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  • Tamilnad Mercantile Bank Home Loan

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  • TamilNad Mercantile Bank offers eligible customers home loans up to Rs.5 crore at interest rates starting at 9.20% p.a. The loan repayment period can be extended to a maximum of 30 years excluding the moratorium period. The processing fee associated with the TMB home loans is 0.50% of the loan amount sanction (no upper limit) plus applicable taxes. 

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    We found 1 TamilNad Mercantile Bank Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.95% - 9.20% Floating
    0.5% + applicable tax One time fee
    5Crs Max
    30 Years
    What you'll love
    Documents
    Perks
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    Tamilnad Mercantile Bank Home Loan Details

    Tamilnad Mercantile Bank offers loans for purchase or construction of home, buying a new apartment, renovation, etc. They offer a loan tenure of up to 30 years.

    Updated as per Latest Rates on 12 Dec 2019
    MCLR 9.10%
    Loan Amount Based on income
    Processing Fees 0.50%
    Penal Interest Rate 2% more than interest rate on outstanding

    To obtain more details on other fees and charges, visit the Processing Fees & Charges page on our website.

    Tamilnad Mercantile Bank Home Loan Interest Rates

    Loan Scheme Rate of interest
    TMB Home Loan 9.10%
    TMB Affordable Home Loan 9.10%
    TMB NRI home loan 9.10%

    Please note that if the borrower agrees for a reset in the MCLR after every 6 months, the rate of interest applicable will be 8.95%.

    Tamilnad Mercantile Bank offers home loans for both resident and non-resident Indians (NRIs) with interest rates starting from 8.95% p.a. (provided the borrower agrees to reset MCLR every 6 months). You can get a home loan of up to Rs.5 crore for a period of 30 years. The processing fee applicable ranges from 0.25% to 0.5% of the loan amount plus GST (Goods and Services Tax).

    1. Tamilnad Bank Mercantile Home Loan – Best for the Salaried and Self-Employed
      • Loan quantum of up to Rs.5 crore
      • Loans of up to Rs.25 lakh for home renovation
      • Competitive rates starting from 8.95% p.a.
      • Enjoy tax benefits as per Sec 24(b) of the Income Tax Act, 1961
      Interest Rate
      • 8.95% p.a. (reset of MCLR every 6 months)
      • 9.20% p.a. (without the reset of MCLR)
      Processing Fee 0.5% of the loan amount + GST
    2. Tamilnad Mercantile Bank Home Loan for NRI – Best for NRIs
      • Loans of up to Rs.5 crore
      • Flexible repayment tenures of up to 30 years
      • Low processing fee
      • No prepayment charges
      Interest Rate
      • 8.95% p.a. (reset of MCLR every 6 months)
      • 9.20% p.a. (without the reset of MCLR)
      Processing Fee 0.25% of the loan amount + GST

    Tamilnad Mercantile Bank Home Loan EMI Calculator

    To manage your finances in a better way, you can calculate your EMI (equated monthly instalment) beforehand. Your monthly instalment depends on various factors, including the loan amount, tenure, interest rate, and processing fee.

    In order to do that, you can use the BankBazaar Home Loan EMI Calculator. The entire process is simple with a quick turnaround time. All you need to do is enter all the relevant details pertaining to your loan.

    Tamilnad Mercantile Bank Home Loan Eligibility Criteria

    Age 18 years to 60 years (up to 65 years for NRIs)
    Employment Type Salaried or self-employed
    Nationality Resident Indians and NRIs

    Documents Required

    For salaried

    • Identity proof
    • Address proof
    • Passport-size photograph
    • Latest salary slips
    • Last 6 months’ bank statements
    • Property-related documents

    For self-employed

    • Identity proof
    • Address proof
    • Passport-size photograph
    • Latest ITR with computation of income
    • Profit and loss account statements along with balance sheet
    • Business details

    For NRIs

    • Passport copy
    • Identity proof
    • Residential address proof
    • Title deeds/sale agreement copy
    • Civil engineer’s estimation
    • Approved plan from the authorities
    • Copy of employment contract
    • Latest salary certificate
    • Company details
    • Last 2 years’ NRE account statements
    • Copy of work permit
    • Last 2 years balance sheet and profit and loss account statements (for self-employed)
    • Last 2 years’ bank statements (for self-employed)

    FAQs

    1. Do I have to pay penalty charges if I default?
    2. Yes, in case of irregular payments or defaulting on the loan, a penal interest of 2% p.a. will be levied over the existing rate on the outstanding balance.

    3. Who can be a guarantor for my loan?
    4. In case of HUF (Hindu Undivided Family), any male HUF member would do. In case of family, spouse, your father, or any other third-party can sign up as a guarantor.

    5. What’s the maximum margin of financing I can get?
    6. You can get a maximum financing of up to 90% for construction of house on existing plots.

    7. What’s the maximum number of housing loan entitlements that can be availed by NRIs?
    8. As per the bank, loans up to 2nd housing unit is allowed.

