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What is the Eligibility Criteria to Buy a House in Kashmir?

What is the Eligibility Criteria to Buy a House in Kashmir?

Owning a house in the ‘Paradise on Earth’ had been a distant dream of every Indian. With Article 370 evoked, which granted special status to Jammu and Kashmir, property ownership restrictions no longer apply to outsiders. This means that anyone outside the union territory can now own agricultural, commercial, or residential land in the mountain cities of Jammu and Kashmir.

However, before you apply for housing finance or check your home loan eligibility, it’s essential to understand the place as well. Here are some key developments which J&K is witnessing.

Employment in Jammu and Kashmir

Until recently, J&K was a closed zone to private investments. Even the tourism industry couldn’t completely open its wings due to ownership restrictions. However, the recent developments are attracting investors from all industry verticals – hospitality, healthcare, education, agro-processing, pharma, and many others. The generation of new jobs will invite a skilled workforce from all over India.

Also, 15,000 and 42,500 acres of land have been identified by the government in Kashmir and Jammu, respectively, for industrial estates. These industries will improve the industrial scenario, generate more jobs, and contribute to the local economy of the region. Besides, as the state fills with economic activity, house hunters will receive attractive home loan interest ratesfrom lenders.

Transport and connectivity

The twin cities of Jammu and Srinagar will get a connectivity upgrade with the Elevated Light Rail System (ELRS). With this rail system, people will get a reliable, safe, cost-effective, sustainable, and convenient public transport system.

Moreover, a new rail line connecting Kashmir to the rest of India will be operational by December 2021. The line will be laid on the world’s highest railway bridge and form a crucial link between Katra and Banihal, which are 111 km apart. Also, the bridge is said to be 35m taller than the Eiffel tower!

Price appreciation

The real estate sector, which had been dormant for many years, saw massive activity after Article 370 was repealed. As a result, property prices are expected to grow over time, also known as price appreciation. However, price appreciation depends on a surge in demand. And given the region’s security concerns, property buyers may hesitate to invest, and price appreciation can take longer.

However, new commercial industries and an increase in employment will attract homebuyers and positively contribute to demand growth and price appreciation. Besides, with EMI calculators for home loan available online, you can easily plan your housing expenses.


As of now, no unique eligibility criteria are applicable if you want to buy property in J&K. However, with uncertainty surrounding the issue, it is best to conduct your research before deciding to buy a property or apply for a home loan.

In the meantime, you can discuss home finance eligibility with various lenders available in the market. Moreover, by talking with the lenders, you would also get to know which provide the best services in terms of home loan interest rates, tenures, and repayment flexibility.

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