Tamilnad Mercantile Bank Plot Loan

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Tamilnad Mercantile Bank Plot Loan Interest Rate 2020

Interest Rate 8.45%
Loan Amount Up to Rs 5 crores
processing Fees 2% Maximum (Rs 15000)
Loan Tenure 1-30 Years

Eligibility Criteria For Tamilnad Mercantile Bank Plot Loan

Individual age should be between 18 to 50 years.

In the case of joint borrowers, anyone of the applicant’s age should be below 50 years.

In the case of Professionals like Doctors, Engineers, Lawyers, Chartered Accountants etc., the upper age limit may be relaxed up to 60

Your net monthly income (take-home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much plot loan you are capable of paying after meeting living expenses based on your standard of living.

Tamilnad Mercantile Bank Plot Loan will check whether you are salaried or self-employed and the company and sector in which you are working.

Your age plays an important role in determining your eligibility and repayment capacity for a Plot loan. The lower your age, the higher will be the time period available to repay the loan, and hence higher home loan amount eligibility

Tamilnad Mercantile Bank Plot Loan

Tamilnad Mercantile Bank Plot Loan

Benefits of Tamilnad Mercantile Bank Plot Loan

It returns not available – Not exceeding Rs. 10 Lakhs;

Within 25 Years (Excluding Holiday period). Equated Monthly Installment should not exceed 50% of Take Home Salary in case of salaried persons and ADSCR should be a minimum of 1.50:1 for others.

As per the budget of 2017-18 Home loan up to Rs. 25 lakhs will be allowed an additional deduction of interest of Rs. 1 lakh

Equitable mortgage of house / flat to be financed.

Any irregularity or default in repayment will attract a penal interest of 2.00% p.a. over and above the above rate of interest on the balance outstanding.

There shall be no processing fee charged and no extra or hidden charges.

Plot Loan

One can only get a loan for a plot for buying an empty house plot or land where someone can later build their own house for any reason be it an investment or some other. The property has to be under the municipal or trade bounds. The loan is mostly said to be a high-risk loan and there are no tax aids. The plot loan for every bank is different as each bank has different factors like service type, the total loan for buying a plot, and the modifications of the loan. There are banks where there are special interest rates for women.

Plot + Construction Loan

Tamilnad Mercantile Bank Plot Loan and a construction loan provides aid for you to buy a housing plot and build a house on any property within a given time period. The rate of interest increases if the work isn’t completed within that specific time. The article also has the proper information about plot loans with construction and how is this dissimilar from the other home loans.

Parameters Tamilnad Mercantile Bank Plot Loan with Construction Regular Nainital Bank plot loan
Plot + Construction loan interest rates Rates are similar to a home loan, but the plot + Construction Loan interest rates can be higher if you want the construction period to be longer Interest rates are starting at 6.90% to 7%.
LTV Up to 70% of the property’s value Up to 90% of the property’s value
Tenure Up to 15 years Up to 30 years
Tax Benefits The plot loan that is taken for construction and the benefit can be claimed after completion of construction On principal amount under section 80C and interest amount under section 24(b)
Prepayment Penalty Nil for individuals on floating rates Nil for individuals on floating rates

Tamilnad Mercantile Bank Plot Loan

Type of Tamilnad Mercantile Bank Plot Loan self-employed:

Tru mounted loan – 2/3 Year mounted Rate Variant

Tamilnad Mercantile Bank Plot Loan gives customers a vicinity adjustable-rate term and a vicinity mounted rate term. underneath the TruFixed loan, the individual will avail mounted rate up to 2/3 years, once that the loan can amendment to Associate in Nursing adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.

Adjustable-Rate Loan

The adjustable-rate plot loan is joined to Tamilnad Mercantile Bank Plot Loan Retail Prime disposition Rate (RPLR). The charge per unit on the loan is revised once every 3 months if there’s an amendment within the RPLR, taking the date of the primary disbursement under consideration. an increase within the charge per unit can result in a rise within the EMI’s interest element that successively can cut back the principal element. this may extend the loan term, and contrariwise, in cases wherever the charge per unit drops.

