| Tamilnad Mercantile Bank Home Loan Highlights | |
| Interest Rate | 8.60% – 9.95% p.a. |
| Loan-to-Value Ratio | Up to 90% of the property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | 0.50% of loan amount + GST |
Note: Rates as of 19 November 2024
Table of Contents
Tamilnad Mercantile Bank Home Loan Interest Rates
| Name of the Loan Scheme | Interest Rates (p.a.) |
| TMB Home Loan | 9.45% – 9.95% |
| TMB Affordable Home Loan | 9.45% – 9.95% |
| TMB – ELITE Home Loan | 8.60% – 9.15% |
Note that the final interest rates offered to home loan applicants would depend on several factors like the loan amount, existing loan obligations, occupation profile of the applicants and credit score. While Tamilnad Mercantile Bank has not disclosed credit score based interest rate matrix, lenders are increasingly setting home loan interest rates on the basis of their home loan applicants’ credit scores. Since lenders prefer offering lower home loan rates to applicants having higher credit score, one must check their credit scores before applying for a home loan. Those with no or low credit scores can use Step UP Credit Card, a secured credit card co-branded with SBM Bank India Ltd., to build/improve their credit scores.
Compare Home Loan Interest Rates for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Apply Now |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | 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 | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 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 |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Compare Home Loan Schemes Offered by Top Lenders Compare Now
Tamilnad Mercantile Bank Home Loan Fees & Charges
| Particulars* | Applicable Charge |
| Processing Charges | TMB Home Loan: 0.50% of the loan amount TMB Affordable Home Loan: 0.25% of the loan amount |
| Prepayment Charges | NIL |
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Also check the home loan processing fees of other home loan lenders.
Types of Tamilnad Mercantile Bank Home Loan
TMB Home Loan
Purpose: To construct/purchase a new/resale home property or to extend/renovate an existing property. The loan also comes with home loan balance transfer and overdraft facilities. The bank also reimburses investments already made by the borrower, subject to the condition that the investment was made within preceding one year.
Loan Amount:
- For properties in Metro Cities: Rs 5 crore
- For properties in Non-metro Cities: Rs 3 crore
- For House Renovation: Up to Rs 25 lakh
- If IT returns are not available: Up to Rs 10 lakh
- In case of Top up Loans: 20% of the original amount subject to a minimum of Rs 1 lakh and maximum of Rs 30 lakh
Tenure: Up to 30 years (Up to 20 years for NRI applicants)
TMB Affordable Home Loan
Purpose: To construct/purchase a new/resale home property or to extend/renovate an existing property. The loan also comes with home loan balance transfer facility
Loan Amount:
- For properties in Metro Cities: Up to Rs. 50 lakh (the cost of house property should not exceed Rs 65 lakh)
- For properties in Non-metro Cities: Up to Rs. 40 lakh (the cost of house property should not exceed Rs 50 lakh
- For House Renovation: Up to Rs 10 lakh
- In case of 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)
Eligibility Criteria for Tamilnad Mercantile Bank Home Loan
- Employment Type: Salaried/Self-employed Professional/Self-employed Non-Professional
- Age: 18-50 years
- Borrower Profile: Individuals, HUFs & NRIs
Tamilnad Mercantile Home Loan may also depend on the credit score, job profile, employer’s profile, monthly income, etc. of its home loan applicants.
Also know: Home loan eligibility of top banks and HFCs
Check Lenders Offering Home Loan at Attractive Interest Rates Click Here
Tamilnad Mercantile Bank Home Loan Documents Required
For Salaried
- Age Proof/Photo ID Proof – PAN Card. Aadhaar Card
- Address Proof – Driving license, Passport, Utility Bill, Rent Agreement, Aadhaar Card, Voter ID
- 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 – PAN Card. Aadhaar Card
- Address Proof – Driving license, Passport, Utility Bill, Rent Agreement, Aadhaar Card, Voter ID
- Income Proof – Latest 2 ITRs both personal and business along with computation of income Advance tax challans if available, advance tax challan if available, bank account statement for last 1 year, latest 2 years P&L account and B/S both personal and business duly certified by CA
Also read: The list of home loan documents required by other banks & HFCs
Tamilnad Mercantile Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Check Home Loan Interest Rates Offered by Top Lenders Click Here
Tamilnad Mercantile Bank Home Loan Customer Care Details
Customers can reach out to Tamilnad Mercantile Bank through the below-mentioned details to get their home loan-related queries addressed.
- Toll-free number:180 0425 0426
- Call:+91 9842 461 461
- Email:customerservice@tmbank.in