TNMB Loan Against Property Interest Rate Calculator - Mar 2017

Tamilnad Mercantile Bank Loan Against Property Interest Rates

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Last Updated 23rd Mar 2017
Interest Rate 16.05% - 16.05%
Check Special Offers
Lowest EMI Rs. 2,434 per lakh
Max Tenure 5 years
Processing Fee Upto 1.00%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Loan Against Property Online @9.50%*
 Salaried   Self Employed - Professional   Self Employed - Business 

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Tamilnad Mercantile Bank Loan Against Property

Tamilnad Mercantile Bank offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 50% of the market’s value for tenure of 18 years.

Loan Against Property TNMB

Loan Against Property interest rates offered by Tamilnad Mercantile Bank depends upon MCLR
  • Floating rates changes with a single change in Tamilnad Mercantile Bank MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates
Tamilnad Mercantile Bank offers Property Loan based on 1 Year MCLR which is currently 9.40%
Tamilnad Mercantile Bank mortgage loan interest rate depends upon
  • Loan amount: Tamilnad Mercantile Bank mortgage loan rate depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: Tamilnad Mercantile Bank has a list of companies to which they lend Loan Against Property. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. Tamilnad Mercantile Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest

Loan Against Property Charges

Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Tamilnad Mercantile Bank allows prepayment of loan against property with Own sources- Nil, Refinance- 2% prepayment charges
Processing Fee - Tamilnad Mercantile Bank asks for a processing fee of 1.00% of loan amount with applicable service tax

TNMB Loan Against Property EMI Calculator

Loan Against Property EMI of Tamilnad Mercantile Bank is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure
  • Tamilnad Mercantile Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating TNMB Loan Against Property EMI?
  • Tamilnad Mercantile Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • Tamilnad Mercantile Bank EMI calculator for Loan Against Property helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

TNMB Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria Tamilnad Mercantile Bank
Eligibility of Loan Against Property in Tamilnad Mercantile Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Tamilnad Mercantile Bank offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above 60 years for salaried and 65 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: Tamilnad Mercantile Bank decides your loan amount based on the market value of the property which you place as your collateral for the loan. Tamilnad Mercantile Bank lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. Tamilnad Mercantile Bank gives maximum LTV of 50% for property loans depending upon market value of the property
  • Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. Tamilnad Mercantile Bank checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. Tamilnad Mercantile Bank does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
    To reduce your burden of higher EMIs, Tamilnad Mercantile Bank gives you a maximum tenure of 18 years for a maximum loan amount of Rs.5,000,000 with a minimum spread of % over 1 Year MCLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility
  • Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings
Estimated eligibility online by using Eligibility Calculator.

Tamilnad Mercantile Bank Floating Rate Loan Against Property

Tamilnad Mercantile Bank Loan Against Property Floating
Upto Rs. 500,000 - 16.05%
Rs. 500,001 - 1,500,000 - 16.05%
Rs. 1,500,001 - 3,000,000 - 16.05%
Above Rs. 3,000,000 - 16.05% linked to 1 Year MCLR

Tamilnad Mercantile Bank Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to Tamilnad Mercantile Bank?
Tamilnad Mercantile Bank offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of Tamilnad Mercantile Bank
You can avail additional top-up loan against property from SBI, subject to your eligibility

Loan Against Property TNMB documents required

Loan Against Property for Salaried employee Tamilnad Mercantile Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

Loan Against Property for Self-Employed Tamilnad Mercantile Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Property documents for Loan Against Property from Tamilnad Mercantile Bank

  • Registered Sale Deed/ Conveyance/ Lease Deed
  • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
  • Latest House Tax Return/ Receipt
  • Approved Building Plan from Municipal Corporation
Past trends of MCLR of Tamilnad Mercantile Bank
08th Feb 17: 0% repo none by RBI
07th Dec 16: 0% repo none by RBI
01st Dec 16 10.30% decreased by 0.1%
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
15th Oct 15 10.40% decreased by 0.2%
15th Oct 15 10.40%
29th Sep 15: 0.5% repo cut by RBI
02nd Jun 15: 0.25% repo cut by RBI
01st Jun 15 10.60% decreased by 0.15%
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
11th Feb 13 10.75% decreased by 0.25%
29th Jan 13: 0.25% repo cut by RBI
17th Apr 12: 0.5% repo cut by RBI
01st Apr 12 11.00% increased by 0.25%
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
12th Sep 11 10.75% increased by 0.25%
26th Jul 11: 0.5% repo hike by RBI
18th Jul 11 10.50% increased by 0.5%
16th Jun 11: 0.25% repo hike by RBI
09th May 11 10.00% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
25th Jan 11: 0.25% repo hike by RBI
01st Jan 11 9.50% increased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 9.00% increased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.50%

TNMB MCLR Vs. RBI Repo Rate Trend

Frequently Asked Questions

What are the five things to check before applying for loan against property in TNMB ?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
  • Your existing EMI’s on all loans and credit cards (from Tamilnad Mercantile Bank and other banks) are no more than 60 - 70% of your net monthly income
  • You have not defaulted on loans or credit card dues to Tamilnad Mercantile Bank and other banks and all EMI's have been paid. Note that Tamilnad Mercantile Bank can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to Tamilnad Mercantile Bank in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
  • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will TNMB mortgage loan interest rate remain fixed or will it change in future?

