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Jammu and Kashmir Bank has announced a reduction in interest rates on loans for women borrowers following the state government’s decision to abolish stamp duty on properties registered in the name of female folk.
“In line with the recent decision of the state government to waive stamp duty on the purchase of immovable property registered in the name of women, J&K Bank has announced a reduction in the 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 the housing loan segment, the bank has reduced the rate of interest by 10 to 40 basis points in the non-priority segment for women borrowers, he said. In the priority segment, the bank is already charging interest on MCLR basis, which is the lowest that a bank can offer, the spokesman said.
“Interest in the case of two-wheeler loans, loans against mortgage of property and computer loans have been reduced by 50 basis points, while in education loans, 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.
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