Who will apply for a Tamilnad Mercantile Bank Plot Loan self-employed?

Individuals will apply for this loan on their own or together. The co-applicants for the Tamilnad Mercantile Bank Plot Loan should be the planned homeowners of the plot. Co-applicants usually comprise of relations and want not to be co-owners of the property.

Loan term

  • The maximum tenure up to that one will distribute his payments for his/her loan is fifteen years.
  • The loan term depends on the compensation theme the individual has opted for.
  • The customer’s profile, age of the plot at the time of loan maturity, age of the client at the time of loan maturity conjointly play a job when deciding on the loan term.

Type of Tamilnad Mercantile Bank Plot Loan for self-employed:

Tru mounted loan – 2/3 Year mounted Rate Variant

This loan provides customers a vicinity adjustable-rate term and a vicinity mounted rate term. Underneath the TruFixed loan, the individual will avail mounted rate up to 2/3 years, once that the loan can amendment to Associate in Nursing adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.

Adjustable-Rate Loan

The adjustable-rate plot loan is Tamilnad Mercantile Bank Plot Loan Retail Prime disposition Rate (RPLR). The charge per unit on the loan is revised once every 3 months if there’s an amendment within the RPLR, giving the date of the primary disbursement under consideration. an increase within the charge per unit can result in a rise within the EMI’s interest element that successively can cut back the principal element. this may extend the loan term, and contrariwise, in cases wherever the charge per unit drops.

Tamilnad Mercantile Bank Plot Loan For salaried people

  • Salaried people will apply for this loan if he/she is wanting to:
  • Buy a plot that’s being resold
  • Buy a plot through direct allotment in an exceedingly housing society or a developer project
  • Transfer his/her outstanding loan quantity availed from another financial organization
  • Customized reimbursement choices are offered to the receiver reckoning on the loan quantity, loan tenure, and interest rates provided by the bank.
  • Attractive interest rates are offered on the plot loans to create it cheap for the candidates.
  • No hidden prices are charged on the loan.

Who will apply for a Tamilnad Mercantile Bank Plot Loan for salaried individuals?

The loan can be applied either on an individual basis or conjointly. The co-applicants for the plot loans should be the planned house owners of the plot. Co-applicants usually comprise of relations and wish not to be co-owners of the property.

Loan term

  • The most tenure up to that one will distribute his payments for his/her loan is fifteen years.
  • The loan term depends on the reimbursement theme the person has opted for.
  • The customer’s profile, age of the plot at the time of loan maturity, age of the client at the time of loan maturity additionally play a job choose the loan term.

Maximum loan amount

Loan Amount Maximum Funding
Up to Rs.30 lakh 80% of the property price*
Rs.30.01 lakh to Rs.75 lakh 80% of the property price*
Over Rs.75 lakh 75% of the property price*

Tamilnad Mercantile Bank Plot Loan

The maximum funding of the loan can be restricted to 70% of the property cost if the property is situated outside city limits.

Type of Tamilnad Mercantile Bank Plot Loan for salaried individuals:

TruFixed Home Loan – 2/3 Year Fixed Rate Variant:

This loan gives customers a part adaptable rate term and a part fixed rate term. In this Tru Fixed plot loan, there is an advantage of keeping the rate of interest fixed for 2/3 years later to which the loan changes to an adjustable rate of interest loan up to a total of 15 years loan term.

Adjustable-Rate Loan:

The adjustable-rate plot loan is linked to Tamilnad Mercantile Bank Plot Loan’s Retail Prime Lending Rate (RPLR). The interest rate on the loan is revised once every three months. A rise in the interest rate will increase the EMI’s interest component which in turn will reduce the principal component. If the interest rates drop-down this will increase the loan term.

Tamilnad Mercantile Bank Plot Loan Interest Rates For Salaried Individuals

Adjustable Home Rate Loan

For salaried individuals, the Retail Prime Lending Rate is 16.20%

TruFixed Loan – 2 Year Fixed Rate Variant

the Retail Prime Lending Rate is 16.20%

Tamilnad Mercantile Bank Plot Loan fees for salaried individuals

Processing fees: 

For self-employed professionals, the processing fee is Rs.3,000 or up to 0.50% of the loan amount whichever is higher along with other additional applicable taxes.

