Tamilnad Mercantile Bank Affordable Home Loan scheme

The features and benefits of TMB Affordable Home Loan are as given below:

1. Can be used to buy a new or old house or flat
2. Can also be used for extension or renovation of an existing residential unit
3. Can be used to take over home loans from other banks or financial institutions

Eligibility Criteria

The eligibility criteria are as follows:

Age	Between 18 and 50 years of age
Nationality	Resident Indians

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FAQs on Tamilnad Mercantile Bank Affordable Home Loan

• Are co-applicants permitted under this home loan?

  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.

• What is the margin required for a new property?

  For a new flat, the margin required is 25% of the property value.

• What is the margin required for old property?

  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.

• Is there any security required?

  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.

• What is the quantum of loan that is provided?

  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.