Tamilnad Mercantile Bank Home Loan

You can also Apply for 40 Lakh Home Loan

• Home Loans available to all: Indian, non-resident Indian, salaried, self-employed professional, business person, anyone can avail Home Loans from Tamilnad Mercantile Bank.
• Higher quantum of loan: If you are looking for a high loan amount of up to Rs. 5 Crores, you must apply for a Home Loan from Tamilnad Mercantile Bank.
• Longer tenure: The bank gives up to 30 years to the borrower to repay the loan
• Loan for various purposes: The loan can be availed for various purposes, like construction/purchase of a new house/flat, construction of a house on an already available plot, purchase of plot and construction thereon, purchase of an old house/flat which is not over 20 years/15 years old respectively, and repairs & renovation of the existing property.
• There is a provision of the takeover of a Home Loan from other banks at a lower rate of interest
• The Home Loan Interest Rate charged is competitive
• The processing charge levied is very nominal
• The processing of the loan is quick and the documentation is simple and hassle-free
• There are no hidden charges

Additional Info: Also check DDA Housing Scheme

Following are the interest rates applicable on Tamilnad Mercantile Bank Home Loans:

Tamilnad Mercantile Bank Home Loan

• Minimum: 7.95% per annum
• Maximum: 7.95% p.a.

Tamilnad Mercantile Bank Home Loan for NRI

• For loans up to 75 Lakhs:
  • Up to 15 years tenure: 7.95% p.a.
  • 15 to 30 years tenure: 7.95% p.a.
• For loans above 75 Lakhs:
  • Up to 15 years tenure: 7.95% p.a.
  • 15 to 30 years tenure: 7.95% p.a.
• For loans availed for land purchase and construction:
  • If the construction starts after 12 months but not exceeding 24 months: 7.95% p.a. for the delayed period above 12 months.
  • If the construction takes place after 24 months: 7.95% p.a. from the initial original disbursement till disbursals made for construction. 

Tamilnad Mercantile provides the following types of Home Loans:

TMB Home Loan

The eligibility criteria for TMB Home Loan are as given below:

• Individuals in the age group between 18 to 50 years and HUF can avail the loan
• In the case of the Home Loan availed jointly, any one of the borrowers should be below 50 years of age.
• In the case of applicants who are employed in Government Departments or PSUs where the retirement age is 60, the sanctioning authority may relax the upper age limit to 55.
• In the case of professionals like doctors, lawyers, engineers, architects, and chartered accountants, the maximum age limit can be relaxed to 60 years.
• In the case of businessmen, the age limit may be relaxed to 60 years

TMB Home Loans for NRI

The eligibility criteria for TMB Home Loan for NRIs and PIOs are as given below:

• The applicant should be a Non-Resident Indian (NRI) holding an Indian Passport
• It is mandatory for the NRI holding foreign passport to intimate RBI via form IPI-7 about the purchase of the property within 90 days from the date of paying the final consideration. Documentary evidence for having reported the purchase to RBI has to be produced to the bank.
• Person of Indian Origin (PIO) holding a foreign passport, either individually or jointly with the spouse or a close relative.
• PIO can be a citizen of any country other than:
  • Pakistan
  • Sri Lanka
  • Afghanistan
  • China
  • Nepal
  • Iran
  • Bangladesh
  • Bhutan
• PIO must meet the following norms:
  • The applicant at any point in time held an Indian Passport
  • By virtue of the constitution of the Indian Citizenship Act 1955, the applicant or either of their parents/grandparents was a citizen of India.
  • The applicant is the spouse of an Indian citizen or a person who at any time held an Indian Passport or the spouse of a person who was an Indian citizen by virtue of the constitution of the Indian Citizenship Act 1955.
• Age criteria for NRIs and PIOs:
  • The age of the NRI/PIO applicants or co-applicants for a joint application should be between 21 years and 50 years.
  • If the loan is availed jointly, any of the applicants should be below 50 years of age
  • The last instalment of the loan should not go beyond the age of 65 years
  • In the case of professionals like chartered accountants, doctors, engineers, lawyers, business owners, the upper age limit is capped at 55 years.
• Conditions for salaried employees staying abroad:
  • The applicant should have been staying abroad for a minimum of 2 years
  • The applicant should have completed at least 6 months of job abroad out of the job contract (that should be a minimum of 2 years).
  • The applicant should be working abroad on an assignment with Government agencies or International/Regional Agencies like UNO, IMF, World Bank, etc/foreign governments.
  • Employees of Central/State Government Departments or Public Sector Undertakings who are deputed abroad on temporary assignments or posted to their offices abroad, which include Indian Diplomatic Missions are also eligible for the loan under this scheme.
• Conditions for self-employed applicants staying abroad:
  • A minimum stay of 3 years abroad is mandatory for applicants who are self-employed or businessmen.
  • The applicant is entitled to a maximum loan for 2 housing units under this scheme