    9. What’s the maximum amount I can get as financing?
    10. If you live in one of major metro cities, you can get a loan of up to Rs.5 crore. However, if you reside in any non-metro cities, you are eligible for Rs.3 crore.

      

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    TamilNad Mercantile Bank Home Loan Reviews

    • Tamilnad Mercantile Bank Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have take a home loan in TAMILNAD MERCANTILE BANK for more than one year which was applied directly to bank.The process was smooth and on time got sanctioned from bank. The amount is sufficient for the duration of 10 years. The interest rate and processing fee are nominal.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jun 23, 2019
    • Tamilnad Mercantile Bank
      Tamilnad Mercantile Bank Home Loan
      "Not satisfied with the service"
      0.5 2.0/5 "Expected more"
      The experience i had with loan was not bad, where the process in getting this loan was quite okay. But there has been so many hidden charges and the interest rate was not transparent. The interest rate with them was high and i am not happy with the charges which they had made. There is no good customer support team with them where we have to visit the branch for any issue.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Mar 04, 2019
    • Tamilnad Mercantile Bank Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan almost two and a half years back. They where having an interest rate of 8.75 which has been nominal. The process in getting this loan has been good and the loan amount which they had provided also had been good as well. There has not been any hassle faced with their banking services so far.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Sep 03, 2018
    • Tamilnad Mercantile Bank Home Loan
      "Below average service"
      0.5 2.0/5 "Expected more"
      I am not satisfied with the TMB home loan services, because they took very long time to approve my loan. The loan approval need to be quick and fast by TMB. The customer service is not helpful to the customers. They need to improve in their home loan service. I got the home loan with TMB for more than 4 years ago. This loan has the tenure of 7years. The required loan amount was not disbursed . The rate of interest was high when compared with others.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 14, 2017
    • Tamilnad Mercantile Bank Home Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      A year ago, I approached TMB bank and I availed a home loan from them. At that time, the interest rate was 11.75% and the processing fees was 5-7%. The documentation part was simple and it was easy to produce as per their requirement. They processed my loan application without any hassles.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Mar 27, 2017
    • Tamilnad Mercantile Bank Home Loan
      "The best deal in IR"
      0.5 5.0/5 "Blown Away!"
      The process went smooth with TMB bank for my home loan. Also, they had sent an executive to my office premises to collect the documents, so the documentation part was easy. Not only that, I had got the best deal in interest rate, I was offered as 8.45% of interest rate with no processing fees, which is pretty good and appreciable. I am happy with TMB services.
      Was this review helpful? 1
      , delhi
      Reviewed on Mar 15, 2017
    • Tamilnad Mercantile Bank Home Loan
      "Quick approval "
      0.5 5.0/5 "Blown Away!"
      I took the home loan from TMB bank and has nice experience . It was house maintenance loan so they charged nearly 9-10% interest rate. They asked the required document which i visited the branch and submitted and within 10 day the amount was given. The branch manager also helped in the process.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 21, 2015
    • Tamilnad Mercantile Bank Home Loan
      "Adding more charges "
      0.5 3.0/5 "Satisfactory"
      My housing loan was taken from TAMILNAD MERCANTILE BANK before five years. My documentation process went smoothly with them. I felt they are charging much with the customers. Very recently they have deducted rupees 1,015 from my account without intimating me which is not good. Planning to switch over to some other bank.
      Was this review helpful? 2
      , nagercoil
      Reviewed on Oct 01, 2015
    • Tamilnad Mercantile Bank Home Loan
      "Needs improvement "
      0.5 3.5/5 "Pretty good"
      I took a home loan from Tamilnad mercantile bank in which the interest rate was less in the initially stage and now it has been increased i also have approached them for the same but they said that it will not be changed. My loan was disbursed in one month time.There was no issues in the documentation process. Only less processing fees was charged. My suggestion to the bank is that they should re consider the interest rate for the old customers and whenever there is a change in the interest rate as per the RBI they should also increase the rates. There was no proper response in the customer support as i called them 2-3 times.
      Was this review helpful? 2
      , chennai
      Reviewed on Jul 28, 2015
    • Tamilnad Mercantile Bank Home Loan
      "Average "
      0.5 5.0/5 "Blown Away!"
      I would say it was a average experience with TNB while I got this home loan.The Builders were really helpful for me throughout the loan process and whole formalities were also done by them.The customer service provided was not that responsive towards the customers.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 04, 2015
    • Tamilnad Mercantile Bank Home Loan
      "Home loan Interest rates"
      0.5 4.5/5 "Excellent!"
      I applied for home loan at TMB Ichalkaranji, The interest offered by them was very fair @ 10.50 during that time in 2013. As we were existing customer of TMB with current accounts holding, we got easily approved for home loan. Also, they didn't asked for any collateral looking at our transactions. It is a very good experience.
      Was this review helpful? 7
      , ichalkaranji
      Reviewed on Mar 16, 2015
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