TNMB Home Loan EMI Calculator

TNMB Home Loan - Lowest EMI is Rs. 907 per lakh

Last Updated 09th Dec 2016
  • Get monthly EMI as low as Rs. 907 per lakh with Tamilnad Mercantile Bank now offering home loans with loan tenure upto 30 years.
  • Lowest home loan interest rate currently offered by Tamilnad Mercantile Bank is 10.40%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,099 for a 15 year loan and Rs. 992 for a 20 year loan. Check the EMI for other tenures using the Tamilnad Mercantile Bank home loan EMI calculator on this page.

Home Loan EMI Calculator Tamilnad Mercantile Bank

Tamilnad Mercantile Bank Home Loan EMI Calculator
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TNMB Home Loan EMI

  • Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Tamilnad Mercantile Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
  • With Tamilnad Mercantile Bank offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 907 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by Tamilnad Mercantile Bank on Home Loan is 10.40%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 27,48024,79222,682
    5,000,000 54,96049,58445,364
    7,500,000 82,44174,37568,045
    10,000,000 109,92199,16790,727
  • This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

TNMB Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)
Here is an illustration of how Tamilnad Mercantile Bank Home Loan EMI is calculated:
In above formula,
P = Loan amount. This can range from Rs. 1,500,000 to Rs. 30,000,000
r = Rate of interest per month. Current rate is 10.40%, which is linked to TNMB 1 Year MCLR, which is currently 10.00%. Last revised on 01st Dec 16
n = tenure in month. For Tamilnad Mercantile Bank, this can be 360 months

Will the TNMB home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

  • Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by Tamilnad Mercantile Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
  • In case the floating rate of interest on your home loan increases, Tamilnad Mercantile Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Tamilnad Mercantile Bank, the bank may increase your EMI amount.
  • For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

Will home loan EMI change in case of prepayment?

  • Tamilnad Mercantile Bank allows prepayment at nil charges or penalty in case of floating rate home loans.
  • When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.
TNMB Home Loan EMI Calculator News - Dec 2016
01st Sep 16 Tamilnad Mercantile Bank has reduced its MCLR from 1st September, 2016
Tamilnad Mercantile Bank has reduced its Marginal Cost Based Lending Rate (MCLR) by 10 basis point (bps) across maturities. The 1 year MCLR has been reduced to 10.15 percent from the current rate of 10.25 percent. The 3 month and 6 month MCLR has been reduced to 10.05 percent and 10.10 percent respectively. Similarly the Overnight MCLR has been reduced to 9.9 percent. These changes are effective from 1st September, 2016. The interest rates of home loans that have been disbursed after 1st April 2016 are linked to 1 year MCLR.
19th Feb 16 Daimler India signs MoU with Tamilnad Mercantile Bank
Daimler India Commercial Vehicles signed a MoU with TMB to provide tailor-made financing packages to customers across the country for modern BharatBenz trucks and buses
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