A top-up loan from Tamilnad Mercantile Bank 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 Home Loan Top-up 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 Home Loan Top-up Facility
Why this Loan?
- The Tamilnad Mercantile Bank Home Loan Top-up scheme is meant for TMB 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.
- This top-up loan can also be availed to pay off debts, thereby acting as a consolidation loan
- The maximum loan amount offered under this loan scheme is Rs. 15 lakh
- As of October 2020, the interest rate applicable to this loan is 8.45%
- This loan must be repaid within the balance period of home loan
- The borrowers should have availed a home loan from TMB but not any other top-up loan scheme
- Borrowers should have a satisfactory repayment track record of one year or more
- 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.
- The bank charges 0.50% of the loan amount for processing this loan
- 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.
- Tamilnad Mercantile Bank Website: www.tmb.in
- Headquarters: Tuticorin, Tamil Nadu
- Call Centre Number: +91 461 2321382, +91 461 2321929, +91 461 2321932