Tamilnad Mercantile Bank Home Loan - http://www.loansandcredits.in/apply-tamilnad-mercantile-bank-home-loan/
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Apply Tamilnad Mercantile Bank Home Loan

Apply Tamilnad Mercantile Bank Home Loan :- accompany a double favorable position - tax cuts and lease sparing. Both these components contribute towards the EMI outpouring.Gratefulness in the property estimation is an extra reward. We guarantee that our clients get most extreme advantages through their home loan.[/vc_column_text][/vc_column][/vc_row][vc_row 0=""][vc_column width="1/2"][contact-form-7 id="3150"][/vc_column][vc_column width="1/2"][vc_column_text]

 

Tamilnad Mercantile Bank Home Loan

Learn more about our Home Loan Scheme under TMB Retail Loan Products.

Our home loan scheme helps you to buy / build your dream home as per your choice at the best possible interest rate and longer repayment tenure with easy documentation and quick processing. Loans under this scheme are sanctioned based on the applicant’s past repayment record as well as his current income earnings.

Purpose

To Construct / Purchase a New House / New Flat or the cost of extension / Renovation / Purchase of Old House / Flat, Take over from other Banks / FIs.

Eligibility

HUF, 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.

Relaxation

The Sanctioning Authority may relax:

1. The upper age Limit up to 55 Years, in the case of Government Employees of PSUs where the retirement age is 60.

2. In case of Professionals like Doctors, Engineers, Lawyers and Chartered Accountants, the upper age Limit may be relaxed up to 60.

3. In the case of Businessmen also, the upper age Limit may be relaxed up to 60 Years.

Loan Quantum

a) Up to Rs. 500 Lakhs in case of Metropolitan centres & Rs. 300 Lakhs for Non-Metro Centres. b) For Special cases, where IT returns are not available not exceeding Rs. 10 Lakhs. c) Up to Rs. 25 Lakhs for Renovation. d) Top-up Loans- Maximum of 15% of the original Loan amount or Rs. 15 Lakhs, whichever is lower for the purpose of improvements in the existing house for which, Loan has already been sanctioned by the Bank. e) Take-over of Loans from other Banks / FIs: - Actual amount outstanding.

Margin

• For New Flat - 25%


• Plot Purchase and Construction of House - 25%


• Construction of House on existing plots - 10%


• Renovation of House aged below 5 Years Old - 25%


• Renovation of House aged above 5 Years Old - 40%


• Renovation of Old Flat - 30%


• In case of outright purchase, the loan amount should be sanctioned based on purchase cost, market value or Registration Value whichever is lower. In case of the house construction on the pre-owned plot, the loan may be 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.

Security

Equitable Mortgage of the Land / House / Flat purchased / constructed / acquired under the Loan and the improvements / additions thereto. Guarantee: a) In case of HUF - Guarantee from male members of the HUF. b) In case of Individuals: Spouse or father of the applicant or third party.

Repayment

Within a maximum of 30 Years (excluding Holiday Period) in equated monthly Instalments, excepting specific cases where restrictions are specified under "Eligibility".

Rate of Interest

• Click MCLR Rates of Interest for MCLR based interest rates. For further details please contact our nearest branch.


• Current Base Rate for Lending (BR) is 9.75% p.a.

Processing Charges

0.50% of the Limit Sanctioned without any maximum cap plus Taxes as applicable[/vc_column_text][/vc_column][/vc_row][/vc_section][vc_section 0=""][vc_row 0=""][vc_column 0=""][vc_empty_space][/vc_column][/vc_row][/vc_section][vc_section 0=""][vc_row 0=""][vc_column 0=""][vc_column_text]

Loan EMI Calculator

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