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Tamilnad Mercantile Bank Home Loans
Tamilnad Mercantile Bank Home Loans are offered by the retail banking division of Tamilnad Mercantile Bank, one of the fastest growing banks in India. These loans can work as an ideal home financing scheme for any borrower.
About Tamilnad Mercantile Bank Home Loans
Tamilnad Mercantile Bank home loans help you purchase or construct your dream home at the best possible rate and terms. The repayment terms are flexible just to make the repayment procedure simpler for the borrower. Simple paperwork and faster processing are two key benefits that are offered by these loans. Tamilnad Mercantile Bank home loans are approved on the basis of previous repayment history and the present earnings of the loan applicant.
Purpose of Tamilnad Mercantile Bank home loans
You can use a Taminad Mercantile Bank home loan for any of the following purposes:
- Purchasing a new house
- Constructing a new house
- Financing the expenses of renovation/extension
- Purchasing a new flat
- Taking over any other home loan from other banks/financial institutions.
- Purchasing an old flat/house
Quantum of finance
The maximum amount of loan that you can avail is Rs.250.00 lakhs. In case of renovation, the maximum amount of loan is limited at Rs.15.00 Lakhs.
Eligibility criteria for Tamilnad Mercantile Bank home loans
Individuals who are aged between 18 and 50 years can qualify for these loans. For joint borrowers, if any of the applicant’s age is less than 50, they can get a loan under the “TMB Home” loan scheme together. For professionals such as Engineers, Doctors, Chartered Accountants, Advocates and others, the maximum age limit might be relaxed up to 60 years.
Margin for Tamilnad Mercantile Bank home loans
The margin for Tamilnad Mercantile Bank home loans is as follows:
- In case of purchase of plot and building of house thereon – the margin is 25%
- In case of new flat – the margin is 25%
- In case of renovation of house less than 5 years old – the margin is 25%
- In case of construction of house – the margin is 10%
- In case of renovation of house which is older than 5 years – the margin is 40%
- In case of purchase/renovation of old flat – the margin is 30%
- In case of construction of house on pre-owned land, the loan might be approved with a margin of 10% given that the overall attainable value of the property following construction (that is land and property) should be above 133.34% of the amount of loan.
Guarantee for Tamilnad Mercantile Bank home loans
Third Party Guarantee will be necessary. Might be relinquished in suitable circumstances.
Repayment of Tamilnad Mercantile Bank home loans
You need to pay off a home loan from Tamilnad Mercantile Bank within a period of 20 years. This is the maximum repayment term for this loan. Your EMI (Equated Monthly Installment) must not surpass 50% of your net income/net salary.
Security for Tamilnad Mercantile Bank home loans
Equitable mortgage of flat/house to be purchased will work as security against the loan.
Penal Interest on TMB home loans
Any discrepancy or non-payment of loan will draw penal interest @2.00% per annum on top of the interest rate on the balance due.
Processing charges on TMB home loans
You need to pay a processing fee @1.00% of approved loan amount without any upper ceiling.
You need to furnish the following documents along with your loan application:
- Income proof (Balance Sheet/Income Tax Return/ Salary or Pay Certificate/Others).
- Copy of title deed of the property (if applicable).
- Appraisal of Civil Engineer.
- Sanctioned Plan, if applicable.
- Letter from third party guarantor (if applicable).
Home Loan Calculator
|The installment will not include any processing fee or charges which are applicable as per the rules of finance providing Authorities. |