Tamilnad Mercantile Bank Home Loan Eligibility
 

I want to apply Home loan in Tamilnad Mercantile Bank so can you tell me the eligibility criteria to apply for loan?

Re: Tamilnad Mercantile Bank Home Loan Eligibility
 

Tamilnad Mercantile Bank provide Home Loan to their customers to purchase land and Construct House or purchase a New House

Home Loan

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

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-

Up to Rs. 300 Lakhs and for Renovation restricted up to Rs. 25 Lakhs.

Rate of Interest-

Loans Sanctioned w.e.f 01.10.2014.
Loans Upto Rs. 30 Lakhs:
Upto 60 Months Loan - BR + 0.00% (10.40% p.a.).
Above 60 Months Loan upto 15 years - BR + 0.25% (10.65% p.a.).
Above 15 Years Loan upto 30 years - BR + 0.50% (10.90% p.a.).
Above Rs. 30 Lakhs - BR + 0.50% (10.90% p.a.) Irrespective of Period.
Current Base Rate for Lending (BR) is 10.40% p.a.

Margin

For New Flat - 25%
Plot Purchase and Construction of House - 25%
Construction of House - 10%
Renovation of House below 5 Years Old - 25%
Renovation of House above 5 Years Old - 40%
Renovation / Purchase of Old Flat - 30%

Processing Charges
1.00% of Limit sanctioned without any maximum cap.

All India National Toll Free Number: 180 0425 0426