Pradhan Mantri Awas Yojana Loan Tenure 20 Years- Budget 2017-18

In the Union Budget 2017-18, loan tenure of Pradhan Mantri Awas Yojana has been extended to 20 years now. Earlier when Housing for All 2022 scheme was announced the loan tenure was 15 years. Under the Credit Linked Subsidy Scheme now people who are taking loans from the government to purchase house under Pradhan Mantri Awas Yojana Urban will have to pay loan in 20 years.

The cabinet has approved new MIG CLSS in budget 2017-18 that make more opportunities to purchase new house under Housing for All for middle-income group. Under PM Awas Yojana one crore will be constructed and provided to poor people by 2019.

According to the statement, the scheme will be renamed as CLSS for EWS/LIG—for economically weaker sections (EWS) of society/Lower Income Group (LIG). Middle Income Group of the country will get a new Credit Linked Scheme so more beneficiaries can take benefit of the scheme.

For Pradhan Mantri Awas Yojana the financial help has been extended to Rs.23000 crore from Rs.15000 crore. Middle Income Group CLSS has will be introduced on the ground level after the approval from minister in charge.

So good news for Pradhan Mantri Awas Yojana Urban beneficiaries because they will now get more time to pay loan for PMAY-U.