Tamilnad Mercantile Bank Limited Home Loan Interest Rate at 9.45% ? 9.95%
| INTEREST RATE | 9.45% ? 9.95% |
| LOAN TENURE | 30 Years |
| PROCESSING FEE | 0.50% of the Limit Sanctioned without any maximum cap plus Taxes as applicable |
| GUARANTOR REQUIRED | Yes |
| PRE CLOSURE CHARGES | As per bank's discretion |
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?
- Tamilnad Mercantile Bank provides a range of Home Loan Schemes designed for different needs of customers
- Interest Rate is very competitive and affordable
- Minimal Documentation
- It provides Flexible Repayment Options to the borrowers
- Easy and fast approval & disbursal of home loans
- Has dedicated team of well-experienced employees which also offer personalised service
- 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
- Duly filled and signed application form with photograph
- Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
- Address Proof - Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
- Age Proof - Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
- Form 16
- Latest 6 months salary slips for salaried persons
- Bank Statement of last 6 months
- Income Tax Returns (ITR) of last 3 years
- Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
- Processing fee Cheque
- Copies of the title documents of the property and the approved plan
- 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 YearsSecurity
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:
- He can continue with the existing and reduce the loan tenure
- 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 - 581
- HEADQUARTER - Tuticorin
- BANK ADDRESS - 57, V.E. Road, Tuticorin-628002, Tamil Nadu
Tamilnad Mercantile Bank Home Loan FAQs Home Loan Document Required
