Under the Tamilnad mercantile bank home loan scheme the bank disburses a maximum of 80% of the cost of the property as loan or Rs. 250 lakh whichever is lesser according to the repayment capacity of the customer.

Tamilnad Mercantile Bank Home Loan Interest Rate:

Tamilnad mercantile bank home loan rate offered is variable at different amounts of loan disbursed.

 Tamilnad mercantile bank home loan interest rate is based on base rate system. Tamilnad mercantile bank home loan rate is based on 9.50% base rate.

Tamilnad mercantile bank home loan interest rate for below 30 lacs for a period of 5 years is 10.75%. Tamilnad mercantile bank home loan rate from same amount but from 5 to 15 years is 11.25%. 

Tamilnad mercantile bank home loan rate for 30 lacs for 15 to 20 years is 11.75%. Tamilnad mercantile bank home loan rate for above 30 lacs is 12.50%.

Tamilnad Mercantile Bank Home Loan Criteria:

Tamilnad Mercantile Bank Home Loan Eligibility Criteria For Salaried People:

As per the Tamilnad mercantile bank home loan review the maximum age at the time of application of the loan should be 50 years. Tamilnad mercantile bank home loan applicant should have a salary certificate. As per the Tamilnad mercantile bank home loan eligibility a salaried customer should have at least been in service for 2 years.

Tamilnad Mercantile Bank Home Loan Eligibility Criteria For Self Employed:

Tamilnad mercantile bank home loan review shows the self employed person has to show proof of income. Tamilnad mercantile bank home loan self employed applicant needs proof of experience.  As per the Tamilnad mercantile bank home loan eligibility an applicant should have 3 years of minimum work experience.

Criterion's and documents required for salaried and self employed

Common Documents For Tamilnad mercantile bank Home Loan Customers

Duly Filled Application Form

Sale Agreement Copy of House / Flat

Co- operative or societies membership proof

Valuation report for construction/Estimate of construction from bank approved Engineer / Lawyer

Tamilnad mercantile bank Home Loan Documents For Salaried People

Salary Certificate as an income proof

Tamilnad mercantile bank Home Loan Documents for Self Employed

Proof of income

Proof of experience for professionals or self employed

Procedure And Options To Apply For The Loan:

The customer needs to submit duly filled form and attach related documents and submit it to the bank authorities for processing. The form is available at the branches or can be downloaded from the official website of the bank.

Maximum And Minimum Tenor Of The Loan:

According to the Tamilnad mercantile bank Home Loan review the loan is provided for a maximum period of 20 years in case of payment in equated monthly installments. In case of fixed interest rate options the period is reduced to 10 years.

What would be the repayment options/facilities?

The customer can pay back his loan in equated monthly installments.

Pre Closure Process: In case a customer of Tamilnad mercantile bank home loan wishes to close his loan before the agreed period or term is termed as pre closure. In this case the bank charges have not been disclosed and the customer needs to get in touch with the bank authorities regarding pre closure charges.

Tax Benefits: One can get tax benefits on the principal and the interest paid according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.