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.
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.
|Loan Amount||Based on income|
|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.
|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).
|Processing Fee||0.5% of the loan amount + GST|
|Processing Fee||0.25% of the loan amount + GST|
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.
|Age||18 years to 60 years (up to 65 years for NRIs)|
|Employment Type||Salaried or self-employed|
|Nationality||Resident Indians and NRIs|
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.
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.
You can get a maximum financing of up to 90% for construction of house on existing plots.
As per the bank, loans up to 2nd housing unit is allowed.
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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