Who can apply for AGIF Home Loan
All serving Regular Army Personnel while being members of AGIF during service and
fulfilling eligibility conditions will be considered for the house building loan provided they have minimum unbroken period of service in Army as under:-
(a) After completion of 2 years regular service.
(b) Re-employed Officers/JCOs /OR are not eligible.
(c) If both husband and wife are service personnel, the loan is admissible to only one of them, for one property. Both are allowed HBA for different properties.
(d) The member must satisfy that "He will get the clear and unencumbered title to the house/flat."
(e) Non regular cadre personnel of APS and TA are not eligible. Eligibility of loan is only after completion of 2 years regular service in Indian Army. Short service commission officers (SSCO) including Women officers who are commissioned under the revised terms and conditions and SSCOS who opt for the revised terms and conditions, as per Govt of India letter No B/ 323131PC/AG/PS-2Ca 1921/D (AG) dt 20 Jul 2006 shall be eligible for HBA after completion 02 years of Commissioned service.
Help Desk
011 - 26148055 011 - 26143393 011 - 26143693 Mob No- 7290090478
Email – dir.loan@outlook.com
Jt Dirs Extension Nos
Dir Loans - 506, 39274 (ASCON) Jt Dir HBA - 507
Jt Dir HBA – 516 (011-26148944) Jt Dir HBA – 611
Fax - 011-26148471
Postal Address:
Army Group Insurance Fund Adjutant General's Branch
Integrated HQ of MoD (Army)
AGI Bhawan, Rao Tula Ram Marg, PO: Vasant Vihar, Post Bag No - 14 New Delhi- 110057
1.
HBA can be availed once
for procuring/construction of new dwelling unit and once for addn /alteration/ repair/ renovation of
existing dwelling unit owned by loanee or vice versa. Both the loan can run concurrently.
Max Loan Limit. Rs 80 lacs for Officers or 85% cost* of the house whichever is less.
Rs 35 lacs for JCOs
Rs 30 lacs for OR
4.
Max Loan Period. 20 years or as per residual
service in present rank. All loan recovery in terms of installments will be
calculated up to six months prior to the date of superannuation in the present rank.
5.
Interest Rate.
|
HBA |
Offrs |
JCOs/ OR |
Remarks |
|
Purchase/ Constr |
7.5% |
7% |
Yearly rest |
|
Repair & Renovation/ Addition & Alteration |
8% |
7.5% |
Yearly rest |
6.
Loan for
Repair/Renovation/Addition/Alteration. Max loan amount of Rs 20
lakh for a period of 10 years only.
7.
Loan for Plot cum
construction of House. Max loan
amount of Rs 80 lakh for 20 year.
8.
Loan for Purchase of
Re-Sale House. House being purchased should not be
more than 10 years old from date of construction.
9.
HBA for Purchase/ Constr and HBA for Repair/ Renovation and Addition/
Alteration can run concurrently.
10.
Part Payment of HBA. A minimum of 10 percent or more of the
balance principal loan amount may be paid as a part
payment, no restrictions on numbers of part payments.
11.
The Loan Processing will
take 03 weeks. Loanees are
requested to contact this Dte only after
four weeks after depositing the application with AGIF at R&D Section.
12. Applicants are advised to mention correct bank Account No and IFSC Code of their Bank while submitting HBA loan applications to this Directorate. (Att a cancelled cheque for this purpose).
The house/flat constructed/acquired should be used only for residential purposes.
Use of this property for/any other manner will be in violation of the conditions for grant of HBA.
8. An undertaking by the builder and loanee on non-judicial stamp paper worth Rs 100/-
that the sale Deed/ conveyance Deed should be of the same amount reflected as actual cost of house in Builder Buyer agreement/Allotment letter of society/Builder, in case there are separate agreements for purchase and construction.
9. Payment/ Deduction of EMI. The equated monthly installment for repayment
of the principal and interest on loan once fixed will not be altered. The deduction and remittance of EMI after disbursal of the entire loan is being done through CDA (O)/Regional CDAs. However, the onus of ensuring that the EMI is deducted regularly from the pay is solely that of the loanee and not of CDA (O)/PAO (OR). Any non- payment of EMI by CDA/PAO (OR) should be fulfilled by the loanee directly by a Draft/Cheque/NEFT to avoid interest for period of default.
