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Are you looking for a home loan to buy your dream home? If so, you may want to consider Tamilnad Mercantile Bank Home Loan. The bank offers loans up to Rs. 500 Lakhs with no prepayment penalty. You can also get a quick loan sanction and the longest repayment period of 30 years.
Tamilnad Mercantile Bank Home Loan has several features that make it a great option for home buyers.
Tamilnad Mercantile Home Loan Details
If you are looking for a home loan with competitive interest rates, no prepayment penalty, and a long repayment period, then Tamilnad Mercantile Bank Home Loan is a great option for you.
- Competitive interest rates Tamilnad Mercantile Bank Home Loan offers competitive interest rates, starting at 9.45%.
- No prepayment penalty You can prepay your Tamilnad Mercantile Bank Home Loan without any penalty. This gives you the flexibility to pay off your loan faster if you are able to.
- Long repayment period Tamilnad Mercantile Bank Home Loan offers a repayment period of up to 30 years. This gives you plenty of time to repay your loan comfortably.
- Quick loan sanction Tamilnad Mercantile Bank is known for its quick loan sanction process. You can get your loan sanctioned in as little as 7-10 working days.
- Easy documentation Tamilnad Mercantile Bank Home Loan requires minimal documentation. You can apply for the loan online or at any of the bank's branches.
- Interest Rate 9.45% - 9.95%
- Loan Amount Up to Rs. 500 Lakhs
- Processing Fees 0.50% of the sanctioned amount
- Prepayment/Foreclosure Charges Nil
- Maximum Tenure 30 years
- Rate Packages Available Flexi, Fix, and Cap
Tamilnad Mercantile Home Loan Interest Rates
The interest rates for Tamilnad Mercantile Bank Home Loan are as follows:
Flexi:
The interest rate is fixed for the first 3 years and then re-fixed every year.
Fix:
The interest rate is fixed for the entire tenure of the loan.
Cap:
The interest rate is capped at a maximum of 10%.
Tamilnad Mercantile Bank Home Loan EMI Calculator
You can use the Tamilnad Mercantile Home Loan EMI calculator to calculate your monthly EMI. Simply enter the loan amount, interest rate, and tenure to get an estimate of your EMI.
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
• P = Loan amount
• R = Interest rate
• N = Repayment period in months
Tamilnad Mercantile bank Home Loan Schemes
Tamilnad Mercantile Bank takes pride in presenting two distinct and tailored home loan schemes, each designed to cater to specific housing needs and financial preferences. These schemes empower prospective homeowners with flexible options and competitive rates to ensure that the journey to owning a home is as smooth and affordable as possible.
1. Tamilnad Mercantile Bank Home Loan
A flagship home loan scheme, the Tamilnad Mercantile Bank Home Loan, is designed for those aspiring to embark on a journey of homeownership. This comprehensive scheme caters to a range of objectives, including purchasing a new home, constructing a brand-new house, or renovating an existing residential property. By offering substantial loan amounts, extended repayment periods, and attractive interest rates, this scheme is perfectly aligned to help you secure your dream abode.
2. Tamilnad Mercantile Bank Affordable Home Loan
The Tamilnad Mercantile Bank understands that affordability is a key concern for many individuals seeking to own a home. In response to this, the bank has introduced the Tamilnad Mercantile Bank Affordable Home Loan, a specialized scheme that addresses the housing needs of those looking for homes within a specific price range.
Tamilnad Mercantile Bank Home Loan Eligibility Requirements
To become eligible for a Tamilnad Mercantile Bank Home Loan, certain criteria must be met to ensure a smooth and successful application process. These eligibility requirements are designed to encompass a range of individuals and financial situations, enabling aspiring homeowners to access the benefits of our home loan offerings.
- Eligibility Criteria
- Indian Citizenship: Applicants must be citizens of India, ensuring that the benefits of our home loan schemes are exclusively available to our fellow citizens.
- Age Criteria: The minimum age requirement for eligibility is 18 years, reflecting our commitment to catering to individuals at various stages of life. For salaried borrowers, the maximum age should not exceed 60 years, while self-employed applicants can avail of the loan until the age of 65 years, ensuring that a diverse range of individuals can benefit from our offerings.
- Steady Income: Demonstrating a regular and consistent source of income is crucial for eligibility. Whether you're a salaried individual or a self-employed professional, a steady income showcases your capacity to manage loan repayments.
- Good Credit Score: A healthy credit score is an indicator of your financial reliability. While we consider all applications, having a good credit score increases your chances of securing favourable loan terms and interest rates.
Documents Required for Tamilnad Mercantile Bank Home Loan Application
When applying for a Tamilnad Mercantile Bank Home Loan, you'll need to provide essential documents to substantiate your application. These documents offer a comprehensive view of your financial stability and help us assess your eligibility accurately.
Documents Required
1. Identity Proof
- PAN Card
- Aadhaar Card
- Passport
- Voter ID
- Driving License
2. Address Proof
- Aadhaar Card
- Passport
- Voter ID
- Utility Bills
- Rental Agreement
3. Income Proof
- Salary slips
- Bank statements
- Income tax returns
- Audited financial statements for self-employed individuals
4. Property Documents
- Sale agreement
- Property title deed
- Approved building plan
- Property tax receipts
How to Apply for Tamilnad Mercantile Bank Home Loan
Applying for a Tamilnad Mercantile Bank Home Loan is a straightforward process, offering you both convenience and accessibility. You have the option to apply through our online platform or visit any of our branches for in-person assistance.
Online Application:
To apply online, follow these steps: 1. Create an account on the Tamilnad Mercantile Bank website, if you don't already have one. 2. Complete the online application form, providing accurate and up-to-date information. 3. Upload the required documents as mentioned above. 4. Review your application for accuracy and submit it.
In-Person Application:
For those who prefer an in-person approach, visit any Tamilnad Mercantile Bank branch to receive personalized assistance with your application.
By following these steps, you can easily apply for a Tamilnad Mercantile Bank Home Loan either online or in-person, based on your preference.
Tamilnad Mercantile Home Loan Customer Care
Should you have any questions, or concerns, or require additional information regarding the home loan offerings, the Tamilnad Mercantile Bank customer care team is readily available to assist you.
| Customer Care Number | 1800 425 0001 |
| customer.care@tmbank.in |
Conclusion
Tamilnad Mercantile Bank Home Loan is a great option for those looking for a loan to buy a new home. The bank offers competitive interest rates, no prepayment penalty, and a long repayment period. If you are looking for a home loan, be sure to consider Tamilnad Mercantile Bank Home Loan.
