TNHB, or Tamil Nadu Housing Board, recently implemented numerous measures to ensure the people across the State have access to affordable housing. These schemes proved highly beneficial to individuals who are considering a home loan in India. It offers subsidies on interest payments on your credit amount under the PMAY CLSS.
While opting for a housing loan, make sure the advance falls within the TNHB compliance. India’s leading financial institutions and NBFCs specialize in financial instruments that offer funds with borrower-friendly features such as low EMIs and nominal paperwork. However, you should hold an adequate credit score for a housing loan.
Features of TNHB housing scheme
Some of the prominent features of this housing scheme include:
Use of high-quality materials and the latest techniques for building construction.
Cater to the needs of a diverse range of income groups – EWS, LIG, MIG, and HIG.
Construction of self-sustaining housing complexes.
How to apply?
The borrowers need to purchase an application costing around Rs. 225 for LIG and RS. 560 for HIG categories under the TNHB scheme. They must fill out the form with mandatory details and submit it to the administrative officer or executive engineer’s office in Thirumangalam.
You are required to determine the income group you belong to and the loan amount that you require before availing a housing loan in Chennai. You can also use a housing loan EMI calculator to calculate your monthly outgo – thereby fixing your budget. Following these steps to get a home loan in India will help you procure a residential complex with ease.
Additional Read: Steps Taken by Tamil Nadu Housing Board for the Homeless
