Application Forms
HBL Documents
Note : All the legal papers in the application form are to be used as-it-is and not to be retyped or rephrased
Click on the categories listed below to view the list of required documents/forms.
Eligibility
| Category |
Officers |
Airmen/NCs(E) |
| a) HBL for self-construction of a house or for purchase of residential plot or for purchase of house/flat from a pvt builder or for purchase of an existing house or for repayment of house loan taken from bank/financial institution or for renovation /extension of an existing house/flat
|
After confirmation of commission. |
After completion of two years of actual service |
| b) HBL for acquiring residential plot/ flat/house/from AFNHB /AWHO/IRWO or other housing boards or for purchase of residential plot from Central/State govt/ other civil authorities like DDA/BDA/JDA |
Quantum of Loan
| Category Of Member |
Purpose of HBL |
Max Amount ( ) |
Remarks |
| Officers (PC/SSC) Airmen/ NCs (E) |
For purchase/construction of house/flat |
75 Lakh |
Amount of HBL sanctionable is subject to the repaying capacity of the applicant |
For renovation of house/flat |
50 Lakh |
|
For purchase of plot |
40 Lakh |
Rate of Interest
| Category |
Upto 75 Lakh |
Addl Loan |
| Officers/ Airmen |
6.25% pa |
2nd & subsequent HBL and HBL for renovation/extension of house/flat, etc @ 6.25 % pa |
| NCs (E)
|
6.00% pa |
2nd & subsequent HBL and HBL for renovation/extension of house/flat, etc @ 6.00 % pa |
Repaying Capacity
- The quantum of HBL admissible to the applicant would depend on his/her repaying capacity which is determined by ascertaining that the total deductions (including the anticipated EMI towards the HBL that is now being applied for) in the applicant's IRLA does not exceed 80% of the gross emoluments reflected in the latest monthly pay slip.
Processing Fees
- Nil. Processing Fee has been waived wef 01 Oct2017).
Discipline Cases
-
Not eligible if two or more (Red Ink) entries and five years have not lapsed from the last entry and/or disciplinary proceedings (SOE/GCM/DCM etc) are initiated/ in progress.
Loan Insurance
- HBL availed from AFGIS has to be mandatorily insured by payment of necessary contribution (premium) by the loanee.
Repayment of HBL
- The principal amount and interest is recoverable in maximum of 300 EMIs.
The numbers of instalments are subject to the period of
service left to recover the total instalments.
Pre-payment/Refund of loan
-
Re-fixation of EMIs/refund of loan is allowed once in a financial year.
-
Lumpsum refund of the outstanding loan in full or part is permissible. The minimum amount of partial refund is Rs 1,00,000/-, Rs 50,000/- and Rs 25,000/- for officers, airmen and NCs(E) respectively.
-
Such refund in full must preferably be made before 25th of a particular month.
-
Details of such refund made by e-remittance, must be immediately communicated to AFGIS through AFNET Login/ FAX/ email/ Letter duly mentioning your service particulars and transaction details.
-
Demand for recovery of outstanding loan iro members proceeding on discharge/retirement is forwarded to AFCAO/Dte of AV one year/six months (Airmen/Officers) prior to NE date.
Hence, members proceeding on discharge should check with AFGIS before refunding the outstanding loan. A demand for recovery of outstanding loan, once raised, is final. Excess amount, if any, will be refunded to members when the amount is actually recieved from AFCAO/Dte of AV.
-
Loan insurance premium will be refundable in case the loan is fully liquidated in one lumpsum before completion of tenure subject to minimum refundable amount should not be less than Rs 500/-. Insurance premium will not be refunded in cases of partial refund of loan / decrease of loan tenure.
Penal Rate Of Interest
- Penal rate of interest is chargeable for non-submission of documents and non-compliance of stipulated policy & rules.
Second/ Additional Loan from AFGIS
- Second and subsequent/additional HBL may be availed
concurrently with the first HBL. Maximum loan amount
admissible is subject to the repaying capacity and NE
Benefits.
Pradhan Mantri Awas Yojna
- Government is providing interest subsidy on house loans subject to eligibility criteria (i.e. Household income and Size of house) under Pradhan Mantri Awas Yojna. For details visit www.pmaymis.gov.in.