A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Tamilnad Mercantile Bank Home Loan

    TamilNad Mercantile Bank offers eligible customers home loans up to Rs.5 crore at interest rates starting at 9.45% 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.

    We found 1 TamilNad Mercantile Bank Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.45% Floating
    2.00%(Max ₹15,000) One time fee
    Up to Rs.5Crs
    1 - 30 Years
    What you'll love
    Think about

    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.

    RLLR 9.45%
    Loan Amount Based on income
    Processing Fees 0.50%
    Penal Interest Rate 2% more than interest rate on outstanding

    Compare: Home Loan Interest Rate all Banks

    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 2023

    Loan Scheme Rate of interest
    TMB Home Loan 9.45% p.a.
    TMB Affordable Home Loan 9.45% p.a.

    Tamilnad Mercantile Bank offers home loans for both resident and non-resident Indians (NRIs) with interest rates of 8.25%. You can get a home loan of up to Rs.5 crore for a period of 30 years. The processing fee applicable will be either 0.25% or 0.5% of the loan amount plus GST (Goods and Services Tax), depending on the loan type.

    1. Tamilnad Bank Mercantile Home Loan – Best for the Salaried and Self-Employed
      • Interest Rate:9.45% p.a.
      • Processing Fee: 0.5% of the loan amount + GST
      • Loan quantum of up to Rs.5 crore
      • Loans of up to Rs.25 lakh for home renovation
      • Enjoy tax benefits as per Sec 24(b) of the Income Tax Act, 1961
    2. Tamilnad Mercantile Bank Home Loan for NRI – Best for NRIs
      • Interest Rate: 9.35% p.a.
      • Processing Fee: 0.25% of the loan amount + GST
      • Loans of up to Rs.5 crore
      • Flexible repayment tenures of up to 30 years
      • Low processing fee
      • No prepayment charges

    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 Tamilnad Mercantile Bank Home Loan

    1. For salaried
      • Identity proof
      • Address proof
      • Passport-size photograph
      • Latest salary slips
      • Last 6 months’ bank statements
      • Property-related documents
    2. 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
    3. 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 on Tamilnad Mercantile Bank Home Loan

    1. Do I have to pay penalty charges if I default?

      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.

    2. Who can be a guarantor for my loan?

      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.

    3. What’s the maximum margin of financing I can get?

      You can get a maximum financing of up to 90% for construction of house on existing plots.

    4. What’s the maximum number of housing loan entitlements that can be availed by NRIs?

      As per the bank, loans up to 2nd housing unit is allowed.

    5. What’s the maximum amount I can get as financing?

      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.


    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    This Page is BLOCKED as it is using Iframes.