The Centre on Wednesday approved extension of tenure of loans under Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojana (PMAY) to 20 years from 15 years and introduction of a new CLSS for middle income group with a provision of Rs 1,000 crore in 2017-18.
“The Union Cabinet chaired by Prime Minister Narendra Modi has given ex-post facto approval to the proposals for extension of tenure of loans under the CLSS vertical of Pradhan Mantri Awas Yojana (Urban) Mission from 15 to 20 years,” said an official statement.
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). Besides, the Cabinet approved the introduction of a new Credit-Linked Subsidy Scheme for the Middle Income Group (MIG). Read more