Tamilnad Mercantile Bank Limited Home Loan Interest Rate at 9.45% ? 9.95%

INTEREST RATE9.45% ? 9.95%
LOAN TENURE30 Years
PROCESSING FEE0.50% of the Limit Sanctioned without any maximum cap plus Taxes as applicable
GUARANTOR REQUIREDYes
PRE CLOSURE CHARGESAs per bank's discretion
Note: Updated on Feb 2024, for latest interest rates, please visit bank website.

Calculate Tamilnad Mercantile Bank Home Loan EMI Calculate EMI Now

About Tamilnad Mercantile Bank

Tamilnad Mercantile Bank Limited is a private sector bank in india. Tamilnad Mercantile Bank Limited was founded on 1921. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Tamilnad Mercantile Bank Limited which includes Tamilnad Mercantile Bank Limited Official Website, Tamilnad Mercantile Bank Limited ATMs accross the India, Tamilnad Mercantile Bank Limited Branches accross the India, Tamilnad Mercantile Bank Limited Contact Numbers, Tamilnad Mercantile Bank Limited official EmailID, Tamilnad Mercantile Bank Limited Headquarter and Tamilnad Mercantile Bank Limited Headquarter Address. Find Tamilnad Mercantile Bank Limited Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.

Why Tamilnad Mercantile Bank Home Loan?

  1. Tamilnad Mercantile Bank provides a range of Home Loan Schemes designed for different needs of customers
  2. Interest Rate is very competitive and affordable
  3. Minimal Documentation
  4. It provides Flexible Repayment Options to the borrowers
  5. Easy and fast approval & disbursal of home loans
  6. Has dedicated team of well-experienced employees which also offer personalised service
  7. 24/7 customer care service of Tamilnad Mercantile Bank offers timely assistance to the customers

Tamilnad Mercantile Bank Home Loan Purpose

To Construct | Purchase a New House | New Flat or the cost of extension | Renovation | Purchase of Old House | Flat, Take over from other Banks | FIs.

Tamilnad Mercantile Bank Home Loan Eligibility

  • The applicant must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
  • The applicant's age must be in the range of 18 years and 70 years at the time of loan maturity.
  • The applicant must be salaried or self-employed with a regular income.
  • The applicant must earn more than the minimum required income.

Tamilnad Mercantile Bank Home Loan Document Required

  1. Duly filled and signed application form with photograph
  2. Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
  3. Address Proof - Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
  4. Age Proof - Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
  5. Form 16
  6. Latest 6 months salary slips for salaried persons
  7. Bank Statement of last 6 months
  8. Income Tax Returns (ITR) of last 3 years
  9. Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
  10. Processing fee Cheque
  11. Copies of the title documents of the property and the approved plan
  12. For Construction/ Renovation case, cost estimate from the Architect

Tax Benefits of availing Tamilnad Mercantile Bank Home Loan

There are two types of tax benefits associated with home loan for Resident Indians:

Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).

Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.

Tamilnad Mercantile Bank Home Loan Amount

  • Metropolitan centres: Upto Rs. 500 Lakhs
  • Non-Metro Centres: Upto Rs 300 Lakhs
  • For Special cases (where IT returns are not available): Maximum Rs 10 Lakhs
  • Renovation: Upto Rs 25 Lakhs
  • Top-up Loans: Maximum of 15% of the original Loan amount or Rs 15 Lakhs, whichever is lower
  • Take-over of Loans from other Banks / FIs: Actual amount outstanding

Margin

  • For New Flat: 25%
  • Plot Purchase and Construction of House: 25%
  • Construction of House on existing plots: 10%
  • Renovation of House aged below 5 Years Old: 25%
  • Renovation of House aged above 5 Years Old: 40%
  • Renovation of Old Flat: 30%

Tamilnad Mercantile Bank Home Loan Repayment

Maximum of 30 Years

Security

Equitable Mortgage of the Land | House | Flat purchased | constructed | acquired under the Loan and the improvements | additions thereto. Guarantee: a) In case of HUF - Guarantee from male members of the HUF. b) In case of Individuals: Spouse or father of the applicant or third party.

In Case of Prepayment of Tamilnad Mercantile Bank Home Loan, will EMI change?