Admissibility of the Loan
15. The loan will be
admissible subject to the property being registered/owned by
the
member or at the most jointly with his/her
spouse only, the loan is admissible for following :-
(a)
Purchase of a house/flat from AWHO/AFNHB on outright purchase or on installment basis under self-financing scheme.
(b)
Purchase of house/flat under self-financing
schemes floated by Central/State Government Housing Boards/Development Authorities.
(c)
Purchase of a new house/flat from Registered
Co-operative Housing Societies, registered private colonizers and registered builders.
(d)
Resale cases/Old
Constructed House not more than 10 years old.
(e)
Construction of a new house on a plot owned
by the member or jointly with his/her spouse.
(f)
For purchase of Plot cum Construction of the house by the member or
jointly with his/her spouse.
(g)
Addition/Alteration
of the existing House.
(h)
Repair/Renovation
of existing House.
(i)
Inward tfr of Loan is permitted only for dwelling unit, whose constr is
complete and conveyance deed is affected/executed.
16. The loan is NOT
admissible for the following:-
(a)
Purchase of Second Dwelling Unit.
(b)
Payment of
registration/earnest money deposits.
(c)
Purchase of a
Dwelling Unit on hire-purchase basis.
(d)
Repayment of loan
or advance taken from any other source.
(e)
To sale/purchase
on Power of Attorney.
(f)
Purchase/construction of a Dwelling Unit for commercial purposes.
(g)
Purchase/construction
of a dwelling unit outside India.
(h)
Purchase/construction of a
dwelling unit which is jointly owned by
member and
father/mother/sister/brother/son/daughter or any other blood relation.
(i)
No HBA loan will be provided against LALDORA LAND.
(a)
In Processing Stage. On promotion of a JCOs/OR to Offr rank, the
instalments already
disbursed to the JCOs/OR will be at the rate applicable to JCOs/OR. Post commissioning / the date from which the
indl becomes a commissioned Offr, the
installments disbursed thereafter will be at rate applicable to Offrs and the recovery (EMI) of the entire loan will
be charged at the rate applicable to Offrs.
(b)
At Monitoring Stage. In case a JCOs/OR who is promoted to the rank of
Offr and is already paying
EMI for a loan undertaken / received by him, the EMI's on outstanding amount from date of promotion to Offr
rank will be recovered at the fixed rate of interest at the time of sanctioning of the loan and further
recovery will be started from CDA (0) with no change in amount.
2. . Government approval for the deduction of
Equated Monthly Instalments (EMIs) at source
by CDA (0)
and Regional PAO (OR)s/PAOs has been issued vide Govt of India, Min of Def letter No 24 (1)/98/D(Pay/Services) dated 18 Jun 98 and CGDA letter No
AT/1/14500/ PC/AGIF/HBA dated 17 Jul 98. The scheme has
been implemented wef 01 Oct 1998.
3. HBA
Schemes. HBA schemes as undermentioned are presently open to the
members of AGIF:-
(a)
Pvt Bldrs (Constr Linked, Outright Purchase).
(b)
Self Construction.
(c)
AWHO/AFNHB/State Govt Housing Board/Society.
(d)
Purchase of residential plot and construction
of house on it.
(e)
Re-Sale.
(f)
MoU with Bank.
(g)
Repair & Renovation/Addition &
Alteration.
4. Loan for purchase of Plot cum
Construction. Max loan amount of
Rs 80 lakh for a
period of 20
year can be granted. 40% of the adv or actual cost of plot whichever is less
will be disbursed for purchase of plot after agreement in prescribed form is
executed and submitted to AGIF. Bal amount will be disbursed as per
self constr HBA scheme. The details as under :-
|
Category |
For Purchasing Plot upto |
For
Construction of House |
Advance |
|
Officer |
40% of adv (max 32 lakh) or |
Bal of adv sanctioned or actual cost whichever is less. |
80 lakh |
|
JCO |
40% of adv (max 14 lakh) or |
-do- |
35 lakh |
|
OR |
40% of adv (max 12 lakh) or |
-do- |
30 lakh |
5. (a) Top Up Loans. In case loanee requires higher amount over &
above the loan
amount
sanctioned by AGIF, they can opt for loan from the following:-
(i) Parri Passu. In case of
requirement of the loanee for an amount he is
ineligible at AGIF, then he can avail part loan from AGIF and balance
amount of the loan requirement from a bank/ financial
institution. In such case he may apply for
permission to issue NOC for availing balance loan from bank/ financial
(ii)
Second Mortgage. In case an individual has already drawn a loan from
the AGIF (and his recovery
intimation memo has been dispatched to the concerned CDA/ PAO(OR)) and he is desirous of raising additional loan on
the same property, he may
apply for permission to AGIF to issue a NOC for raising a second loan from
bank/ financial institution on second mortgage. However such financial institution should be ready to accept the
transfer of original property documents only after the liquidation of AGIF loan
with interest.
