Central government cabinet has approved the extension of the loan tenure under the Credit Linked Subsidy Scheme component of Pradhan Mantri Awas Yojana – Urban. The loan tenure which was earlier maximum 15 years has been extended to 20 years, means lower EMI’s for the home loan borrowers. The government has also introduced a new CLSS loan scheme for the middle income group of the society.
PMAY Loan Scheme 2017 for MIG
The government has made a budgetary allocation of Rs. 1000 Crores for the proposed Credit Linked Subsidy Scheme for Middle Income Group (MIG).
Now, the middle income group of the society can also take home loans under the PMAY-U and if they are found eligible by the primary lending institutions, the interest subsidy will be credited to the home loan account of the beneficiaries.
The new PMAY loan scheme for Middle Income Group of the society will help reach the PMAY-U benefits to a larger group and help strengthen the mission of housing for all by 2022.
Recently Narendra Modi has also announced increase in the loan amount under PMAY from 6 lakh to 12 Lakh. Read the complete details about PMAY home loan subsidy / interest rates 2017 which were announced by Narendra Modi on 31st December 2016.
The government is inviting online applications for PMAY-U through two modes, first is assessment application through pmaymis.gov.in and second is through the common service centers across the country.
The complete details of the release about the amendment in CLSS for EWS/LIG and introduction of CLSS for MIG is available at PIB.
How to Apply for PMAY-U Loan Scheme
The eligible beneficiaries of PMAY can directly contact the banks and lending institutions to avail the housing loan under the scheme. The loan facility is being provided by several banks and non banking finance companies as listed at the link below.