A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 1 TamilNad Mercantile Bank Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    10.10% - 10.60% Floating
    0.5% + S.T. One time fee
    5Crs Max
    30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    TamilNad Mercantile Bank Home Loan is Rated as "Excellent!" by 7 Users

    Fees & Charges

    Promised Interest Rate

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    Home Loan BYTES FROM OUR KITCHEN

    Tamilnad Mercantile Bank Limited is a bank headquartered in Tuticorin in Tamil Nadu, India. TMB was founded in 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in November 1962 to widen its appeal beyond the Nadar community.Our home loan scheme helps you to buy / build your dream home as per your choice at the best possible interest rate and longer repayment tenure with easy documentation and quick processing.For Construction/purchase loans Up to Rs. 300 Lakhs and for Renovation restricted up to Rs. 25 Lakhs.To know more, follow some simple steps given below to get best interest rates.


     

    You’re probably eligible for an Tamilnad Mercantile Bank Home Loan if you are

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    Tamilnad Mercantile Bank Home Loan Minimum Age

    At least 18 years old

    Tamilnad Mercantile Bank Home Loan Maximum Age

    Less than 50 years old

    Tamilnad Mercantile Bank Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    Tamilnad Mercantile Bank Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your Tamilnad Mercantile Bank Home Loan amount eligibility is based on these factors

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    Tamilnad Mercantile Bank Home Loan Minimum Salary

    Earn more than the minimum
    income required

    Tamilnad Mercantile Bank Home Loan Maximum Loan to property value

    Loan capped @ 85% of property value

    Tamilnad Mercantile Bank Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible Tamilnad Mercantile Bank Home Loan amount by these steps

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    Tamilnad Mercantile Bank Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    Tamilnad Mercantile Bank Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    Tamilnad Mercantile Bank Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an Tamilnad Mercantile Bank Home Loan

    • 1. Signed application form with photograph
    • 2. ID and residence proof
    • 3. Processing fee Cheque
    • 4. Latest bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    Tamilnad Mercantile Bank Home Loan Interest RatesUpdated on 26 Jun 2017

    Tamilnad Mercantile Bank Home Loan Details
    Interest Rate 10.10% to 10.60%
    Processing Fees 0.50% of the Limit Sanctioned without any maximum cap plus Taxes
    Loan Tenure 30 years
    Guarantor Requirement Guarantor required

     

    Overview:

    Founded as the Nadar Bank in 1921, this Tuticorin headquartered banking company has come a long way since its inception, helping millions of Indians with their banking and finance needs. Popularly known as TMB, it offers loan for a wide range of housing needs for the following purposes.

    • For purchasing a plot of land and construction of a house thereon
    • Towards purchasing a flat/house (new and old both permitted)
    • For home improvement services such as extension or renovation

    If you’re looking for a loan with rich features and benefits coupled with attractive interest rates, a loan from TMB can be the ideal product for you. The following section will help in understanding the product better.

    Feature & Benefits of Tamilnad Mercantile Bank Home Loan:

    Loan quantum:

    Since prices of real estate are always on the rise, you can trust TMB to take up a large share in your project costs since the loan offered is up to Rs.300 lakhs, with no separate slabs for different types of housing projects. For home renovation loans, the maximum one can borrow is Rs.25 lakhs. With such high financing, you don’t have to look for secondary finance elsewhere.

    Loan margin:

    The loan margin (your share) is determined on the basis of the type of property the loan has been availed for. The table below will help us in understanding the loan margin for various types of properties.

    Type of property Loan margin
    New flat 25 percent
    House construction or plot purchase 25 percent
    House renovation (below 5 years age) 25 percent
    House renovation (above 5 years age) 40 percent
    Purchase/renovation of an old flat 30 percent

    Loan guarantee:

    TMB mandates the primary borrower to produce a guarantor to secure the loan amount at the time of availment. In case of HUF, the guarantor should be a male member of the family, individuals can sign in spouse, father or a third party. On the basis of the income and background of the applicant, the bank can consider waiving off the option of loan guarantee.

    Repayment tenor:

    TMB offers a salient repayment term of up 25 years to repay the loan in monthly installments.The borrower is free to choose a term of their choice. The upper limit of the repayment term does not include holiday period, to be calculated separately.

