Tamilnad Mercantile Bank provides home loans starting at 9.45% p.a. onwards, with repayment periods of up to 30 years and loan amounts of up to Rs 5 crores. Additionally, they offer the TMB Affordable Home Loans scheme, designed for house properties costing up to Rs 50 lakh in non-metro cities and Rs 65 lakh in metro cities. The bank also provides a home loan balance transfer facility, allowing prospective applicants to take over loans from other banks/HFCs.
Tamilnad Mercantile Bank Home Loan Highlights |
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|---|---|
| Interest Rate | 9.45% – 9.95% p.a. |
| Loan-to-Value Ratio | Up to 90% of the property value |
| Loan Tenure | Up to 30 years |
| Processing Fees | 0.50% of loan amount + GST |
| Table of Contents | ||
|---|---|---|
| Compare Interest Rates offered by other Lenders | ||
| Interest Rates | ||
| Types of Tamilnad Mercantile Home Loans | ||
| Processing Fees & Charges | ||
| Eligibility Criteria | ||
| Documents Required | ||
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
| Name of the Loan Scheme | Interest Rates (p.a.) |
|---|---|
| TMB Home Loan | 9.45% – 9.95% |
| TMB Affordable Home Loan | 9.45% – 9.95% |
Also Read : Best Home Loan EMI Calculator
TMB Affordable Home Loan
Purpose: You can use the loan to buy a new or resale home or to extend/renovate an existing property. Plus, it offers the option to transfer your existing home loan to this one.
Loan Amount:
- For properties in Metro Cities: Up to Rs. 50 lakh (property cost should not exceed Rs. 65 lakh)
- For properties in Non-metro Cities: Up to Rs. 40 lakh (property cost should not exceed Rs. 50 lakh)
- For House Renovation: Up to Rs. 10 lakh
- For Top-up Loans: Up to 15% of the original amount or Rs. 7.5 lakh, whichever is lower
Tenure: Up to 30 years (Up to 20 years for NRI applicants)
TMB Home Loan
Purpose: You can use the loan to build/purchase a new or resale home, or to extend/renovate an existing property. The loan also offers home loan balance transfer and overdraft facilities. Additionally, the bank reimburses investments made by the borrower, provided they were made within the preceding one year.
Loan Amount:
- For properties in Metro Cities: Up to Rs. 5 crore
- For properties in Non-metro Cities: Up to Rs. 3 crore
- For House Renovation: Up to Rs. 25 lakh
- If IT returns are not available: Up to Rs. 10 lakh
- For Top-up Loans: 20% of the original amount, with a minimum of Rs. 1 lakh and a maximum of Rs. 30 lakh
Tenure: Up to 30 years (Up to 20 years for NRI applicants)
Also Read : Best Home Loan Documents Required
| Particulars | Applicable Charge |
|---|---|
| Processing fees |
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| Prepayment Charges | NIL |
Also read: Best Home Loan Fees and Charges
Age: 18-50 years
Employment Type: Salaried/Self-employed Professional/Self-employed Non-Professional
Borrower Profile: Individuals, HUFs & NRIs
Tamilnad Mercantile Home Loan eligibility may also consider factors such as credit score, job profile, employer’s profile, monthly income, etc. of its home loan applicants.
Also Read : Best Home Loan Eligibility
For Salaried
- Age Proof/Photo ID Proof – Aadhaar Card , PAN Card
- Address Proof – Aadhaar Card, Voter ID, Driving license, Passport, Utility Bill, Rent Agreement
- Income Proof – Salary account bank statement for last 1 year, salary slip for last 3 months
For Self-employed Professionals
- Age Proof/Photo ID Proof – Aadhaar Card, PAN Card
- Address Proof – Aadhaar Card, Voter ID, Driving license, Passport, Utility Bill, Rent Agreement,
- Income Proof –
- The latest 2 ITRs for both personal and business, along with computation of income.
- Advance tax challans if available.
- Bank account statement for the last 1 year.
- The latest 2 years' Profit and Loss (P&L) account and Balance Sheet (B/S) for both personal and business, duly certified by a Chartered Accountant.
Also read: Best Home Loan Balance Transfer