The rate of interest for Easy Mortgage Loan is 12.20% p.a. and for TMB. The rate of interest for House Rent Loan ranges between 12.60% p.a.

Other Charges

Processing charges: 1% of the loan amount for Easy Mortgage Loan availed as a term loan and 0.50% of the loan amount for Easy Mortgage Loan availed as an overdraft facility. There is no maximum cap on the processing charges.

For House Rent Loan the processing charges will be 1% of the loan amount without a maximum cap.

Penal charges: Penal charges for non-payment or delayed payment of EMI will be collected at 2% over and above the normal rate of interest on the outstanding loan amount for the overdue period.

For all other charges, you can contact the nearest branch of the bank or call the customer care helpline.

You can also check Loan Against Property Interest Rate Online.

Tamilnadu Mercantile Bank Loan Against Property eligibility criteria is as mentioned below:

• The applicant should own either a commercial or residential property.
• The loan can be availed either individually or jointly.
• Sole Proprietorship Firms/Partnership Firms are eligible for the loan.
• Stockbrokers, Private Banks, NBFCs, Money Lenders and Chit Fund Companies are not eligible for the loan.
• For loans under house rent loan, the residential or commercial property should be rented to reputed Corporates/MNCs/Banks.

The following documents have to be submitted along with the application for a loan against property and two passport size photographs of the applicant and the co-applicants.

Residence proof

• Voter's ID Card
• Aadhar Card
• Driving Licence
• Passport
• Utility Bills

Photo ID Proof

• Pan Card
• Passport
• Voter's ID Card
• Driving Licence

Income Proof

• Audited Balance Sheet and P & L Account for the last 3 years.
• With the computation of income for the last 3 years.
• Business profile on the letterhead.
• Bank account statement of the primary account for the last 12 months.
• Statement of loan accounts for the last 12 months.
• Partnership Deed in the case of Partnership Firms.
• Memorandum of Association and Articles of Association in the case of Private Limited Company.
• GST Registration Certificate.

Property Documents

Copy of all the title deeds ensuring the marketable title of the property against which the loan is sanctioned.

There are two types of loans under the Tamilnadu Mercantile Bank Loan Against Property Scheme:

• Easy Mortgage Loan
• House Rent Loan

The following are the advantages of availing the Tamilnadu Mercantile Bank Loan Against Property:

• The loan is granted against residential as well as commercial property loans. A loan is also granted against third-party property only when the property is in the name of close family members subject to the availability of the personal guarantee of the owner/s.
• The rate of interest is competitive and is calculated on reducing balance.
• The turnaround time is quick.
• The loan can be for any business-related purpose.
• Flexible repayment period of up to 7 years.
• In the case of House Rent Loan, provision for an increase in margin is available depending on the prevailing rate of interest provided the EMI does not exceed 90% of the rent receivables.
• No post loan hassles.
• The loan can be availed either individually or in joint names.

As discussed above it is essential to calculate the EMI before applying for a loan. What is the easiest way to calculate the EMI? You can either do the calculation manually by applying the formula. If it is a one-time calculation you could still do the calculation manually. But while you are arriving at a suitable EMI you will have to try various combinations and so the calculation has to be done several times. In such a case doing the calculation with the Loan Against Property EMI calculator is the best since you get a 100% accurate result within minutes.

Another advantage is that you can access the EMI calculator online at anytime and from anywhere. The calculation will help you manage the monthly budget in such a way that you will not face any financial crunch in the future owing to this additional commitment.