The Chennai City Improvement Trust was revamped to form the Tamil Nadu Housing Board (TNHB) in 1961. This authority constructs and auctions shelters for the various economic groups in Tamil Nadu. While Tamil Nadu Government housing schemes do share similarities with housing schemes of other states, they stand out by providing citizens with plots for commercial use, building educational institutions and offering other basic amenities as well as constructing affordable plots for potential homeowners. These plots are priced based on the locality and the income group that you as a beneficiary fall under. Furthermore, the authority also has reserved plots for categories such as SC/ST, government servants, defence personnel and more.
Keep in mind that the TNHB also constructs homes under PMAY and offers the PMAY subsidy as part of making home loans more affordable and homeownership easier for you. Due to the size of the state, the Tamil Nadu Housing Board also has several sub-schemes that cater to different parts of the state. Depending on your home buying needs, ensure to apply for the option that best suits you.
Here are the important offerings under the Tamil Nadu Housing Board scheme (TNHB) that you can use to your advantage to buy a home.
Besant Nagar Division
This division of the Tamil Nadu Housing Board offers flats in various parts of Sholinganallur and Indra Nagar by drawing lots. To apply, you need to pay 5% of the unit cost as a fee. This fee depends on the income group you fall under as your income dictates what type of unit you qualify for. According to recent reports, there are 60 mid-income group flats in Indra Nagar while Sholinganallur has 280 units. The allottees are picked at random, and if you aren’t selected, the entire application fee will be refunded to you. If you are selected as a beneficiary, you are required to pay another 5% toward the provisional allotment order and the remaining 90% within 30 days. You can avail the various home loan schemes available in order to finance this cost.
Trichy Housing Division
This division of the TNHB caters to various needs of Tamil Nadu residents in areas such as Pudukottai, Navalpattu, Valavanthankottai and more. Through this scheme, you get commercial land to put up shops, commercial units and other services enterprises. You can also get a plot to start educational centres such as nursery schools. These plots are allotted via an open auction. To apply, you need to pay 15% of the total price to secure your plot.
Thanjavur Housing Division
The Thanjavur Housing division of the TNHB offers its own set of housing schemes. These include the Pattukottai Self Finance Scheme, the Tamil University Campus Self Finance Scheme, the Tamil University Campus NH Scheme and the Thanjavur Scheme. All of these schemes have their own specifications but are ultimately segmented under the TNHB housing scheme.
Tamil Nadu Government Housing Schemes Eligibility Criteria
Now that you’re aware of the various Tamil Nadu Government housing schemes, you’re ready to make an informed decision. However, before you go ahead with the application, ensure to meet the eligibility criteria. While every scheme may have specific criteria, these are the general qualifications you need to meet:
- You must be over the age of 21 to apply
- You must be a native of Tamil Nadu
- You must not own property or plots through any prior Tamil Nadu Government housing schemes
- You must meet be salaried to qualify for an income category
How to Make the Deposit for the Tamil Nadu Government Housing Schemes
To successful apply, you must pay the deposit amount via demand draft at the time of application. This can be done by visiting the city-specific division branch or Mofussil unit.
Now that you know about the various ways you can own property in the state, choose the right housing scheme in Tamil Nadu to become a homeowner more affordably. While you can access cost-effective homes or subsidies via these schemes, also pay a thought to availing an affordable home loan. The Bajaj Housing Finance Limited Home Loan, for instance, can work in your favour as it offers an incredibly high sanction at a flexible tenor and a nominal interest rate.
With this Home Loan, you can get up to Rs. 3.5 crore as a sanction and use the funding to either buy, build or renovate your allotted home or property. This sanction, coupled with a flexible tenor that can go up to 20 years enables you to comfortably repay the loan and become a homeowner with ease. You can even get started on the application online, but first, check your pre-approved offer for a customised deal. This allows you to benefit from a deal tailored to your profile and also expedites the loan sanction.
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