Hello,

Guest!

Calculate Tamilnad Mercantile Bank Home Loan EMI

50000020000000
120
130
Total Payments-

₹5,000,000

Total Interest-
₹0
Principal Amount-
₹5,000,000
Total EMI

₹0

View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹5,000,000
  • 8.25%
  • ₹0
  • 30
Updated:

TamilNad Mercantile Bank Home Loan 

Home loans help people to fulfil their lifelong obligation to purchase their dream house. TamilNad Mercantile Bank offers a range of Home Loan products to its customers. TamilNad Mercantile Bank offers Home loans for purposes like purchase of property, purchase of land, construction of property, extension of property, renovation or repair work on property and loan against property. TamilNad Mercantile Bank customised loan packages as per the individual's eligibility.

Additional Info: Apply SBI MaxGain Home Loan @6.70%

What is an EMI?

Equated Monthly Instalments(EMI) is a term denoting the monthly amount of money that the back received in exchange of the home loan availed. The EMI amount depends on the loan amount, home loan interest rate and tenure that you are applying for. A high tenure means more time to repay the loan and hence, it means a lower EMI amount as well. EMI can often be the biggest burden on an individual's income and hence, has to be thoughtfully determined so that the bank can be assured of on-time repayment. The EMI amount has to be paid on a certain date every month and the bank offers multiple ways of paying the instalment.

Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.

Features of TamilNad Mercantile Bank Home Loan

TamilNad Mercantile bank provides a wide variety of services and products to its customers. TamilNad Mercantile bank provides customized home loan products for individuals and also offers a feature of Loan against property. Loan against property is provided for individuals already owning a house who are in need of money. TamilNad bank offers it's customers with the option of online services so that the customers can avail the facilities from the comfort of their own homes.

TamilNadu Loan amountThe max amount of home loan provided is up to 5 Cr for metro cities and up to 3 Cr for houses in non-metro cities.
Available forSalaried as well as self-employed individuals within the age of 18 and 50. Upper age limit might change as per the applicant's profession. E.g Doctors, lawyers and engineers can avail a home loan until the age of 60/.
Interest rateThe rate of Interest starts from 8.25%
Tenure offeredThe max tenure offered by TamilNad Mercantile Bank is 30 years.
Processing FeeThe processing fee charged by TamilNad Mercantile Bank is 0.50% of the loan amount.
Lowest EMI offeredThe lowest possible EMI offered by TamilNad Mercantile Bank is 751 INR per lakh amount.

Additional Info: Looking for 10 Lakh Home Loan? Check EMI & Apply.

TamilNad Mercantile Bank Home Loan EMI

TamilNad Mercantile Bank home loan based on multiple purposes and needs of the customers. TamilNad bank offers a rate of Interest starting from 8.25%. This is the base Interest rate and changes as per the eligibility of the customer. The rate of interest depends on a lot of factors like the applicant's age, income, tenure and other eligibility details. Your tenure and loan amount affect the EMI that you will have to provide. Below is a table showing how your EMI changes as per the loan amount and tenure.

Loan amountTenure
5 years10 years20 years30 years
25,00,000Rs. 50,991Rs. 30,663Rs. 21,302Rs. 18,782
50,00,000Rs. 1,01,981Rs. 61,326Rs. 42,603Rs. 37,563
1,00,00,000Rs. 2,03,963Rs. 1,22,653Rs. 85,207Rs. 75,127
5,00,00,000Rs. 10,19,813Rs. 6,13,263Rs. 4,26,033Rs. 3,75,633

As seen from the table, the EMI amount increases with increase in the loan amount and decreases with increase in tenure. To find the amount of EMI ideal for your financial strength, you will have to figure out the tenure and amount accordingly.

Additional Info: Also Check LRD Loan

What is an EMI calculator?

The EMI amount is calculated based on the principal amount, rate of interest and tenure of the loan. The EMI amount is used by the bank to determine your eligibility. It is important to figure out the EMI amount before you apply for a home loan so that you can be assured that the EMI will not hamper your everyday life. The EMI needs to be comfortable enough so that you can continue to pay it long term.

E = P*r* (1+r)^n/([(1+r)^n]-1)

Where E = EMI amount

p = Total amount of loan availed can be up to 5 Cr

r = Rate of Interest

n = Tenure in months (can be up to 240 months)

You can see from the above equation that calculating your EMI amount yourself can be a complicated process, particularly if you are not a mathematically inclined person. For this reason, a tool called EMI calculator was devised to help you calculate your EMI easily so that you can have a fair idea of the amount that you will be paying every month if you go for that particular home loan package.

Additional Info: Best Home Loan Interest Rates @6.70%

Factors that can impact your EMI amount

The three main factors that impact your home loan EMI is your home loan amount, rate of interest and tenure. Your EMI amount is calculated based on all these factors and hence, whatever impacts any of these in indirectly a factor affecting your EMI.

Type of loan:

The type of home loan you apply for has an impact on your EMI because the max loan amount permitted and the rate of Interest can be different for different home loans. Also, if you go a fixed rate home loan, the EMI amount will be the same throughout the tenure. A floating rate home loan can mean that your EMI amount changes if the market lending rate changes.