(iii)
Loan Tfr from AGIF to Pvt Banks. In case of less residual service/limited
No of EMIs prior to superannuation the loanee
can opt for transfer of his entire loan
amount to a bank/financial institution. In such cases a NOC with outstanding amount payable up to a fixed date will be
intimated to the desired bank/financial institution to which the loanee
wants to transfer his loan. The legal/property documents will be fwd by regd
post/handed over to the representative of the bank/financial
institution with a proper authority letter post clearance of the amount due
on loanees behalf to AGIF.
(b) Loan Tfr from Banks/HFC to AGIF.
(i)
In case a loanee has
availed a loan from pvt bank/financial institutions and
wishes to tfr the loan to AGIF he can do so wef 01 Apr 2017. Details of same is
conveyed vide AGIF letter
No A/56271/R/AG/Ins (Coord) (i) dated 14 Feb 2017.
(ii)
Loan scheme for
re-finance of a home loan availed from Bank/HFC exists
as one time measure which
will be provisionally re-processed prior to final sanction on depositing the application. The loan transfer scheme is restricted to construction/purchase of Dwelling Unit not on
account of Repair/Renovation or Addition/Alteration
or any other loan. Details of same conveyed vide AGIF letter cited
above.
6. MoU with Banks. AGIF has signed MoUs, with PNB & HDFC to provide addl facilities/
schemes to its members. They are given under:-
(a) MoU with PNB.
(i)
Scheme-I : (PRADHAN MANTRI AWAS YOJNA —
URBAN). A MoU
has been signed by AGIF PNB
to assist the serving soldiers benefit from the new impetus to Housing for all given by PRADHAN MANTRI AWAS YOJNA by Housing for all by 2020 AD. The aim of the MoU has
been to facilitate loans to all eligible members to take
advantage of the interest subsidy as also to own a house even late in service life. The interest
subsidy amounting to (between Rs 2.67 Lakhs to Rs 2.3 Lakhs) will be deducted upfront from the loan amount resulting in reduction of EMI by approx Rs 2000/-
over 20 years. Terms & condition apply. All
eligible member of AGIF the primary loan will be granted by the Bank and the Top-up loan will be granted by
AGIF.
(ii)
Scheme-II. The primary loan under the scheme will be granted
by AGIF
and the Top-up
loan/additional loan will be granted by the Bank.
(iii)
Scheme-Ill. AGIF grants the entire loan for a period of up to 20
years
(up to a max of 70 years
of age) to member having min 2/5 year of residual service. Under the MoU, PNB will take over the bal loan six
months before the individual's
G
(aa) Scheme applies to all members of AGIF for loan against outright purchase of house self constr with minimum residual service of 2 years who have availed/availing housing loan from AGIF and are agreeable for takeover of the balance outstanding of the loan amount by PNB.
(ab) Scheme applies to all members of AGIF for constr linked plan with minimum residual service of 5 years who have availed/availing
housing loan from AGIF and are agreeable for
takeover of the balance outstanding of the loan
amount by PNB from AGIF.