One can pre-pay Tamilnad Mercantile Bank Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:

  1. He can continue with the existing and reduce the loan tenure
  2. He can reduce the EMI and keep the loan tenure the same

Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.

How to reduce your Home Loan EMI?

  • Negotiate with your banker on lower interest rate
  • Apply for longer tenure
  • Give maximum amount as down payment
  • Pre-pay loan amount
  • Switch to another bank/ FI offering lower interest rate

Contact details of Tamilnad Mercantile Bank Limited, Tamilnad Mercantile Bank Limited SMS balance check number SMS banking, Tamilnad Mercantile Bank Limited mobile banking, Tamilnad Mercantile Bank Limited toll free number,Tamilnad Mercantile Bank Limited toll free number 24*7, Tamilnad Mercantile Bank Limited miss call number.

  • MISSED CALL NUMBERS - 9211937373
  • CUSTOMER CARE NUMBERS - 18004250426, 9842461461
  • CONTACT NUMBERS - 18004250426, 9842461461

Tamilnad Mercantile Bank Limited Contact Details

  • BANK OFFICIAL WEBSITE - https://www.tmb.in
  • CONTACT NUMBERS - 18004250426, 9842461461
  • EMAIL ID - [email protected]
  • MISSED CALL NO. - 9211937373
  • CUSTOMER CARE NO. - 18004250426, 9842461461
  • TOTAL BRANCHES - 573
  • HEADQUARTER - Tuticorin
  • BANK ADDRESS - 57, V.E. Road, Tuticorin-628002, Tamil Nadu
Tamilnad Mercantile Bank EMI Calculator  Tamilnad Mercantile Bank Branches
Tamilnad Mercantile Bank Home Loan FAQs  Home Loan Document Required