Rate of Interest :

The total Interest to be paid on your home loan is also paid through your EMI and is calculated as per the rate of interest on your principal. Naturally, the rate of interest applied to your home loan will impact your EMI amount. The rate of Interest differs as per the purpose of your home loan and your eligibility as well. A higher trust factor in your repayment capability means a lower rate of interest.

Long term loan :

A long term loan means more time to repay the home loan. Moreover, your total repayment amount, along with both the Interest and the principal components is divided by the tenure to give you the EMI amount. So, a long term loan means a lower EMI amount.

Additional Info: Also check Pan Number for Banks

Tips to decide the right amount of EMI

The bank uses your EMI amount as an eligibility factor to determine that you can pay the EMI off comfortably every month. This is why you will have to do thorough research to figure out the ideal amount of EMI for your financial future. You can contact a finance professional or MyMoneyMantra to guide you through the EMI determination process. Below are some tips to hell you determine the right amount of EMI.

  • Pool your sources of income :

You can consider multiple sources of income as the total income for your home loan application and calculate a monthly value of income that you receive from all sources. Your EMI amount is recommended to be about 35-45% of this monthly income amount so that you can pay it comfortably every month.

  • Verify all your liabilities :

Your EMI amount will have to be within your disposable income limit. That is, your EMI amount should not affect your obligations and liabilities. Make sure that you assess your liabilities and obligations carefully and get a fair overview of how much income you at left with afterwards you will also have to take into account the details of your dependents and how much income you need to take care of them.

  • Finalize your home loan amount :

Your home loan amount is the biggest factor that will determine your EMI. You can see from the above table, that the EMI changes drastically with the home loan amount. A lower home koan amount would mean a lower EMI. If you wish a higher down payment on your house, the loan amount required will be less and you will be able to lower your EMI too.

Additional Info: Also check ICICI Home Loan EMI Calculator

Change in EMI with a change in interest rates

Floating rate home loans are the most popular type of home loans nowadays. In floating rate home loans, the rate of Interest changes as per the change in the market rates. The bank tries to keep your EMI unchanged by increasing the tenure of your home loan so that you pay the same amount every month, but for longer. However, in case the bank is unable to increase your tenure, your EMI amount might increase if the rate of interest increases.

Additional Info: Looking for 25 Lakh Home Loan? Check EMI & Apply.

Change in EMI with pre-payment

Pre-payment means paying a larger amount than the EMI amount for the home loan. Pre-payment can be in full or in parts. In case of part-prepayment, the total principal amount decreases after the payment. In this case, the bank may offer to increase or decrease the tenure according to your preferences so that your EMI amount remains unchanged. In this case, the Interest to be charged will also change. Changing the EMI or keeping it the same is up to you as per your convenience.

Additional Info: Also check SBI Home Loan EMI Calculator

Amortization Table

YearOpening BalanceAmount paid by customer (EMI*12)Interest paid during the yearPrincipal paid during the yearClosing Balance

Tamilnad Mercantile Bank Home Loan EMI Calculator FAQs

1. From where can I access the EMI calculator?

image

You can use the EMI calculators through the bank officials or through the third party vendors like MyMoneyMantra. The tool is available on the bank's website or MyMoneyMantra's website in the home loan section. You can use the search bar to look for the tool on the website as well.

2. How will the EMI calculator help me with my home loan application?

image

Calculating your EMI is very useful so that you can be confident that you will be able to handle paying the EMI every month comfortably. Missing an EMI payment can invite penalties and also lower your credit score. This will definitely impact any future loans that you might want to avail. EMI calculators can help you determine your EMI so that you don?t have to spend time calculating it with different combinations of amount and tenure.

3. What do I need to use the EMI calculator?

image

The EMI calculators are available free of charge on the website of the bank or MyMoneyMantra's website. The tool is available for use to everyone. The only thing you need to access the EMI calculator is a running Internet connection and a laptop/cell phone.

4. What benefits does a home loan offer?

image

A home loan is provided for individuals to fulfil their dream of availing a home loan by letting them pay for it in easy instalments. For this reason, home loans have the lowest rate of interest and processing fees. Home loans also have zero to negligible prepayment charges. Home loans also have certain tax benefits associated.

5. How can I reduce my rate of Interest?

image

Your rate of Interest can differ as per the purpose and eligibility. Home loans for purchase of property and construction have the lowest rate of Interest. You can try to increase your credit score to make sure that you get a lower rate of Interest. Also, make sure to satisfy all of ghe eligibility criteria of the bank and verify your credit history to make sure there are no errors or discrepancies.

6. How can I apply for a home loan?

image

Nowadays, banks provide you with the facility to apply for a home loan through online as well as offline outlets. You don't need to stand in line for availing the bank's services anymore.

7. What is the difference between a fixed rate and a floating rate home loan?

image

A fixed rate home loan is a type of loan where the rate of Interest does not change across the tenure and the Emi amount remains unchanged. A floating rate home loan is where the rate of Interest can change as per the change in the market lending rates, which means that there is a possibility of your EMI changing too.