Tamilnad Mercantile Bank Home Loan Interest Rate

• Home Loans are provided to all: Indians, non-resident Indians, salaried, self-employed professionals, business owners, and everyone else.
• Higher loan quantum: If you need a large loan amount of up to Rs. 5 crores, you should apply for a Home Loan from Tamilnad Mercantile Bank.
• Longer repayment period: The bank allows the borrower up to 30 years to repay the loan.
• There is a provision for taking over a home loan from another bank at a cheaper interest rate.
• The interest rate on home loans is competitive.
• The processing fee is really small.
• The loan is processed quickly, and the documentation is clear and straightforward.
• There are no additional fees.
• Loan for a variety of purposes: The loan can be used for a variety of purposes, including the construction/purchase of a new house/flat, the construction of a house on an already available plot, the purchase of a plot and construction on it, the purchase of an old house/flat that is not more than 20 years/15 years old, and the repairs and renovation of an existing property.

Tamilnad Mercantile Bank's home loan interest rate is closely connected to the Repo Base Linked Lending Rate (RLLR). The current home loan interest rate for both resident and non-resident Indian customers is 7.95% p.a.

TMB housing loan interest rate is 8.25% for house loans to both residents and non-resident Indians (NRIs). For a period of 30 years, you can obtain a home loan of up to Rs.5 crore. Depending on the loan type, the processing charge will be 0.25% or 0.5% of the loan amount plus GST (Goods and Services Tax).

There is a 0.50% processing fee charged by the bank during the process of application. This processing fee excludes GST.

Apart from the regular housing loan (details of which are provided above), Tamilnad Mercantile Bank also provides convenient house loan options for MIG and LIG/EWS section customers. These are the two schemes-

The PMAY is a government initiative that aims to give homes to all urban and rural impoverished people in India. The government grants an interest subsidy of up to Rs. 2.67 lakh on house loans taken out for the purpose of purchasing, constructing, extending, or repairing a property.

Tamilnad Mercantile Bank extends the affordable housing benefits of the Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY CLSS) to customers in the Middle Income Group (MIG).

This program is similar to a standard home loan. However, it has a lower processing cost (0.25% of the loan amount). Furthermore, the maximum loan amount allowed in metropolitan areas is Rs. 50 lakh, while it is Rs. 40 lakh in non-metro areas.

In the event of construction, the loan repayment term can be up to 30 years, and the maximum loan-to-value ratio can be up to 90%.

• The individuals who are between the ages of 18 and 50. In the event of Joint Borrowers, if any of the applicants are under the age of 50, they can apply for a loan under the TMB - Home Loan Scheme jointly.
• Professionals such as doctors, engineers, lawyers, and chartered accountants may have their upper age limit reduced to 60.

The mandatory documents that you need to have are-

• Income proof
• Age proof
• Title deed
• Processing fee cheque
• Address Proof
• Photo Proof

Customers can contact Tamilnad Mercantile Bank using the information provided below to get answers to their home loan-related questions.

• Call: +91 9842 461 461 Call, +91 9842 461 461 
• Email: [email protected] 
• Toll-free number: 180 0425 0426

There are two basic ways to apply for a home loan from Tamilnad Mercantile Bank-

• Offline Mode: You will have to visit the nearest branch with the above-mentioned documents in hand. After this, a representative will help you through the process.
  
  
• Online Mode: You can visit the official website of Tamilnad Mercantile bank, and apply online with just a few clicks.