Prepayment charges:

Adjustable-Rate Home Loans (ARHL) Adjustable-Rate Loans (ARHL):·        There are no prepayment charges that will be payable on account of full/part payments for loans sanctioned to individual borrowers.·        For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid, are payable.·        The customer will have to submit documents that the Tamilnad Mercantile Bank Plot Loan deems fit and proper to confirm the source of funds at the time of prepayment of the loan.
Fixed-Rate Home Loans (FRHL) Fixed-Rate Loans (FRHL)·        There shall be no prepayment charges that will be applicable for part/full payments made from own sources i.e., sources other than a bank/NBFC/HFC or financial institutions·        The customer should submit documents that Tamilnad Mercantile Bank sees fit and proper to determine the source of funds.·        Prepayment charges will be 2% plus taxes and statutory levies and charges of the outstanding amounts being so prepaid through any financial institution or any bank and will be applied to all full/ partial prepayments.
Fixed and Variable Rate Loans (Combination rate) Fixed and Variable Rate Loans (Combination rate)·        During the Fixed Rate period:·        The prepayment charges will be 2%, plus applicable taxes and statutory charges and levies of the outstanding amount being so prepaid through refinancing from financial institutions or any banks and will apply to all partial/full prepayments.·        The customer has to submit documents that Tamilnad Mercantile Bank approves to confirm the source of funds at the time of prepayment of the loan.·        During the Variable Rate period:·        No prepayment charges will be applicable on account of full/partial prepayments for loan sanctioned to individual borrowers.·        For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable. The prepayment charges mentioned will be applicable from the date of execution of the loan agreement. However, the charges are subject to change from time to time depending on the prevailing policies of the Nainital Bank plot loan.

Tamilnad Mercantile Bank Plot Loan

Conversion fees: 

Name of the service/    product Name of the charge/fee levied When payable Frequency Amount in rupees
Switch to a lower rate in   Variable Rate Loans (Housing/improvement/  extension) Conversion fees On conversion On every spread change Up to 50% of the principal outstanding and disbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower.
Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension) Conversion fees On conversion Once Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower.
Switching from Trufixed Fixed Rate to Variable Rate Loan Conversion fees On conversion Once 1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion.
Switch to Lower Rate (Non-Housing Loans) Conversion fees On conversion On every spread change Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%.
Switch to Lower Rate (Non-Housing Loans) Conversion fees On conversion On every spread change 0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion.

Tamilnad Mercantile Bank Plot Loan gives an advantage to its already existing customers that are the conversion facility to pull down the rate of interest on the loan by interchanging schemes. This facility can be used by paying a fee or one can either reduce the loan amount time or EMI. Here are the options of conversions available for the existing Tamilnad Mercantile Bank customers:

Tamilnad Mercantile Bank Plot Loan

Cheque discredit charges: 

The cheque discredit charges for the Nainital Bank plot loan are Rs.200 (conditions apply).

Fees on account of external opinion: 

The outside opinion can be either from technical valuers or advocates and the fees can be paid directly to the person in charge depending on the kind of help condensed.

Property insurance: 

For keeping the policy active, the customer has to pay the premium amounts to the insurance provider on a regular basis without any fault.

Charges on account of delayed payments: 

In case if there has been a delay in paying the EMI or the interest then the customer has to pay an additional interest of 24% p.a

Incidental charges

Incidental charges and expenses are imposed to cover the charges, costs, and other expenses that may have been utilized to recover dues from a defaulting customer.

Statutory/regulatory charges:

The customer will be solely responsible for all charges applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).

List of documents: 

Rs 500 is the cost for the list of documents taken for the Tamilnad Mercantile Bank Plot Loan.

Photocopy of documents

Rs 500 is the cost for the photocopy of documents taken for Tamilnad Mercantile Bank Plot Loan.

Increase/decrease in loan term: 

If there is a need where you want to increase or decrease loan term then you have to pay Rs 500 along with the application form.

Disbursement cheque cancellation charge post disbursement: 

The cost for the Disbursement cheque cancellation Is Up to Rs.200 asper the Tamilnad Mercantile Bank Plot Loan.

