A "low interest" loan shouldn't mean you have very little interest in paying it back!
The TMB Affordable Home Loan has an interest rate that starts at 8.85% with processing fees of 0.25% of the sanctioned limit plus taxes and a maximum repayment tenure of up to 30 years.
The interest rate for TMB Affordable Home Loan starts from 8.85%.
The features and benefits of TMB Affordable Home Loan are as given below:
The eligibility criteria are as follows:
| Age | Between 18 and 50 years of age |
| Nationality | Resident Indians |
Yes, you can add a co-applicant to the TMB Affordable Home Loan where any one of the applicants should be at least 50 years of age.
For a new flat, the margin required is 25% of the property value.
For old property, the margin required is 25% if the house is below 5 years, 40% if the house is above 5 years, and 30% if it is an old flat, irrespective of its age.
Yes, the security or collateral required is the equitable mortage of the property that is being acquired under the loan and any additions or improvements to it.
In metro areas, the quantum of loan that is provided is up to Rs.50 lakh. In non-metro locations, it is up to Rs.40 lakh. For renovation, up to Rs.10 lakh is provided. For top-up loans, it is 15% of the original quantum of loan or Rs.7.50 lakh, whichever is the lower amount.
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