortgage of property and computer loans have been reduced by 50 basis points while in education loan, it has been cut by 75 basis points," he added.

J&K Bank chairman Parvez Ahmad, hailing the state's decision to abolish the stamp duty, said this landmark decision will certainly have a positive effect on the overall loan portfolio of the banks in the state.