Home Loan

HOUSE BUILDING LOAN
TERMS & CONDITIONS

Application Forms

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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. -----------------------------------------

Category - I : Purchase of House / Flat /Plot from Govt Bodies/AFNHB/AWHO/Development Authority under Self Financing Scheme

Prior to Disbursement	***** Submitted by the individual

Sl No	Documents required	Mode of Submission
1.	Allotment letter in original (Full Set) in favour of member or jointly with spouse	*****
2.	Proof of 5% payment	*****
3.	Affidavit from nominee
4.	Tripartite Agreement in two copies
5.	Second charge permission on the same property if loan availed from Govt/ Bank or Financial Institution registered with RBI

Post Disbursement	***** Submitted by the individual

Sl No	Documents required	Mode of Submission
1.	Original copy of Possession & Registered Sale Deed within six months from date of possession	*****

Category II : Purchase of House/Flat from Private Builder/ Co-operative Housing Society or Outright Purchase from Private Builder

Prior to Disbursement	***** Submitted by the individual

Sl No	Documents required	Mode of Submission
1.	Allotment letter and Buyer's Agreement in original (Full Set) in favour of member or jointly with spouse	*****
2.	Proof of 5% payment	*****
3.	Affidavit from nominee
4.	Tripartite Agreement in two copies
5.	Buyers Agreement in original (Full Set)	*****
6.	NEC / NOC to mortgage in favour of AFGIS from Builder
7.	Copy of Registration certificate of Builder/Co-operative	*****
8.	Copy of valid permission to build House / Flat from competent authority (State/Central Govt)	*****
9.	Development Agreement between builder and land owner if both are different parties	*****
10.	Second charge permission on the same property if loan availed from Govt/ Bank or Financial Institution registered with RBI

Note: In case of outright purchase of property, Registered Agreement of Sale (with Sub registrar office), NEC as on date from Sub registrar office, NOC to mortgage in favour of AFGIS as per specimen in Annexure I & Completion/Occupancy certificate from competent Authority (IN HARD COPY) has to be submitted instead of (S. No 4 to 9 above).

Post Disbursement	***** Submitted by the individual

Sl No	Documents required	Mode of Submission
1.	Original copy of Possession & Registered Sale Deed within six months from date of possession	*****

Category III : Self Construction/Extension of Existing House / Renovation

Prior to Disbursement	***** Submitted by the individual

Sl No	Documents required	Mode of Submission
1.	Affidavit from nominee
2.	Regd Sale Deed / Title Deed (original) of land or, Regd Gift Deed in favour of member or jointly with spouse	*****
3.	Latest Non-encumbrance Certificate from Sub Registrar Office (Not more than two months old)	*****
4.	Estimate for construction / Extension / Renovation	*****
5.	Second charge permission if loan availed from Govt/ Bank or Financial Institution registered with RBI
6.	Change in land use certificate from SDM/ Tehsildar/Collectorate if said land is agricultural in nature as per deed	*****
7.	Approved Building Plan for construction in original duly approved by local govt Officials (Municipal Corporation/ MunicipalCommittee/ Tahsildar/ Secretary Gram Panchayat / BDO / Executive Engineer, Town Planner / Circle Officer). The Building Plan should have details of property, owner name, date of approval.	*****
8.	Certificate from BDO/Tehsildar/Circle Officer intimating the present classification of plot whether it is residential or agricultural.	*****

Addition Documents to be submitted in case applying for renovation (a) Preliminary valuation by Govt approved valuer of the house/flat instead of S No 6 to 8 above. Age of the House shall not exceed 25 years in case of RCC construction and 20 years for others. In case of Flat, age shall not exceed 15 years.	*****

Post Disbursement	***** Submitted by the individual

Sl No	Documents required	Mode of Submission
1.	Completion certificate within 24 months of sanction of loan.	*****

Instructions for Completion Certificate for Self Construction and Extension of Existing House

Completion certificate duly quoted with House No. /Flat No (With full details of like Plot No./Khasra No. of plot on which House/Flat has been constructed. The certificate shall also bear the name of the owner and the year of construction of House.

