The Tamil Nadu Housing Board scheme came into effect back in 1961. It was an initiative by the Tamil Nadu Housing Board, also known as TNHB, to cater to the high demand for residential properties within the state’s fast-growing urban spaces. This scheme specifically aims to provide affordable housing solutions as per the economically weaker section, lower-income group, middle-income group and higher-income group individuals to provide affordable housing.
Individuals from the above mentioned category can avail home loans at a subsidised interest rate. To be eligible to apply for a subsidy under this scheme, you will have to meet some eligibility criteria as given below.
Residence- Applicants should be a native resident of Tamil Nadu.
Age- Applicants has to be above the age of 21 mandatorily.
In addition, you should not have any property availed under this Government housing scheme for Tamil Nadu and should fall under the mentioned income group.
Similar to the Pradhan Mantri Awas Yojana for a home loan, you will have to belong to the economically weaker sections, lower-income group, and middle-income group and additionally to the higher-income group.
To apply for such a subsidy under the TN Housing Board (Tamil Nadu Housing Board) scheme to purchase a ready-made residency, applicants will have to fill the application form with the necessary details.
You can acquire an application form by issuing a demand draft in the name of the concerned executive engineer.
Alternatively, you can approach the Mofussil Unit or your respective city division for the application form against a minimal fee.
Applicants are required to submit the application form before the deadline of a project.
The payment rules to purchase a property under the Tamil Nadu Housing Board scheme are as follows –
After you have submitted the application accurately and have secured a property, you are required to pay 10% of the plot’s cost as an advance.
5% of the value is to be paid as and when the property is handed over to you.
The remaining 85% of the amount needs to be repaid through equated monthly instalments, or EMIs.
One of the factors to know about Tamil Nadu Housing Board scheme is that you can cancel your purchase and withdraw the paid amount. In such cases, TNHB will refund the money after deducting a minimal amount as margin cost.
If you lack the required funds to purchase a property under the Tamil Nadu Housing scheme you can avail a loan from NBFCs and financial institutions. Bajaj Finserv is one such NBFC that offers Home Loan at affordable interest rates along with facilities such as online account access, instant approval, substantial loan amounts up to Rs. 3.5 Crore and multiple tenor options.
To ease the process of application and to make it faster, they also provides pre-approved offers. These offers are available on their multiple financial products including home loans, personal loans, business loans, etc. You can take a look at your pre-approved offer by sharing minimal details with your lender like your name and phone number.
The application process of such loans is also convenient, and you can do so online. To apply, visit the lender’s official website and fill an application form with some necessary financial and personal details. After you submit the application form, a representative of your lender will get in touch with you and visit you to collect some the documents. Some basic documents required include –
KYC documents, for instance, Aadhaar card, PAN card, driving license, passport, voter ID, etc.
Income proof like salary slips, income tax returns, bank account statements.
Address proof, which includes utility bills such as water bills, electricity bills, telephone bills, etc.
In addition, you will have to provide a passport-sized picture. Also, before you apply, make sure you are up to date with the RBI guidelines for the home loan and rera act tamil nadu. Once your documents are verified, your loan amount will be transferred to your account directly.
Besides the above payment process for Tamil Nadu Housing, while submitting the application form, you are required to pay an amount of Rs. 2 Lakh to secure your plot. In case you fail to apply for the subsidy accurately but have paid the securing amount; you will get a refund by the board.