The Kunhar flows through the entire Kaghan Valley through Jalkhand , Naran , Kaghan , Jared , Paras and Balakot , and joins the Jhelum River . Kunhar flows through entire Kaghan Valley through Jalkhad , Naran Valley , Kaghan , Balakot , Garhi Habibullah and joins Jhelum River just outside Muzaffarabad in Azad Jammu and Kashmir .