Before applying for HBL from AFGIS, applicants must read the policy governing grant of HBL given in IAP 3601 Appendix 'J' and the AFGIS website (afgis.iaf.in) and AFNET. Applicants are also advised to consult Unit Adjutant / SAO.
|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||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||After completion of two years of actual service|
|Purpose of HBL||Max Amount||Remarks|
|Officers (PC/SSC) Airmen/ NCs (E)||For purchase/construction of house/flat||Rs 60 lakhs||Amount of HBL sanctionable is subject to the repaying capacity of the applicant|
|For extension/renovation of house/flat||Rs 30 Lakh|
|For Purchase of plot||Rs 40 Lakh|
|Category||Upto 7 Lakhs(Amt in Rs)||Above 60 Lakhs(Amt in Rs)|
|NCs(E)||7.6 % pa||7.95 % pa|
Note: 2nd & subsequent HBL and HBL for renovation/extension of house/flat etc : 8.35 %pa
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.
Nil. (Processing Fee has been waived off wef 01 Oct 17)
|Term(Years)||Amt of Contribution ₹ 8652/- (6,00,000/1,00,000) X 1442*|
|Amount of Contribution (Per Lakh) (wef 01 Jan 2018)|
Note 1 : One time non-refundable contribution will be calculated for amount in multiples of lacs and the tenure (no of years) of the loan. Fraction of a year will be counted as one full year.
If an individual has been sanctioned a loan of Rs. 5.93 Lac in 125 instalments (i.e. 10 years 5 months), non refundable contribution will be charged for Rs. 6 Lac in 132 installments (i.e. 11 years)
HBL sanctioned : Rs. 6 lacs
Tenure of Repayment : 125 EMIs
Amount on which premium is calculated : Rs. 6 lacs
Tenure of Repayment : 11 years ( 10 years 5 months)
|Rs. 8652/-||(6,00,000/1,00,000) X 1442*|
The principal amount and interest is recoverable in max of 300 EMIs. The numbers of instalments are subject to the period of service left to recover the total instalments.
15% pa penal rate of interest is chargeable for non-submission of documents and non-compliance of stipulated policy & rules.
Second and subsequent/additional HBL is permissible on second property concurrently without liquidating the previous HB loan outstanding, if any, subject to repaying capicity and NE benefits. Total loan sanctioned should not exceed maximum ceiling.