  • Floating interest rate on Tamilnad Mercantile Bank property loan is linked to its 1 Year MCLR, which is currently 9.40%. So, when Tamilnad Mercantile Bank offers a loan against property at 16.05%, it applies a 6.65% premium to its MCLR to arrive at this rate
  • When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers
  • Base rate benchmarked loans provide a better and more transparent interest rate transmission for the borrower compare to PLR benchmarked loans
  • Current MCLR of Tamilnad Mercantile Bank, its past trend and comparison with RBI repo rate are given here for your reference

Are prepayment or foreclosure charges applicable on TNMB loan against property?

    You can prepay loan against property (LAP) without any penalty or charges in case:
  • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
  • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

Please contact myloancare at 0124 426 4004 or in case you need any assistance or clarification on this subject.

Tamilnad Mercantile Bank Loan Against Property in India

Tamilnad Mercantile Bank Loan Against Property Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 1800-425-0426
Ahmedabad 1800-425-0426
Ambala 1800-425-0426
Anand 1800-425-0426
Aurangabad 1800-425-0426
Bangalore 080-27832081
Bhilai 1800-425-0426
Bhilwara 1800-425-0426
Bhiwadi 1800-425-0426
Bhopal 1800-425-0426
Bhubaneswar Cuttack 1800-425-0426
Bikaner 1800-425-0426
Chandigarh 1800-425-0426
Chennai 044-42031543
Cochin 1800-425-0426
Coimbatore 1800-425-0426
Dehradun 1800-425-0426
Delhi 011-22304533
Durg 1800-425-0426
Faridabad 1800-425-0426
Gandhinagar 1800-425-0426
Ghaziabad 1800-425-0426
Goa 1800-425-0426
Greater Noida 011-22304533
Gurgaon 1800-425-0426
Guwahati 1800-425-0426
Gwalior 1800-425-0426
Hyderabad 040-27766467
Indore 1800-425-0426
Jabalpur 1800-425-0426
Jaipur 1800-425-0426
Jalandhar 1800-425-0426
Jodhpur 1800-425-0426
Kanpur 1800-425-0426
Karnal 1800-425-0426
Kolhapur 1800-425-0426
Kolkata 1800-425-0426
Kota 1800-425-0426
Kozhikode 1800-425-0426
Lucknow 1800-425-0426
Ludhiana 1800-425-0426
Madurai 1800-425-0426
Meerut 1800-425-0426
Mehsana 1800-425-0426
Mohali Sas Nagar 1800-425-0426
Mumbai 022-27669021
Mussoorie 1800-425-0426
Nagpur 022-27669021
Nashik 022-27669021
Noida 011-22304533
Noida Extn. 011-22304533
Panipat 1800-425-0426
Patna 1800-425-0426
Pondicherry 1800-425-0426
Pune 1800-425-0426
Raipur 1800-425-0426
Rajkot 1800-425-0426
Ranchi 1800-425-0426
Rohtak 1800-425-0426
Roorkee 1800-425-0426
Salem 044-42031543
Shimla 1800-425-0426
Sonepat 1800-425-0426
Surat 1800-425-0426
Trichy 1800-425-0426
Udaipur 1800-425-0426
Vadodara 1800-425-0426
Varanasi 1800-425-0426
Vijaywada 1800-425-0426
Vizag 1800-425-0426
TNMB Loan Against Property News - Mar 2017
17th Mar 17 Ahead of merger, loan processing at associate banks may get delayed
State Bank of India is in process of completion of merger with its five associate banks on 1st April, 2017. As per bank sources, loan processing and banking services at associate banks may get disrupted during end of March, 2017. SBI has notified the associate banks to complete disbursements of existing loans across various segments including loan against property, home loan and personal loans by 25th March, 2017.
17th Mar 17 Developers turn to build value homes to beat the slowdown in real estate
Realty developers are rapidly shifting their focus from building luxury housing projects to affordable housing projects in order maintain their sales growth and reduce the impact of declining sales volume in other segments of the property market. As per a latest Cushman and Wakefield report, the shift has been witnessed after the government announced favourable guidelines for developers building affordable house units. Some of these guidelines include easing access of loans from banks such as SBI, PNB and HDFC Bank, grant of infrastructural status to affordable housing and reintroduction of RERA Act.
17th Mar 17 Affordable housing emerges as the focus area for real estate developers
Government of India, in Union Budget 2017 announced various measures to encourage real estate developers operating in the Affordable Housing segment. Some of these measures include grant of infrastructure status to affordable housing, reintroduction of Real Estate Regulations Act and improving availability of housing loans from banks. As a result of these announcements, developers are shifting their focus from building luxury house units to affordable house units to drive sales and mitigate the impact of the overall slowdown in the property market.
11th Mar 17 Syndicate Bank to auction land of GVK group to recover outstanding loans
Syndicate Bank has announced the auction of land owned by GVK Group in GVK Perambular SEZ Pvt Ltd in Tamil Nadu as a part of recovery of its outstanding loans of Rs. 175 crore. The bank has also issued NOC to HDFC Ltd for ceding on the mortgaged property. HDFC Ltd has also disbursed loans of Rs. 1,075 crore to GVK Group.
10th Mar 17 PNB plans to sell bad loans of Rs. 1,800 crore to ARC in March, 2017
Punjab National Bank has identified non- performing loan accounts of Rs. 1,800 across various loan segments such as property loan, personal loan and business loans and is planning to sell these assets to Asset Reconstruction Companies (ARCs) in March 2017. The bank had recovered Rs. 1,600 crore by selling bad debts to ARCs during 2016- 17. PNB has also managed to recover dues of Rs. 937 crore in cash after its asset quality management exercise during the third quarter of FY17.
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