Customers can obtain home loans from Tamilnad Mercantile Bank at an attractive TMB Bank housing loan interest rate of 7.95%p.a.
Tamilnad Mercantile Bank provides home loan solutions for a variety of objectives, including the construction/purchase of a new house/flat, the extension/renovation of an owned house/flat, and the purchase of an old house/flat. Balance Transfer is also accessible for the acquisition of debts from other banks.
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.
Loan Scheme |
Tamilnad Mercantile Bank Housing Loan Interest |
TMB Home Loan |
8.25% |
TMB NRI home loan |
8.25% |
TMB Affordable Home Loan |
8.25% |
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 mandatory documents that you need to have are-
Customers can contact Tamilnad Mercantile Bank using the information provided below to get answers to their home loan-related questions.
There are two basic ways to apply for a home loan from Tamilnad Mercantile Bank-