Application Forms
Revision (W E F 01 Oct 20)
MHIL also admissible for Ancestral Property.
Top up facility in MHIL provided to existing loanees within the ceiling, without liquidating the existing loan.
Eligibility
| Officers |
After confirmation of commission. |
| Airmen/NCs(E) |
After completion of two years of service. |
Quantum of Loan
| Officers/ Airmen/ NCs(E) |
25 Lakh |
Subject to repaying capacity |
Purpose for which MHIL can be Availed
- Modular Kitchen.
- Solar Heating Energy System.
- Inbuilt Wardrobes.
- Rain Water Harvesting System.
- False Ceiling (Wooden / Plaster of Paris etc).
- Security and Safety Systems (like CCTV / Fire Alarm / Iron Grills).
Rate of Interest (wef 01 Oct 2022)
Repayment of Loan
Processing Fees
- Nil. (Processing Fee has been waived wef 01 Oct 2017)
Loan Insurance
- HBL availed from AFGIS has to be mandatorily insured by payment of necessary contribution (premium) by the loanee.
Pre-payment/Refund of loan
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Re-fixation of EMIs/refund of loan is allowed not more than two times in a financial year.
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Lumpsum refund of outstanding loan in full or part is permissible. However, partial refund is permissible only once in a financial year. 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.
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Such refund in full must preferably be made before 20th of a particular month.
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Details of such refund, of made by e-remittance, must be immediately communicated to AFGIS.
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.
Documents to be submitted for availing MHIL
The loanee is to submit the following documents alongwith the MHI loan application form to AFGIS:-
Documents to be submitted after availing MHIL
- Utilisation Certificate within two months from the date of issue of cheque/ date of payment.
Note : All the legal papers in the application form are to be used as-it-is and not to be retyped or rephrased
Penal Rate Of Interest
- Penal rate of interest is chargeable for non-submission of documents and non-compliance of stipulated policy & rules.