PDC swap

The PDC swap charges a minimal amount of Rs 200.

Re-appraisal of the loan after 6 months from sanction:

If you want a re-appraisal of the Tamilnad Mercantile Bank Plot Loan after 6 months from its sanction then you may have to pay Rs 2000 along with the applicable taxes.

Types of Tamilnad Mercantile Bank consumer Plot Loan

  1. Tamilnad Mercantile Cash
  • Tamilnad Mercantile Bank money consumer loan is obtainable for amounts of up to Rs. 10 lakh
  • There can be numerous personal desires together with marriage, medical emergency, educational activity, vacation, etc.
  • The loan is mostly repaid by most sixty months.
  • In case of natural or accidental death of the receiver, Tamilnad Mercantile Bank insurance arrangements can cowl the outstanding loan quantity.
  • Tamilnad Mercantile Bank Plot beneficiary loan
  • Tamilnad Mercantile Bank proposes short term loans through the Tamilnad Mercantile Bank beneficiary Loan theme to people World Health Organization receive pension through its branches.
  • Widows and war widows World Health Organization are drawing pension through Nainital Bank are eligible for this loan if there’s a co- receiver.
  • Tamilnad Mercantile Bank beneficiary consumer loan must be paid back most by forty-eight months.
  • Tamilnad Mercantile Bank
  • Shopper Loan theme offers loans of up to Rs.2 lakh
  • Individuals will use it for the purchase of durable goods like white goods, television, air conditioning, pc, or alternative electronic gadgets.
  • Low rate of interest from nine.45% p.a. onwards

Tamilnad Mercantile Bank Plot Loan Charges

  • Tamilnad Mercantile Bank Plot Loan home equity credit Processing Fee

Tamilnad Mercantile Bank home equity credit processing charges are up to 0.50% of the loan amount from its home equity credit customers to hide its expenses of conducting a credit appraisal and technical evaluation of the property. The bank charges will have minimum processing of ₹ 1,500 and have capped the utmost processing fees at ₹ 15,000.

The processing fees are typically non-refundable and need to be paid at the time of the application. Additionally, to Nainital Bank plot loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the application proceeds further.

  • Tamilnad Mercantile Bank home equity credit Prepayment

Tamilnad Mercantile Bank Plot Loan charges Nil fees on prepayment of floating-rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with a floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from one bank to a different one. If you opt to foreclose or transfer your housing loan to a different bank, you would like to use an equivalent to Tamilnad Mercantile Bank for a foreclosure while processing your new home equity credit application with the new bank. However, if you have got taken a hard and fast rate home equity credit from Nainital Bank, you’ll get to pay a foreclosure fee to shut your account or transferring it to a different bank as per your loan agreement with Tamilnad Mercantile Bank Plot Loan.

How to apply for a Tamilnad Mercantile Bank Plot Loan with Dialabank

  • One can apply for the Plot Loan with Dialabank quickly and easily.
  • Not a big process, just fill a form with your correct details and the documents inquired.
  • If any assistance is required our relationship manager would contact you.
  • There is also a door to door document pickup facility provided by us.
  • For more details or doubts you can call us on 9878981166.

Tips to Get a Loan to buy Land easily

  • A decent credit score: A borrower would require a decent credit score of above 650 to avail of the plot loan. If a borrower has a good score, it will increase the loan approval chances.
  • Debt and Income Ratio: A good income and debt ratio increase your chances of getting a loan. Lesser is the ratio, more are the chances of loan approval.
  • Apply for a loan based on your repayment capacity: Before you apply for a plot loan the debtors need to find out how much loan they can afford. Debtors can take the help of calculators to check their loan affordability as well as suitability.

Documents Required for Tamilnad Mercantile Bank Plot Loan

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

Tamilnad Mercantile Bank Plot Loan FAQs

What is the Plot loan interest rate in Tamilnad Mercantile Bank?

The interest rate is 6.75% for Tamilnad Mercantile Plot Loan.

✅What is Tamilnad Mercantile Bank Plot Loan?

