Exempting women from stamp duty shot in the arm of women's empowerment - Chairman
In line with recent decision of state government to waive off stamp duty on the purchase of immovable property registered in the name of women in the state, J&K Bank today announced reduction in rate of interest in various loan schemes to women borrowers. Besides, the bank announced 'Ladies Special Branches' one each in Srinagar and Jammu.
Notably, in housing loan segment, the bank has reduced the rate of interest by10 to 40 basis points in non priority segment for women borrowers. While as in priority segment the bank is already charging interest on MCLR basis, which is lowest that bank can offer. Interest in case of two wheeler loans, loan against mortgage of property and PC/Laptop loans has been reduced by 50 basis points. While as in education loan it has been cut by 75 basis points.
Hailing the step of state government, Chairman and CEO Parvez Ahmed said, “Aimed at the socio-economic empowerment of the women of J&K, the decision taken by the government is historic in the process of innovatively realizing and ushering us into an era of socio-economic prosperity."
He said, “Every step taken to acknowledge the critical role of almost half of the population of a society is as much ethical as it is rational. Now this innovative step would further strengthen socio-economic empowerment of women and will serve as the most important ingredient for robust economy to be inclusive and operate with resilience."
“In terms of business, this landmark decision will certainly have a positive effect on the overall loan portfolio of the banks in the state. We expect an upsurge in the housing sector in the state in months ahead as more and more people may like to take advantage of the zero percent stamp duty decision in respect of women borrowers," he added.
Chairman further said, “We at J&K Bank have also set a process in motion to ensure financial means of empowerment for women. We have tailored and introduced (continuing to tailor) specific schemes for women with a special focus to promote and nurture entrepreneurship.”
“We offer many of our products at concessional rate-of-interest for women. For housing loans, loans against mortgage of property besides many more products tailored for women; there is 0.50 percent to 0.75percent rebate on the rate of interest”, he added.
Notably, the Bank, in line with Chief Minister’s vision, is already in the process of establishing two business units (branches), one each in Srinagar and Jammu exclusively for women in the state. "One such branch at Jawahar Nagar in Srinagar will soon begin its functioning", said the chairman.