TMB Home Loan – Interest Rates 2024
Tamilnad Mercantile Bank ltd offers Home Loan Schemes at best interest rates. Get information on Documents, EMI, Eligibility & EMI Calculation for the loan amount with Calculator.
Purpose
- To purchase land and Construct House
- Purchase a New House
- Purchase a New Flat
- Fund the cost of Extension / Renovation
- Purchase of Old House / Flat
- Take over from other Banks / Fls.
Eligibility
- Individuals aged between 18 and 50 years. In case of Joint Borrowers, if any one of the applicant’s age is below 50, they can avail loan under TMB – Home Loan Scheme Jointly.
- In case of Professionals like Doctors, Engineers, Lawyers, Chartered Accountants etc., the upper age limit may be relaxed up to 60.
Loan Quantum/ Loan amount – Up to Rs. 300 Lakhs and for Renovation restricted up to Rs. 25 Lakhs.
TMB Home Loan Interest Rates 2024
| Interest Rates | 8.75% – 9.25% |
| affordable Home Loan | 8.75% – 9.25% |
| Home loans for NRIs | 8.75% – 9.25% |
Repayment – Within 25 Years (Excluding Holiday period). Equated Monthly Installment should not exceed 50% of Take Home Salary in case of salaried persons and ADSCR should be minimum of 1.50:1 for others.
Tax Benefits – Learn more about the Tax Benefits of Home Loan from TMB
Security – Equitable mortgage of house / flat to be financed.
Penal Interest – Any irregularity or default in repayment will attract penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.
Processing Charges – 1.00% of Limit sanctioned without any maximum cap.
Documentation – Usual documents as per TMB Bank Norms.
How to Apply – Usual documents as per TMB Bank Norms or Quick apply for home loan here.
Click for Monthly Amortization Chart.
Other Retail products of Tamilnad Mercantile Bank Ltd
1. TMB Personal Loan
2. TMB Car Loan
3. TMB Doctor Loan
