Tamilnad Mercantile Bank Home Loan


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
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

Pre Approved Home loan | Check Eligibility & Apply Online

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

Compare Home Loan Interest Rate Offered by Various Top Banks & HFCs

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

 

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%

Also Read : Best Home Loan EMI Calculator

Types of Tamilnad Mercantile Bank Home Loan

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

Tamilnad Mercantile Bank Home Loan Fees & Charges

Particulars Applicable Charge
Processing fees
  • For TMB Home Loans, the processing fee is 0.50% of the loan amount.
  • For TMB Affordable Home Loans, the processing fee is 0.25% of the loan amount.
Prepayment Charges NIL

Also read: Best Home Loan Fees and Charges

Eligibility Criteria for Tamilnad Mercantile Bank Home Loan

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

Tamilnad Mercantile Bank Home Loan Documents Required

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

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.