A top-up loan and balance of transfer facility from TMB to meet the financial needs of home loan borrowers

A special loan scheme to help home loan borrowers pare down their debts

Tamilnad Mercantile Bank TMB Affordable Home Loan Top-up/Balance of Transfer Scheme

This top-up loan helps TMB home loan borrowers get access to funds for meeting their personal needs. In addition to being used to meet financial expenses directly related to the house, this loan can also be used as a consolidation loan to pay off debts.

Features of TMB Affordable Home Loan Top-up/Balance of Transfer Scheme

Why this Loan?

  • The TMB Affordable Home Loan Top-up and Balance of Transfer Facility scheme is meant for Tamilnad Mercantile Bank home loan borrowers who need assistance to meet financial needs for personal needs such as child’s wedding expenses, education expenses, domestic/overseas travel expenses, etc. or to pay off debts, thereby consolidating debts
  • There are no prepayment charges for this loan

Loan Amount

  • The maximum loan amount offered under this loan scheme is Rs. 7.5 lakh

Interest

  • As of October 2020, the interest rate applicable to this loan is 8.45%

Repayment

  • This loan must be repaid within the balance period of home loan

Eligibility

  • The borrowers should have availed a home loan from TMB but not any other top-up loan scheme to avail the top-up scheme
  • Borrowers should have a satisfactory repayment track record of one year or more
  • Borrowers should have a good CIBIL score

Security Needed

  • The bank asks for equitable mortgage on property funded by the TMB home loan under this scheme

Margin Money (Borrowers Contribution to Total Cost)

  • The bank can charge up to 25% as margin or this loan

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • The bank charges 0.50% of the loan amount for processing this loan

Documents Needed

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.

Reference Facts

  • Tamilnad Mercantile Bank Website: www.tmb.in
  • Headquarters: Tuticorin, Tamil Nadu
  • Call Centre Number: +91 461 2321382, +91 461 2321929, +91 461 2321932