Other Banks Home Loan Interest Rates

Abhyudaya Cooperative Bank LimitedAhmedabad Mercantile Cooperative Bank
Akola Urban Coop Bank Allahabad Bank
Allahabad Up Gramin BankAmanath Cooperative Bank Ltd. Bangalore
Andhra BankAndhra Pradesh Grameena Vikas Bank
Andhra Pragathi Grameena BankApna Sahakari Bank Limited
Arunachal Pradesh Rural BankAryavart Bank
Assam Gramin Vikash BankAu Small Finance Bank Limited
Axis BankBandhan Bank Limited
Bangiya Gramin Vikash BankBank Of Baroda
Bank Of IndiaBank Of Maharashtra
Baroda Gujarat Gramin BankBaroda Rajasthan Kshetriya Gramin Bank
Baroda U.p. BankBaroda Up Gramin Bank
Bassein Catholic Cooperative Bank LimitedBharat Cooperative Bank Mumbai Ltd. Mumbai
Bharati Sahakari BankBharatiya Mahila Bank Limited
Bihar Gramin BankBombay Mercantile Co Op Bank Ltd
Canara BankCapital Small Finance Bank Limited
Catholic Syrian Bank LimitedCentral Bank Of India
Central Madhya Pradesh Gramin BankChaitanya Godavari Grameena Bank
Chhattisgarh Rajya Gramin BankCitizen Credit Cooperative Bank Limited
City Union Bank LimitedCorporation Bank
Dakshin Bihar Gramin BankDcb Bank Limited
Dena BankDena Gujarat Gramin Bank
Dhanalakshmi BankDombivli Nagari Sahakari Bank Limited
Ellaquai Dehati BankEquitas Small Finance Bank Limited
Esaf Small Finance Bank LimitedExport Import Bank Of India
Federal BankFincare Small Finance Bank Ltd
Gramin Bank Of AryavartHdfc Bank
Himachal Pradesh Gramin BankIcici Bank Limited
Idbi BankIdfc First Bank
Indian BankIndian Mercantile Cooperative Bank Ltd.
Indian Overseas BankIndusind Bank
Jalgaon Janata Sahakari Bank LimitedJammu And Kashmir Bank Limited
Jammu And Kashmir Grameen BankJanakalyan Sahakari Bank Limited
Janalaxmi Coop Bank Janata Sahakari Bank Ltd
Jharkhand Gramin BankJharkhand Rajya Gramin Bank
Kallappanna Awade Ichalkaranji Janata Sahakari Bank LimitedKalupur Commercial Cooperative Bank
Kalyan Janata Sahakari BankKapol Cooperative Bank Limited
Karnataka Bank LimitedKarnataka Gramin Bank
Karnataka Vikas Grameena BankKarur Vysya Bank
Kashi Gomti Samyut Gramin BankKaveri Grameena Bank
Kerala Gramin BankKhamgaon Urban Co Op Bank Ltd
Kotak Mahindra Bank LimitedLangpi Dehangi Rural Bank
Laxmi Vilas BankMadhya Bihar Gramin Bank
Madhya Pradesh Grameen BankMadhyanchal Gramin Bank
Mahanagar Cooperative BankMaharashtra Gramin Bank
Malwa Gramin BankManipur Rural Bank
Meghalaya Rural BankMizoram Rural Bank
Nagaland Rural BankNagar Urban Co Operative Bank
Nagpur Nagarik Sahakari Bank LimitedNarmada Jhabua Gramin Bank
Nasik Merchants Cooperative Bank Ltd.New India Cooperative Bank Limited
Nkgsb Cooperative Bank LimitedNorth East Small Finance Bank Limited
Nutan Sahakari Bank LtdOdisha Gramya Bank
Oriental Bank Of CommercePallavan Grama Bank
Pandyan Grama BankPaschim Banga Gramin Bank
Pragathi Krishna Gramin BankPrathama Bank
Prathama U.p. Gramin BankPravara Sahakari Bank Ltd
Puduvai Bharathiar Grama BankPunjab And Maharshtra Cooperative Bank
Punjab And Sind BankPunjab Gramin Bank
Punjab National BankPurvanchal Gramin Bank
Rajarambapu Sahakari Bank LtdRajasthan Marudhara Gramin Bank
Rajkot Nagrik Sahakari Bank LimitedRupee Cooperative Bank Ltd.
Sangli Urban Co Op Bank Ltd SangliSaptagiri Grameena Bank
Saraswat Cooperative Bank LimitedSardar Bhiladwala Pardi Pepls Co Bk
Sarva Haryana Gramin BankSarva Up Gramin Bank
Saurashtra Gramin BankShikshak Sahakari Bank Limited
Solapur Janata Sahakari Bank LimitedSouth Indian Bank
State Bank Of Bikaner And JaipurState Bank Of Hyderabad
State Bank Of IndiaState Bank Of Mysore
State Bank Of PatialaState Bank Of Travancore
Suryoday Small Finance BankSutlej Kshetriya Gramin Bank
Syndicate BankTamil Nadu Grama Bank
Tamilnad Mercantile Bank LimitedTelangana Grameena Bank
The A.p. Mahesh Cooperative Urban Bank LimitedThe Akola Janata Commercial Cooperative Bank Ltd. Akola.
The Cosmos Co Operative Bank LimitedThe Goa Urban Co Op Bank Ltd
The Greater Bombay Cooperative Bank LimitedThe Jalgaon Peoples Cooperative Bank Limited
The Kapol Cooperative Bank LimitedThe Karad Urban Cooperative Bank Limited
The Mapusa Urban Coop Bank Of Goa LtdThe Mehsana Urban Cooperative Bank
The Nainital Bank LimitedThe Shamrao Vithal Cooperative Bank
The Surath Peoples Cooperative Bank LimitedThe Thane Bharat Sahakari Bank Limited
The Zoroastrian Cooperative Bank LimitedTjsb Sahakari Bank Ltd
Tripura Gramin BankUco Bank
Ujjivan Small Finance Bank LimitedUnion Bank Of India
United Bank Of IndiaUtkal Grameen Bank
Utkarsh Small Finance BankUttar Banga Kshetriya Gramin Bank
Uttar Bihar Gramin BankUttarakhand Gramin Bank
Vananchal Gramin BankVidharbha Konkan Gramin Bank
Vijaya BankYes Bank
Zila Sahakari Bank Ltd 
 
Tamilnad Mercantile Bank Limited Home Loan Interest Rate at 9.45% ? 9.95% 24 Feb 2024