TMB Housing Loan EMI Calculator
Tamilnad Mercantile Bank(TMB) Home Loan EMI Calculator
TMB (Tamilnad Mercantile Bank) offers a range of banking products and services, including housing loans. TMB housing loan EMI calculator is a tool that is available on their website, which helps potential borrowers calculate their EMIs (Estimated Monthly Instalments).
The calculator considers factors such as the loan amount, interest rate, and repayment tenure to give borrowers an estimate of their EMIs. The TMB housing loan EMI calculator is helpful for those looking to take out a housing loan with the bank, helping them estimate their monthly repayments and generate a loan amortisation schedule.
Why You Should Use TMB Home Loan EMI Calculator?
If you’re looking to take out a home loan with TMB, you’ll need to factor in your repayments. A good way to do this is by using TMB’s housing loan EMI calculator.
Your monthly EMI will depend on several factors, including the loan amount, interest rate and tenure. The TMB housing loan EMI calculator makes it easy to calculate your monthly instalment so that you can budget for your home loan repayments.
Here’s why you should use the TMB housing loan EMI calculator.
- Find out what your monthly EMIs would be.
- Improve your cash flow and budget planning.
- Know the actual cost of your loan.
- Avoid going into debt by not spending too much.
- To contrast various repayment possibilities.
How Emi Calculation Helps in Purchasing Home?
The best approach to finance a large purchase, like a home, is to take out a housing loan and repay the balance through EMIs. EMIs spread the loan repayment over a predetermined time, lowering the cost.
Potential borrowers can plan their loan instalments and assess different repayment options with the aid of the EMI calculator. Using this tool, they can determine the payback term that best meets their needs and estimate their monthly instalments.
The calculator can give borrowers an estimate of their monthly repayments for both alternatives, for instance, if they are trying to pick between a loan with a 10-year or a 20-year payback duration.
Those considering taking out a property loan should use the EMI calculator. This might help them choose the loan that is best for them in an informed manner.
How Loan Amortisation Schedule Helps Paying EMI
A loan amortisation schedule is a table that shows you how your EMIs are divided between the principal and the interest. This schedule can help you understand your loan’s true cost and also see how your EMIs are applied to the outstanding balance.
An amortisation schedule is a helpful tool for the borrower, but it is especially useful for those taking out a housing loan. The TMB housing loan EMI calculator can help create an amortisation schedule for personal use.
Following is an amortisation schedule for a loan of 3 Lakh Rupees over 4 years at a rate of 8.25 per cent.
| Year | Beginning Loan Balance | EMI*12 | Interest Paid Yearly | Principal Paid Yearly | Outstanding Balance |
| 1 | 3,00,000 | 88,308 | 22,291 | 66,017 | 2,33,983 |
| 2 | 2,33,983 | 88,308 | 16,633 | 71,675 | 1,62,308 |
| 3 | 1,62,308 | 88,308 | 10,491 | 77,817 | 84,485 |
| 4 | 84,485 | 88,308 | 3,823 | 84,485 | 0 |
Comparison Of TMB Home Loan with Other Banks
When it comes to choosing a home loan, it’s important to compare all of your options in order to find the best deal. In this blog post, we’ll compare the TMB home loan with loans from SBI, HDFC, and ICICI banks.
TMB vs SBI Bank Home Loan
Two of the most popular banks in India are TMB and SBI. Both these banks offer a variety of home loan products with different interest rates and features.
| TMB Bank | SBI Bank | |
| Interest Rate | 8.25% | 8.40% |
| Fixed Interest Rate | First 3 Years | First 2 Years |
| Special Scheme | For government employees. | For women borrowers. |
| Tenure | 30 Years | 30 Years |
TMB vs HDFC Bank Home Loan
| TMB Bank | HDFC Bank | |
| Interest Rate | 8.25% | 8.30% |
| Eligibility | Indian residents between the ages of 18 and 60. | Indian residents between the ages of 18 and 65. |
| Tenure | 30 Years | 30 Years |
TMB vs ICICI Bank Home Loan
| TMB Bank | HDFC Bank | |
| Interest Rate | 8.25% | 8.60% |
| Eligibility | Indian residents between the ages of 18 and 60. | Indian residents between the ages of 21 and 65. |
| Tenure | 30 Years | 30 Years |
Factors Affecting Home Loan EMI Of Tamilnad Mercantile Bank
Several factors can affect your EMI on a home loan from Tamilnad Mercantile Bank (TMB). Some of these are within your control, while others are not.
Rate Of Interest.
For house loans, TMB offers both fixed and adjustable interest rates. Which option you choose will rely on your specific situation and risk tolerance.
Tenure Of Your Loan.
Although you will pay less interest overall with a longer term, your EMI will be lower. Although your EMI will be greater the shorter the term, you will ultimately pay less interest. TMB provides mortgages with terms ranging from five to thirty years.
The Sum You Borrow.
Your EMI will rise as you borrow more money. TMB provides home loans ranging from Rs 2 lakh to Rs 20 crore (conditions applied).
A Topup Loan.
Getting a top-up loan will raise your EMI, but if it enables you to pay off higher-interest obligations like credit cards or personal loans, you might save money over time.
Benefits Of Using TMB Home EMI Calculator
A home loan EMI calculator is a useful online tool that can help you calculate your monthly repayments on a home loan from Tamilnad Mercantile Bank (TMB). This can be a useful exercise for several reasons.
The benefits of using a Tamilnad Mercantile Bank home loan EMI calculator are as follows.
- It’s quick and easy to use.
- It’s free to use.
- It gives you an accurate estimate of your monthly repayments.
- It considers various factors like loan amount, interest rate and tenure.
- You can use it to compare different repayment scenarios.
TMB Bank Home Loan EMI Calculator for Different Loan Amounts
The TMB Home Loan EMI amount, is calculated based on an 8.90% interest rate.
| Loan Amount/ Tenure Years | 10 Years | 15 Years | 20 Years |
| 10 Lacs | 12,613 | 10,083 | 8,933 |
| 20 Lacs | 25,277 | 20,166 | 17,866 |
| 30 Lacs | 37,840 | 30,250 | 26,799 |
| 40 Lacs | 50,454 | 40,333 | 35,732 |
| 50 Lacs | 63,068 | 50,416 | 44,665 |
| 1 Crore | 1,26,135 | 1,00,833 | 89,330 |
The TMB housing loan EMI calculator is a great resource for borrowers looking to take out a home loan. The calculator considers factors such as the loan amount, interest rate, and repayment tenure to give potential borrowers an estimate of their EMIs. This is a helpful tool for budgeting and cash flow planning, as well as for understanding the true cost of the loan.
NoBroker has an EMI calculator on their website, which can help you estimate your monthly repayments. This is useful if you compare different home loan options from TMB.
NoBroker will also help you with the paperwork and documentation required for your home loan from TMB. They have a team of experts who will guide you through the process and ensure everything is in order.