Additional Info: Also check Home Loan Eligibility

Documents required for TMB Home Loan

• Documents for loan application
  • Application for the Home Loan in the prescribed format
  • Proof of Income: ITR/ Salary Certificate/ Balance Sheet/ Others
  • Residence proof: Lease deed copy/ driving license/ utility bills, Aadhaar Card, etc.
  • Estimation by Civil Engineer
  • Copy of property's Title Deed, if applicable
  • Approved Plan, if applicable
  • Letter from Guarantor, if applicable
• Documents for the purchase of old house/flat
  • House/flat should be constructed under 20 years and its residual life should be 15 years or above. The residual life of the property must be certified by the bank's Approved Engineer and its valuation should be made by the bank's Approved Engineer and Branch Manager.
• Documents for the takeover from other banks/ financial institutions
  • The loan amount should not exceed the actual outstanding amount with the other banks/ financial institutions. The borrower must obtain the evidence from other banks/ financial institutions that it is a regular account. Repayment tenure should be the remaining period with the other banks/ financial institutions. If the customer wants longer repayment tenure than the remaining repayment, it may be considered if the repayment falls with the remaining life of the house/flat. A remaining life certificate should be obtained from the bank's Approved Engineer.

Documents required for TMB Home Loan for NRI

• Common documents
  • Application for the Home Loan in the prescribed format
  • Assets & liabilities statement of the applicant
  • General power of attorney notarised & attested by the Indian embassy/consulate as per annexure.
  • The POA holder should be the blood relative of the borrower. It is to be supported by relevant documents.
  • Residence proof: Lease deed copy/ driving license/ utility bills, etc.
  • Passport's copy as age proof with visa stamp along with a copy of a valid visa
  • Copy of the Title Deeds or Agreement to Sale, if applicable
  • Approved Plan by the Appropriate Authorities
  • Estimation by Civil Engineer
• Additional documents for salaried applicants
  • A brief write-up about the company or institution where the applicant is employed
  • Copy of the offer letter/ employment contract and its English translation if the offer letter or the employment contract is in other language than English.
  • Latest salary certificate (in English)/ pay slips from current employer specifying the name, joining date, designation, salary details, etc., certified by the embassy.
  • Copy of NRE Account Statement for 2 years with Tamilnad Mercantile Bank or any other bank where the applicant's salary is credited.
  • Copy of a valid work permit or appointment letter and contract details (in English), attested by the Indian Embassy. The probability of service continuation for the loan tenure should be assessed.
  • Copy of ID Card issued by the Current Employer/ employment verification certificate
  • Copy of CDC (Continuous Discharge Certificate) for applicants who are employed in the merchant navy.
• Additional documents for business owners/ professionals/ others
  • Profit & Loss account and Balance Sheet for 2 years
  • Copy of bank account statement of any bank for 2 years

Additional Info: Also check Documents Required For Home Loan

Apart from interest, the following charges will be collected by TMB towards the housing loan:

Tamilnad Mercantile Bank has two types of Home Loans. Following are the features and eligibility criteria of both:

Tamilnad Mercantile Bank Home Loan

Tamilnad Mercantile Bank Home Loan for NRI

MyMoneyMantra provides you financial tools to help you choose the best housing loan deal. EMI Calculator is one such tool, using which you can check the exact equated monthly instalment (EMI) amount that you are required to pay against the loan to be availed. Enter the details such as loan amount, rate of interest, and tenure on the Tamilnad Mercantile Bank Home Loan EMI Calculator, and hit the 'Calculate' button to get your EMI instantly.

Additional Info: Also check SBI Home Loan EMI Calculator

In the case of any query regarding Home Loans, the following customer care numbers can be contacted.

All India National Toll-Free Number: 180 0425 0426

TMB Customer Care Number: +91 9842 461 461

You can also email at: customerservice@tmbank.in

NRI Help Desk email: nricell@tmbank.in

OR

You can walk in to the below contact address of their Registered & Administrative Office:

Tamilnad Mercantile Bank Limited

(A Scheduled Commercial Bank and Authorized Dealers in Foreign Exchange)

57, V.E. Road, Tuticorin, Tamilnadu, India

Zip: 628 002.

Phone: +91 (461) 232 1382/ 232 1929/ 232 1932