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Tamil Nadu Government Home Loan Scheme by the Tamil Nadu Housing Board (TNHB) is offering LIG and MIG flats for sale in different locations of the state. TNHB is offering two housing schemes under TNHB New Flat Scheme 2017 in the state of Tamil Nadu:
TNHB New Housing Scheme 2017 for LIG Flats
TNHB New Housing Scheme 2017 for HIG Flats is providing houses in Mogappair Eri Scheme, Chennai. A total of 20 flats are being offered of the type HIG. The plinth area of each flat is between 1151 and 1640 Sq.Ft. The tentative cost for each HIG flat is Rs. 1,08,12,400. The initial deposit to be made by the applicant is Rs. 1,54,13,200/-.
TNHB New Housing Scheme 2017 for HIG Flats
TNHB New Housing Scheme 2017 for LIG Flats is providing flats in Ayapakkam, Ambattur, Phase-1 and Phase-2. A total of 336 flats will be provided of the type LIG. The plinth area of each flat will be between 58.64 and 59.46 Sq.Mtr. The tentative cost for each LIG flat is Rs. 25,41,000/ and the initial deposit is Rs. 1,21,000.
How to Apply for the TNHB Scheme?
Follow the below-mentioned steps to apply for the flats under the TNHB Scheme:
Step 1: Purchase the application form worth Rs 560 for HIG and Rs 225 worth for LIG from the Tamil Nadu Housing Board.
Step 2: Submit the form along with the initial deposit, as mentioned above.
Step 3: You can buy the form at the Office of the Executive Engineer and Administrative Officer, J.J. Nagar Division, Tamil Nadu Housing Board, TNHB Shopping Complex, 3rd floor, Thirumangalam, Chennai-600101.
Eligibility Criteria for the Tamil Nadu Housing Board Scheme
To be eligible under the scheme, you have to meet the following eligibility criteria:
- A resident of Tamil Nadu is eligible for this scheme
- You must not own land or house under any other government housing scheme
Documents Required to apply for TNHB
- Residential address proof
- Housing details: Mention the size of the existing home, the number of rooms, and their size as per your requirements.
- Identity proof: Aadhar Card, Voter ID, and driving license
- Income proof
- You are also required to mention the details of your family income, number of family members, and their age, along with their age proofs.
- Bank details
For the rest of the amount, you can take a home loan. Multiple aggregators can provide home loans at affordable interest rates. Home loans are repayable over a lengthy tenor, usually stretching up to 20 years.
Here are the basic eligibility criteria to get a housing loan:
Age: The minimum age to apply for a home loan must be 18 years and not more than 70 years of age.
Income: You must have a regular source of income as it reflects your ability to repay your EMIs on time.
Credit score: A credit score of 650 and above is considered suitable for applying a home loan.
Fixed Obligations to Income Ratio (FOIR): FOIR takes into account all the fixed obligations that a borrower is supposed to meet on a monthly basis. The fixed obligations do not include deductions such as PF, professional tax, and deductions for investments such as insurance or a recurring deposit.
Loan to Value Ratio (LTV): Banks generally fund 75% to 90% of the total cost of the house. Hence, banks calculate home loan eligibility on the basis of both FOIR and LTV, and the lowest value amongst the two determines your loan amount.
So, apply soon to get your dream house. By fulfilling all the eligibility criteria and submitting a loan application, you can get an affordable house without putting too much pressure on your pocket.