Calculate Tamilnad Mercantile Bank Home Loan EMI

Total Payments-


Total Interest-
Principal Amount-
Total EMI


View Details
  • Loan Amount
  • Interest Rate
  • Your EMI
  • Tenure
  • ₹50,00,000
  • 9.35%
  • ₹0
  • 30

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.

You can also Apply for Indiabulls Home Loan and check EMI, Interest rates and Eligibility Online.

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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.

  • Higher quantum of loan: The 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.
  • Home Loans are available to all: Salaried 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/.
  • Longer tenure: The bank gives up to 30 years to the borrower to repay the loan.
  • The Home Loan Interest Rates charged is competitive starting from 9.35%.
  • The processing charge levied is very nominal and fee charged by bank is 0.50% of the loan amount. The processing of the loan is quick and the documentation is simple and hassle-free.

You can also Calculate Rs. 5 Crore Home Loan EMI and compare interest rates with Top Banks 

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Factors that can impact your EMI amount

TamilNad Mercantile Bank home loan based on multiple purposes and needs of the customers. TamilNad bank offers a rate of Interest starting from 9.35%. 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 Lakh Home LoanRs. 52,322Rs. 32,144Rs. 23,059Rs. 20,748
50 Lakh Home LoanRs. 1,04,643Rs. 64,289Rs. 46,118Rs. 41,497
1 Crore Home LoanRs. 2,09,286Rs. 1,28,578Rs. 92,236Rs. 82,993
5 Crore Home LoanRs. 10,46,432Rs. 6,42,889Rs. 4,61,179Rs. 4,14,966

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.

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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.

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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.

1. 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.

2. 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.

3. 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.

You can also check Loan EMI through 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.

You can opt for 25 Lakh Home Loan and Compare Interest Rates with Top Banks to calculate EMI.

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.

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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

✅ From where can I access the EMI calculator?


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.

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


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.

✅ What do I need to use the EMI calculator?


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.

✅ What benefits does a home loan offer?


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.

✅ How can I reduce my rate of Interest?


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.

✅ How can I apply for a home loan?


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.

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


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.