HOUSE BUILDING LOAN
TERMS & CONDITIONS

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 1.50 Cr Amount of HBL sanctionable is subject to the repaying capacity of the applicant
For renovation of house/flat
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

(Including total outstanding of HBL-I)
Category Max Amount ( ) Additional Loan (2nd & subsequent HBL and HBL for renovation of house/flat)
Officers/ Airmen Upto 75 Lakh7.25% pa (Including total outstanding HBL)
@ Upto 75 Lakh 7.25% pa
above 75 Lakh to 1.50 Cr 8.25% pa
above 75 Lakh to 1.50 Cr 8.25% pa
NCs (E) Upto 75 Lakh7.00% pa (Including total outstanding HBL)
@ Upto 75 Lakh 7.00% pa
above 75 Lakh to 1.50 Cr 8.25% 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 Oct 2017).

Discipline Cases

  • Not eligible if two or more (red ink / black 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.

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.

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. Stamp paper of Rs.100/- against agreement from duly signed by you *****
    2. Allotment letter in original (Full Set) in favour of member or jointly with spouse *****
    3. Proof of 5% payment *****
    4. Affidavit from nominee along with Rs.10/- stamp paper duly signed and notazised by the nominee Sample of Affidavit from Nominee
    4. Tripartite Agreement in two copies along with two Rs 100/- stamp paper duly signed by the board /authority (with rubberized stamp) and the loan Sample Tripartite Agreement
    5. Second charge permission on the same property if loan availed from Govt/ Bank or Financial Institution registered with RBI3 *****
  • 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. Stamp paper of Rs. 100/- against agreement form duly signed by you *****
    2. Allotment letter and Buyer's Agreement in original (Full Set) in favour of member or jointly with spouse executed on minimum Rs 100/- non judicial stamp paper. All the sheets of agreement should be signed by both buyer and seller *****
    3. Proof of 5% payment *****
    4. Affidavit from nominee alongwith Stamp paper of Rs. 10/- duly notarized and signed by nominee Sample of Affidavit from Nominee (Click here)
    5. Tripartite Agreement in two copies alongwith two Rs 100/- stamp paper duly signed by the board/authority(with rubberized stamp) and the loanee Sample Tripartite Agreement (Click here)
    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. Stamp paper of Rs. 100/- against agreement form duly signed by you *****
    2. Affidavit from nominee alongwith Stamp paper of Rs. 10/- duly notarized and signed by nominee Sample of Affidavit from Nominee (Click here)
    3. Regd Sale Deed / Title Deed (original) of land or, Regd Gift Deed in favour of member or jointly with spouse *****
    4. Latest Non-encumbrance Certificate from Sub Registrar Office (Not more than two months old) or Search Report from Advocate alognwith copy of fee receipt paid at sub registrar office for the ****** carried out *****
    5. Estimate for construction / Extension / Renovation from registered Architect / Engineer *****
    6. Second charge permission if loan availed from Govt/ Bank or Financial Institution registered with RBI
    7. Change in land use certificate from SDM/ Tehsildar/Collectorate if said land is agricultural in nature as per deed *****
    8. 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. *****
    9. Certificate from BDO/Tehsildar/Circle Officer intimating the present classification of plot whether it is residential or agricultural. *****

    Note : The age of the house should not be more than 25 years in case of RCC construction and 20 years in case of other construction and 15 years in case of flat if you are applying under the category of extension of existing house or renovation.

    Addition Documents to be submitted in case applying for renovation

    Preliminary valuation by Govt approved valuer of the house/flat instead of S No 7 to 9 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. For Self Construction / Extension of existing house (Completion Certificate within 24 Months of sanction of loan). *****
    2. For Renovation
    (a) GST paid bills for all expenses incurred
    (b) Photographs showing the renovation work carried out.     		*****
  • Instructions for Completion Certificate for Self Construction and Extension of Existing House

    1. 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.

    2. 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.

    3. House Tax receipt / Electricity Bill.

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

    5. 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. Stamp paper of Rs. 100/- against agreement form duly signed by you *****
    2. Affidavit from nominee alongwith Stamp paper of Rs. 10/-duly notarized and signed by nominee Sample of Affidavit from Nominee (Click here)
    3. Documentary proof showing ownership of house/flat/residential plot in favour of member or jointly with spouse *****
    4. 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 *****
    5. Second charge permission 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 house documents along with NO DUE Certificate/ Loan Clearance Certificate from bank to be submitted within one month from loan payment date. *****
    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. Stamp paper of Rs. 100/- against agreement form duly signed by you *****
    2 Affidavit from nominee alongwith Stamp paper of Rs. 10/- duly notarized and signed by nominee. Sample of Affidavit from Nominee (Click here)
    3 Photocopy of sale deed in favour of owner(seller). *****
    4 Non encumberance certificate from Sub registrar office with present owners name (not more that two months old) or Srearch Report from advocate alongwith copy of fee receipt paid at sub registrar office for the search carried out *****
    5 Agreement of sale between vendor and applicant executed on minimum Rs 100/- non judical stamp paper & payment proof of 5% of total cost. All the sheets of agreement should be signed by both buyer and seller. *****
    6 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 and possession letter within 3 months from date of loan. *****
    Air Force Group Insurance Society

    Society registered under the Societies Registration Act (XXI of 1860).

    AFGIS Bhavan, Subroto Park, New Delhi-110010