Loan amount | Up to 90% of Property Value |
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Rate of interest | 7.95% onwards |
Tenure | Up to 30 years |
Lowest EMI possible | Rs. 730 Per Lakh |
Processing fee | 0.50% |
Foreclosure Charges | Nil for floating rates |
Penal Interest Rate | 2% per month |
You can also Apply for 40 Lakh Home Loan
Additional Info: Also check DDA Housing Scheme
Following are the interest rates applicable on Tamilnad Mercantile Bank Home Loans:
Tamilnad Mercantile provides the following types of Home Loans:
The eligibility criteria for TMB Home Loan are as given below:
The eligibility criteria for TMB Home Loan for NRIs and PIOs are as given below:
Additional Info: Also check Home Loan Eligibility
Documents required for TMB Home Loan
Documents required for TMB Home Loan for NRI
Additional Info: Also check Documents Required For Home Loan
Apart from interest, the following charges will be collected by TMB towards the housing loan:
Processing charges |
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Penal interest for irregularity or default in repayment | 2% p.a. over and above the above rate of interest on the balance outstanding. |
Documentation Charges | NIL |
Prepayment Charges | NIL |
Tamilnad Mercantile Bank has two types of Home Loans. Following are the features and eligibility criteria of both:
Features | Details |
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Purpose of the loan |
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Quantum of the loan |
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Rate of interest | 7.95% p.a |
Margin | There are variants for the margin which are as given under:
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Security |
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Guarantee |
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Repayment | Up to 30 years (excluding the moratorium/holiday period). |
Features | Details |
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Purpose of the loan | The loan is provided for the following purposes:
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Quantum of the loan | The quantum of the loan depends on the location of the applicant. The maximum quantum of loan is: Rs. 5 Crores in metropolitan centres Rs. 3 Crores in non-metropolitan centres A maximum of Rs. 25 Lakhs will be provided for repairs and renovation of the existing house. Takeover: The loan amount for a takeover will be up to the actual amount outstanding with the other bank/financial institutions. Top-Up Loans: Maximum 15% of the original loan amount or Rs. 7.5 Lakhs, whichever is lower. Top up is allowed only after 3 years from the repayment commencement date of the original loan. |
Rate of interest | 7.95% p.a |
Margin | There are variants for the margin which are as given under:
|
Security |
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Guarantee |
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Repayment |
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Maximum number of Housing Loan allowed | Loan up to second housing unit is allowed |
Additional Info: Also check Pradhan Mantri Awas Yojana
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
Lender | Maximum Loan Amount | Maximum Tenure | Interest Rate | Processing Fee |
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TMB | Up to 90% of property cost | 30 years | 7.95% | 0.50% + GST |
ICICI Bank Home Loan | Up to 90% of property cost | 30 years | 7.60% - 8.45% | 0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST |
HDFC Bank | Up to 90% of property cost | 30 years | 7.55% - 8.05% | Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes |
Axis Bank Home Loan | Rs. 5 Crores | 30 years | 7.60% - 8.05% | Up to 1%, minimum Rs.10,000 |
Kotak Mahindra Home Loan | 75% to 90 % of property value | 30 years | 7.50% - 8.10% | O.5% to 2.0 % + GST |
Additional Info: You can also avail SBI Home Loan
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
Apply for instant home loan online at Interest Rate starting from as low as 8.50% p.a. Pay EMI of just Rs. 769 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.
A tax deduction can be claimed under 80C and 80CCE up to Rs. 1.5 Lakhs on the principal and Rs. 2 Lakhs on the interest component paid towards the Home Loan.
If the loan is for the purchase of a house/flat, the quantum of loan is based on the purchase price, market value of the property or the registration value, whichever is lower. If the loan is for construction of the house on an already existing plot, then 90% of the project cost will be provided, whereas if it is for the purchase of a plot and construction of a house thereon, 75% of the project cost will be provided. Along with the above, the repayment capacity also will be considered to arrive at the eligible loan amount.
The net take-home salary should be 50% of the gross salary after providing for the EMI for the proposed loan.
The quantum of loan is up to Rs. 5 Crores in metropolitan cities and Rs. 3 Crores in non-metropolitan cities. The maximum quantum for repairs/renovations is Rs. 25 Lakhs.
A top-up loan up to 15% of the original loan will be provided for home decoration with a maximum of Rs. 15 Lakhs for TMB Home Loan to resident Indians and Rs. 7.5 lakhs for TMB Home Loan for NRIs. This will be provided after 3 years from the date of the first disbursement provided the track record of the original loan is satisfactory.
The moratorium period for repayment of TMB NRI Home Loan is 12 months.