The certificate should be issued on the letter head of the competent office i.e. office of the Municipal Corporation/ SDM/TEHSILDAR/BDO/ADO. In case the house is constructed in village then completion certificate will be required to be issued by Secretary, Gram Panchayat on their letter head. The certificatemust bear rubber stamp of signatory and should also bear the official seal of the office. The certificate received on plain paper will not be accepted.

House Tax receipt / Electricity Bill.

If the completion certificate in regional language then an attested translated copy (either in Hindi/ English) be sent alongwith the original.

Loan for construction of house will be granted only on residential land. No loan will be granted on agricultural / commercial land.

Category IV : Repayment of loan taken from other financial institutions

Loan sanction upto the extent of outstanding bank loans subject to the value of property registered or valuation by Govt approved valuer whichever is higher.

Sl No	Documents required	Mode of Submission
1.	Affidavit from nominee
2.	Documentary proof showing ownership of house/flat/residential plot in favour of member or jointly with spouse	*****
3.	Documentary proof showing loan availed, repaid and principal outstanding as on date on their letter head along with list of documents held with Bank/Financial Institution	*****
4.	Second charge permission if loan availed from Govt/ Bank or Financial Institution registered with RBI

Category V : Purchase of Plot / House/ Flat on Resale from Private Party

Prior to Disbursement	***** Submitted by the individual

Sl No	Documents required	Mode of Submission
1	Affidavit from nominee.
2	Photocopy of sale deed in favour of owner(seller).	*****
3	Non encumberance certificate from Sub registrar office with present owners name (not more that two months old)	*****
4	Agreement of sale between vendor and applicant & Payment proof of 5% of total cost.	*****
5	Second charge permission if loan availed from Govt/ Bank or Financial Institution registered with RBI

Sl No	Documents required	Mode of Submission
1	Additional document to be submitted for Plot Certificate from BDO/Tehsildar/Circle Officer intimating the present classification of plot whether it is residential or agricultural. Change in land use certificate from SDM/ Tehsildar/Collectorate if said land is agricultural in nature.	*****

Sl No	Documents required	Mode of Submission
1	Addition Documents to be submitted in case applying for Existing House Preliminary valuation by Govt approved valuer. The age of the House shall not exceed 25 years in case of RCC construction and 20 years for others. In case of Flat, age shall not exceed 15 years.	*****

Post Disbursement	***** Submitted by the individual

Sl No	Documents required	Mode of Submission
1	Original registered sale deed within 3 months from date of loan.	*****

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	After confirmation of commission.	After completion of two years of actual service

Quantum of Loan

Category Of Member	Purpose of HBL	Max Amount ()	Remarks
Officers (PC/SSC) Airmen/ NCs (E)	For purchase/construction of house/flat		Amount of HBL sanctionable is subject to the repaying capacity of the applicant
	For renovation of house/flat	1.50 Cr
	For purchase of plot

Air Warriors who have not passed the CPE and not been re-mustered will hence forth be eligible for max ceiling/outstanding of all loans taken together as follows:

Category	AC/LAC
Max Ceiling/Outstanding of all Loans(in Rs)	3,50,000

The repayment capacity would be reckoned for a maximum period of 11 years and sanctioned accordingly.

Rate of Interest (Wef 01 Oct 24)

(Including total outstanding of HBL-I)

Category	Max Amount(₹)	Additional Loan(2nd & subsequentHBL AND HBL for renovation of house/flat)
Officers/ Airmen	Upto 75 Lakh 7.50% pa above 75 Lakh to 1.50 Cr 8.50% pa	(Including total outstanding HBL) @ Upto 75 Lakh 7.50% pa above 75 Lakh to 1.50 Cr 8.50% pa
NCs (E)	Upto 75 Lakh 7.25% pa above 75 Lakh to 1.50 Cr 8.25% pa	(Including total outstanding HBL) @ Upto 75 Lakh 7.25% pa above 75 Lakh to 1.50 Cr 8.25% 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 20th of a particular month.
Details of such refund, of made by e-remittance, must be immediately communicated to AFGIS.
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.

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[dot]pmaymis]dot]gov[dot]in.

HOUSE BUILDING LOANTERMS & CONDITIONS

HOUSE BUILDING LOAN
TERMS & CONDITIONS