Pradhan Mantri Awas Yojana 2017 loan – Tenure Increased to 20 Years

2 years ago sarkariadmin 2

Financially Good news for Home seekers under Pradhan Mantri Awas Yojana (Urban Sector / Gramin Sector). Central government has approved extension of loan Tenure under Credit Linked Subsidy Scheme of Pradhan Mantri Awas Yojana  – Urban. The loan tenure which was maximum 15 years has been extended to 20 years now, means lower EMI’s for the home loan borrowers under PMAY – Urban. The government has also introduced a new CLSS loan scheme for the middle income group of the society under PMAY-U.

PMAY Loan Scheme 2017 for MIG (Middle Income Group)

The government has made a budgetary allocation of Rs. 1000 Crores for the proposed Credit Linked Subsidy Scheme for Middle Income Group (MIG).

 

Pradhan Mantri Awas Yojana Loan How to get Pradhan Mantri Awas Yojana loan
– Tenure Increased to 20 Years

Under this expended Credit Linked Subsidy Scheme the middle income group  (MIG) 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.
Aim under the new Credit Linked Subsidy Scheme  (new PMAY loan scheme for Middle Income Group) is to help the society to reach the PMAY-U benefits to a larger group and help strengthen the mission of housing for all by 2022.

Naredra Modi Recent Announcements on PMAY

a)  Narendra Modi has announced increase in the loan amount under PMAY from 6 lakh to 12 Lakh.

b)  Read the complete details about PMAY home loan subsidy / interest rates 2017 which were announced by Narendra Modi on 31st December 2016.

You can Apply online for PMAY through two modes

The government is inviting online applications for PMAY-U through two modes,

  • first is assessment application through pmaymis.gov.in
  • 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.

You can also read here.

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given ex-post facto approval to the proposals for

(i) Extension of tenure of loans under the Credit Linked Subsidy Scheme (CLSS) vertical of Pradhan MantriAwasYojana (Urban) Mission from 15 to 20 years (to be renamed as CLSS for EWS/LIG. It will be named as CLSS for economically weaker sections of society / Lower Income Group;

(ii) Introduction of a new Credit-Linked Subsidy Scheme for MIG” for targeting the MIG category;

(iii) Allowing the Primary Lending Institutions (PLIs) that have signed MoU with the Central Nodal Agencies (CNAs), under the CLSS vertical of PMAY(Urban) (now CLSS for EWS/LIG), the option to extend the mandate of their MoU to CLSS for MIG with appropriate changes as applicable;

(iv) For rationalizing/introducing the processing fees payable to the PLIs for the loans sanctioned under these schemes;

(v) Allocation of Rs. 1000 crore initially in the budget for 2017-18 at the BE stage for the proposed CLSS for MIG and

(vi) Issue of the operational guidelines for CLSS for MIG with approval of the Minister-in-charge.

Objectives

a. Increase the off-take in EWS and LIG segments under existing Pradhan MantriAwasYojana (Urban) – Housing for All Mission;

b. Outreach to the Middle Income Group (MIG);

c. Make procedures easy for the Primary Lending Institutions (PLIs);

d. Provide an incentive to PLIs for increased participation in the housing and urban development sector;

e. Make available funds through necessary funds through Budgetary provisions and

f. Clearly define the procedure /implementation of programmes.

The outreach of the schemes will ensure greater participation amongst the EWS, LIG and MIG segment of the society to provide Housing for All by 2022, thereby ensuring equity and inclusiveness.

The interest subsidy to be disbursed to the beneficiaries will be credited to their home loan accounts after the PLIs have satisfied the eligibility criteria through their due diligence processes.

The proposed interest subsidy scheme for the MIG is an innovative approach to address the needs of housing of this category.

News Source – http://pib.nic.in/newsite/PrintRelease.aspx?relid=157827

How you can apply for PMAY-U Loan Scheme

The eligible beneficiaries of PMAY Urban 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.

 

Check the following Links under Pradhan Mantri Awas Yojana –

Download User Manual here

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