A loan for purchasing a Tamilnad Mercantile Bank Plot can only be availed for the purchase of vacant residential space or a piece of land which later can be used to build a house or for investment purposes.‭ ‬The property should be found within the municipal or corporate limits.‭ ‬This type of loan is worth of high-risk ‬and no tax benefits.‭

✅How much processing fee is applicable on the Tamilnad Mercantile Bank Plot loan?

The processing fee is up to 0.5% of the loan amount or Rs. 10,000 Up to 0.5% of the loan amount or Rs. 10,000.

✅What is the loan tenure of the Tamilnad Mercantile Bank Plot loan?

The loan tenure of the Tamilnad Mercantile Bank Plot loan is up to 30 years

✅How can I avail plot loan from Tamilnad Mercantile Bank?

You can conveniently apply for a Plot Loan with the Tamilnad Mercantile Bank. You just need to fill an online form with the appropriate details and required documents at the DialAbank website itself. Our relationship manager will contact you for any further assistance.

✅How to Apply for Tamilnad Mercantile Plot Loan?

You can avail of the plot loan only once you are declared eligible by the Tamilnad Mercantile Bank.

How to repay the Tamilnad Mercantile plot loan earlier than the schedule?

Visit the Tamilnad Mercantile and check if you are eligible for the earlier payment.

Is it possible to repay my loan earlier than the schedule?

Yes, it is allowed by Tamilnad Mercantile Bank to repay the loan amount earlier than the scheduled date.

How to check Tamilnad Mercantile + Plot Loan eligibility?

Rates are similar to a Plot loan, ‬but the bank plot + Construction Loan interest rates can be higher if you want the construction period to be longer. The loan is availed to purchase the residential plots and build a house on the property within a fixed time. If a borrower does not start construction within a given period, the bank can increase the interest rate on the loan. This article carries out information about Plot loan with construction and how this is different from the normal home loan.

What is the Tamilnad Mercantile Bank Plot loan phone number?

For Tamilnad Mercantile Bank the borrower can call – 9878981166

What is Tamilnad Mercantile Bank plot loan interest rate for women?

For women, the Tamilnad Mercantile Bank plot loan interest rate starts from 7.05%

What is Tamilnad Mercantile Bank plot loan interest rates for salaried individuals?

Tamilnad Mercantile Bank plot loan provides customers a vicinity adjustable-rate term and a vicinity mounted rate term. underneath the TruFixed loan, the individual will avail mounted rate up to 2/3 years, once that the loan can amendment to Associate in Nursing adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.

What is Tamilnad Mercantile Bank plot loan interest rates for self-employed individuals?

For self-employed professionals, the processing fee is Rs.3,000 or up to 0.50% of the loan amount whichever is higher along with other additional applicable taxes.

What is Tamilnad Mercantile Bank plot loan interest rates for self-employed non-professionals?

8.05% is the interest rate for the Tamilnad Mercantile Bank plot loan for Self-Employed Non-Professionals.

How is a plot loan different from a home loan?

The basic difference is the time period of the plot loan which means the Kotak Mahindra plot loan tenure can go up to 15 years whereas the home loan tenure can go as high as 30 years.

Can I take a plot loan along with a Plot loan?

Yes, a Tamilnad Mercantile Bank plot loan can be used to purchase a plot anywhere within the country.

What is the maximum amount that I can take as a loan?

The maximum loan amount depends upon the documents produced of the plot to the Tamilnad Mercantile Bank.

Can a plot loan finance investment in any plot, anywhere?

Yes, a Tamilnad Mercantile Bank plot loan can be used to purchase plots anywhere within the country.

What is a Balance Transfer on Plot Loan?

Balance Transfer for Tamilnad Mercantile Bank plot loan helps you lower your EMIs by transferring your remaining loan to other financial institutions to one that offers a lower interest rate.

Do I get any tax benefits on a plot loan?

No, unfortunately, there are no tax benefits provided with the Tamilnad Mercantile Bank plot loan.

How many years can I keep the plot of land before starting construction?

For the Tamilnad Mercantile Bank plot loan with Construction, an applicant can either contact the bank for more information regarding the scheme or call Dialabank at 9878981166.

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