Tamilnad Mercantile Bank Home Loan

To obtain more details on other fees and charges, visit the Processing Fees & Charges page on our website.

Tamilnad Mercantile Bank Home Loan Interest Rates 

Tamilnad Mercantile Bank offers home loans for both resident and non-resident Indians (NRIs) with interest rates starting from 9.25% p.a. You can get a home loan of up to Rs.5 crore for a period of 30 years. The processing fee applicable will be either 0.25% or 0.5% of the loan amount plus GST (Goods and Services Tax), depending on the loan type.

1. Tamilnad Bank Mercantile Home Loan - Best for the Salaried and Self-Employed
   1. Interest Rate: starting from 9.25% p.a.
   2. Processing Fee: 0.5% of the loan amount + GST
   3. Loan quantum of up to Rs.5 crore
   4. Loans of up to Rs.25 lakh for home renovation
   5. Enjoy tax benefits as per Sec 24(b) of the Income Tax Act, 1961
2. Tamilnad Mercantile Bank Home Loan for NRI - Best for NRIs
   1. Interest Rate: starting from 9.25% p.a.
   2. Processing Fee: 0.25% of the loan amount + GST
   3. Loans of up to Rs.5 crore
   4. Flexible repayment tenures of up to 30 years
   5. Low processing fee
   6. No prepayment charges

Tamilnad Mercantile Bank Home Loan EMI Calculator

To manage your finances in a better way, you can calculate your EMI (equated monthly instalment) beforehand. Your monthly instalment depends on various factors, including the loan amount, tenure, interest rate, and processing fee.

In order to do that, you can use the BankBazaar Home Loan EMI Calculator. The entire process is simple with a quick turnaround time. All you need to do is enter all the relevant details pertaining to your loan.

Tamilnad Mercantile Bank Home Loan Eligibility Criteria

Documents Required for Tamilnad Mercantile Bank Home Loan

1. For salaried
   1. Identity proof
   2. Address proof
   3. Passport-size photograph
   4. Latest salary slips
   5. Last 6 months' bank statements
   6. Property-related documents
2. For self-employed
   1. Identity proof
   2. Address proof
   3. Passport-size photograph
   4. Latest ITR with computation of income
   5. Profit and loss account statements along with balance sheet
   6. Business details
3. For NRIs
   1. Passport copy
   2. Identity proof
   3. Residential address proof
   4. Title deeds/sale agreement copy
   5. Civil engineer's estimation
   6. Approved plan from the authorities
   7. Copy of employment contract
   8. Latest salary certificate
   9. Company details
   10. Last 2 years' NRE account statements
   11. Copy of work permit
   12. Last 2 years balance sheet and profit and loss account statements (for self-employed)
   13. Last 2 years' bank statements (for self-employed)

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