Cabinet approves Extension of tenure of loans under the Credit Linked Subsidy Scheme

Cabinet approves Extension of tenure (कार्यकाल)  of loans under the Credit Linked Subsidy Scheme (CLSS) of PMAY from 15 to 20 years The Union cabinet led by PM Modi has given its approval on February 1, 2017 to extend (बढ़ाएँ) the tenure of loans under the Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (Urban) Mission from the current 15 years to 20

years. Besides the scheme has been introduced for the middle income group (MIG) category and an initial (प्रारंभिक) allocation (आवंटन) of Rs. 1000 crore has been made at Budgetary Estimate(आकलन) stage in 2017-18 for the proposed CLSS for MIG. For economically weaker sections of society/Lower Income Group (LIG), the scheme has been named as CLSS. The Primary Lending Institutions (PLIs) that have signed an MoU with the Central Nodal (केंद्रीय ) Agencies (CNAs), under the CLSS of PMAY (Urban) have also been directed to extend the necessary conditions of their MoU to CLSS for MIG with appropriate changes as applicable.  The schemes aim to ensure greater participation amongst the Economically Weaker Section (EWS), LIG and MIG segment of the society to provide Housing for All by 2022. The interest subsidy would be disbursed(संवितरित)  to the home loan account of the beneficiaries by the PLIs.