Home Loan Tamilnad Mercantile Bank

Hello sir, my father wants to take home loan from Tamilnad Mercantile Bank. Is there any one can provide me interest rate for Tamilnad Mercantile Bank home loan?

[sumit]

The Tamilnad Mercantile Bank has home loan facility for interested customers. The Tamilnad Mercantile Bank 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 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.(#).

Tamilnad Mercantile Bank Home Loan Interest Rates

Tamilnad Mercantile Bank Home Loan Details
Interest Rate 10.40% to 10.90%
Processing Fees 1.00% of Limit sanctioned without any maximum cap
Loan Tenure 25 years
Guarantor Requirement Guarantor required

Rate of Interest

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.

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.

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%