The City Improvement Trust of Chennai was formed in the year 1947 to cater to the housing needs in the region. Later in 1961, the body was renamed to Tamil Nadu Housing Board. This organisation grew immensely during the period owing to the increase of demand for housing in the region. The following years of economic growth saw substantial migration from the rural to the urban areas mostly for employment purposes.
Here is everything you need to know about the process to get flats under the Tamil Nadu Housing Board Scheme.
Application Procedure
Individuals applying to purchase Units under the TN Housing Board scheme are required to issue a demand draft in favor of the concerned executive engineer and submit an application form.
Alternatively, you can also contact the respective City Division unit either in person or via post. When applying for a specific project, you are required to submit an application form before the end of a deadline.
A sum of Rs. 2 Lakh is required to be submitted along with an application form. TNHB will refund the amount in case of unsuccessful applications. The selected units are allotted on a first-come, first-served basis, and in case of a larger pool of applications; there will be a draw of lots.
The TN Housing Board scheme offers units under various categories. You are required to determine the group you can apply for. Along with making housing affordable for the middle class, individuals belonging to different strata in this society can apply under this scheme. The available categories are here as follows –
- EWS or Economically Weaker Section
- LIG or Lower Income Group
- MIG or Middle Income Group
- HIG or Higher Income Group
Payment Modes
If you are allocated flats under the TN Housing Board scheme, then you are required to pay 10% of the price within 21 days of allocation order. You can pay the remaining 85% in EMIs as decided by TNHB.
Furthermore, you can pay the remaining 5% after you acquire possession of a unit. In case if you want to withdraw your application for any reason, the board will deduct a marginal cost and refund your remaining amount.
If you do not have sufficient savings to fund such expenses, you can avail a home loan from any reputed financial institution to pay for the purchase. Financial institutions usually offer a high amount in case of home loans. For instance, NBFCs provides an amount of up to Rs. 3.5 Crore.
They also provide pre-approved offers to reduce the required time in availing such credits and to make the process hassle-free. Apart from home loans, these offers are also valid on a plethora of financial products and services including business loans, personal loans and more. Take a look at your pre-approved offer by providing a few essential details.
Required Documents
I Housing specifications
You are required to submit specifications regarding the unit you are willing to purchase. It includes the measurements of the rooms and little other information needed, like the number of bedrooms, carpet area, etc.
II Details of your income
You need to provide a detailed description regarding your monthly income, the field you are working, the number of working members in the family, annual household income, etc. Additionally, you are required to submit the age proof of all family members as well.
III Address proof and identity proof
To apply under this scheme, you are required to provide details regarding your present and permanent address. Also, you are required to submit a document for identity verification such as Voter ID card, Driving License etc.
Eligibility criteria
The TNHB is looking to increase the number of beneficiaries under this scheme this year, making it a perfect time to buy your dream home.
Meet the following eligibility criteria to apply under this scheme.
- You must be over 21 years of age at least.
- You are required to be a native of Tamil Nadu.
- You must be a salaried individual with a regular source of income.
- You must not own a plot or a house previously from any of the Tamil Nadu Govt Housing schemes.
The TN Housing Board has benefited several individuals starting from its inception and continues to do so. Apply before the deadline to enjoy its benefits.