SCHEME —I
|
Particulars |
Details |
|
Eligibility |
Individuals from Economically weaker section/ Low Income Group/Middle Income Group category. Joint owners from the same family are also eligible. |
|
Income
Criteria |
ü Economically Weaker Section (EWS)- Gross Annual Income should be up to Rs. 3,00,000/- ,/ Low Income
Group (LIG) - Gross Annual Income of above Rs. 3,00,000/- and up to Rs. 6,00,000/- ü Middle Income Group- I (MIG — I)- Households having an annual income above Rs.6,00,000/- up to Rs.12,00,000/- ./ Middle Income Group- II (MIG — II) - Households
having an annual income above Rs.12,00,000/- up
to Rs.18,00,000. |
|
Loan Amount |
EWS &
LIG- Rs. 6,00,000/MIG-I- Rs. 9,00,000/- MIG —II- Rs. 12,00,000/- |
|
Dwelling
Unit Carpet Area |
EWS — 30 Sq
Mtr LIG — 60 Sq. Mtr MIG —I — 90 Sq Mtr MIG-II —110 Sq Mtr |
|
Purpose |
For
acquisition/ construction of house (including repurchase) |
|
Rate of |
Loan Up to
Rs. 75 lac — 1 Year MCLR + 0.20% (presently 8.45% + 0.20% = 8.65% |
|
Credit
Linked Subsidy |
EWS &
LIG — 6.5% (Loan up to Rs. 6 lakh) maximum subsidy amount will be Rs
267280/- MIG —I = 4%
(loan upto Rs 9 lakh) maximum subsidy amount will be Rs 235068/- MIG-II = 3% (loan upto Rs 12 lakh) maximum subsidy amount will be Rs 230156.00. Loan beyond
the eligible limit as above will be on non-subsidised rates Subsidy amount will be credited to the loan account and EMI to be adjusted accordingly. |
|
Security |
Equitable/registered
mortgage of the property. |
|
The Operative and detailed
guidelines on these schemes are being issued/modified by the bank from time to time presently the guidelines are issued vide
following bank circulars. The same are attached. For EWS/LIG — 26/2017 dated 31.03.2017. For MIG -
RAD 25/2017 dated 31.03.2017. |
|
H
SCHEME — II
|
Particulars |
Details |
|
Eligibility |
Members of
AGIF availing/ propose to avail housing loan from AGIF. |
|
Purpose |
·
For construction of house/ flat; ·
For purchase
of built house/flat. ·
For purchase of under
construction house/flat from Housing Boards/
Development Authorities/ Co-operative Societies/ PNB Approved
Private Builders/ PNB approved Projects. ·
For
carrying out Additions to the house/flat. ·
For carrying out repairs/
renovation / alterations/ Furnishing of the house/flat. ·
For meeting cost escalation in
the cases of under-construction flats to
existing Housing Loan borrowers. |
|
Loan Amount |
Need based
depending up on the project cost and repaying capacity of the borrower. |
|
Rate Of Interest |
Loan Up to
Rs. 75 lac — 1 Year MCLR + 0.20% (presently 8.45% + 0.20% = 8.65% |
|
Margin |
Housing Loan
up to Rs.75 lac- 20% |
|
Security |
First charge
on Pari Passu basis. |
|
The Operative and detailed guidelines on these schemes are being
issued/modified by the bank from time to time presently
the guidelines are issued vide following bank circulars. The same are
attached. The
Detailed guidelines of the scheme is circulated vide our circular RAD 63/2016
dated 10.08.2016. |
|
Note:
I.
Processing & Documentation charges for
SCHEME — I & II — NIL. However out of pocket
expenses such as fee payable to bank approved advocate, Valuer etc. are recoverable from the borrower.
II.
Credit Linked insurance plan is available in
Scheme —I & II
III.
The outstanding balance for the loans
granted by AGIF to its members will be taken
over by the bank on the conditions stipulated in the MoU dated_________ & on
applicable terms & conditions of the
bank.
SCHEME — Ill
|
Particulars |
Details |
|
Existing
Eligibility |
As per
existing policy AGIF provides House Building Advance to its member's only while on active Army Service. |
|
Disadvantages |
Members who avail a loan or desire to avail a loan later in service
tend to |
|
Proposed period of new schemes |
This scheme offers a 20 years tenor to a loan included a moratorium
of not more than 18 months irrespective of the AGIF member's residual service/date of retirement. |
|
Method |
The loan
tenor would be split in two part, one with AGIF till the individual release /premature retirement / superannuation and the balance with PNB. |
|
Execution |
AGIF will
disburse the entire loan and the loan will the transfer to PNB 06 months before the individual date of release /premature retirement
/ superannuation. PNB will take over the loan
on their existing terms at the time of taken
nvpr |
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