Reliable multilevel inverter IGBT modules require precise loss and heat management, particularly in severe traction applications. This paper presents a comprehensive modeling framework for three-level T-type neutral-point clamped (TNPC) inverters using a high-power Insulated Gate Bipolar Transistor (IGBT) module that combines model predictive control (MPC) with space vector pulse width modulation (SVPWM). The particle swarm optimization (PSO) algorithm is used to methodically tune the MPC cost function weights for minimization, while achieving a balance between output current tracking, stabilization of the neutral-point voltage, and, consequently, a uniform distribution of thermal stress. The proposed SVPWM-MPC algorithm selects optimal switching states, which are then utilized in a chip-level loss model coupled with a Cauer RC thermal network to predict transient chip-level junction temperatures dynamically. The proposed framework is executed in MATLAB R2024b and validated with experiments, and the SemiSel industrial thermal simulation tool, demonstrating both control effectiveness and accuracy of the electro-thermal model. The results demonstrate that the proposed control method can sustain neutral-point voltage imbalance of less than 0.45% when operating at 25% load and approximately 1% under full load working conditions, while accomplishing a uniform junction temperature profile in all inverter legs across different working conditions. Moreover, the results indicate that the proposed control and modeling structure is an effective and common-sense way to perform coordinated electrical and thermal management, effectively allowing for predesign and reliability testing of high-power TNPC inverters.