Tamilnad Mercantile Bank Ltd Home Loan
 

Can you tell me about the eligibility requirement to apply for Home Loan in Tamilnad Mercantile Bank Limited as I want to apply for it?

Re: Tamilnad Mercantile Bank Ltd Home Loan
 

Tamilnad Mercantile Bank Limited is a bank headquartered in Tuticorin in Tamil Nadu, India. It was founded in 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in 1962 to widen its appeal beyond the Nadar community.

Eligibility
One aged between 18 and 50 years.
For Joint Borrowers, if one of the applicant's age is below 50, they can avail loan under “TMB - Home” Loan Scheme Jointly.

For Professionals like Doctors, Engineers, Lawyers, Chartered Accountants etc., the upper age limit is relaxed up to 60.

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%
• For outright purchase, the loan amount should be sanctioned based on purchase cost, market value or Registration Value whichever is lower. For house construction on the pre-owned plot, the loan is sanctioned with 10% margin provided the total realizable value of the property after construction (i.e. Land and Building) should be more than 133.34% of Loan Amount.



Tamilnad Mercantile Bank Ltd Home Loan
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