    Loan security:

    The loan security is in the form of mortgage where an equitable portion of the house is mortgaged until full repayment of the loan amount.

    Tax benefits:

    Akin to other housing loans in the market, you can claim deductions under the relevant sections of the Income Tax Act, both on principal amount and interest paid under the loan.

    Minimal processing charges:

    The processing fee billed towards handling the loan application is charged at the rate of just 1% of the loan amount with no cap on maximum or minimum amount.

    Late payment penalty:

    If there is a delay in receiving monthly EMI payment from the borrower, a penal interest charge at the rate of 2.00% per annum is payable along with the regular rate of interest on the balance amount outstanding.

    TMB Home Loan Interest Rates:

    The effective rate of interest applicable for home loans is linked to the base rate and is determined on the basis of the loan amount. TMB maintains cut off slabs for depicting applicable rates. The table below provides details of the current rates. Since base rate is subject to frequent revision, check with the nearest branch to validate the current rate before applying.

    Home Loan Amount Interest rate
    Up to Rs.30 lacs

    10.30% for term up to 60 months

    10.55% for term above 60 months up to 15 years

    10.80% for term above 15 years up to 30 years

    Above Rs.30 lacs 10.80% regardless of the term chosen

    Tamilnad Mercantile Bank MCLR:

    The Marginal Cost of Funds-Based Lending Rate announced by TMB on April 1, 2016, are as follows:

    Loan Tenor MCLR
    Overnight 10.05%
    1 month 10.15%
    3 months 10.2%
    6 months 10.25%
    1 year 10.3%

    Eligibility Criteria for TMB Home Loans:

    • Individual applicants should be between the age group of 18 to 50 years. In case of joint applications, one of the applicants should be below the age of 50 years.
    • Professionals such as Doctors, Lawyers and C.As can apply up the age of 60 years.

    Documentation Required:

    • Income proof in the form of IT returns, payslips or salary certificates.
    • Estimate from the civil engineer or architect
    • Title deed of the property (if applicable)
    • Approved plan of the house
    • Letter in the required format from the third party guarantor

    All other elementary documents such as ID and address proof are also required during the application process.

    General Conditions:

    Old house/flat purchase: If the borrower is buying an old house or a flat, it should not be older than 20 years from the time of application in case of a house and 15 years if a flat is being procured. The valuation and residual life of the property should be certified by an approved engineer in liaison with the concerned branch manager.

    Balance transfer from other banks/finance institutions: The maximum loan amount provided by TMB cannot exceed the current outstanding amount on the existing loan. The repayment offered by TMB is the residual term left with the other bank. In case the borrower requires a longer term, it should not exceed the residual life of the house/flat as certified by an approved engineer.

    Frequently Asked Questions:

    1. What is the basis for ascertaining the loan amount the applicant is eligible for?

      Along with personal repayment capacity of the applicant, the loan amount sanctioned will the lowest of purchase cost, value or registration or market value of the property. In case of construction of a house on a plot already owned by the borrower, the loan amount will be up to 90% of the project costs with certain conditions.

    2. Please list the tax benefits available on loan repayment.

      You can claim deductions in income tax on both interest paid and the principal repayment. Under section 24(b) of the Income Tax Act, you can claim up to Rs.1,50,000 towards the interest paid on the home loan. As per section 80C and 80CCE, a deduction of up to Rs.1,00,000 can be claimed during a specific assessment year.

    3. Is there an upper cap on the loan amount available for home renovation from TMB?In case of loan obtained for home renovation, the maximum loan one can obtain is Rs.25 lacs.
    4. Does the monthly salary drawn have a say in the loan repayment tenure chosen?

      The EMI (Equated Monthly Repayment) amount should not exceed 50% of the salary drawn for salaried borrowers.

    5. I am looking forward to getting a home loan from TMB for constructing a house. What is the margin?

      The margin for construction loan is 10% of the project cost as certified by an approved engineer/architect.

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  • TamilNad Mercantile Bank Home Loan Reviews

    • 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? 0
      , 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? 0
      , 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? 1
      , 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? 0
      , 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? 6
      , ichalkaranji
      Reviewed on Mar 16, 2015
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