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How to transfer home loan taken from bank to AGIF?

You must have heard about AGIF whose full form is Army Group Insurance Fund. AGIF provides insurance facility to the Indian Army. Apart from this, AGIF provides facilities like home loan, scholarship to defense dependent, car loan and computer loan. In this post we will talk about how defense person can transfer home loan taken from any bank or housing finance company to AGIF home loan.

First of all, let us tell you that only Defense Person who is a member of AGIF or subscriber of AGIF scheme can avail this facility. Some of the term conditions for transferring home loan to AGIF are given below.

Requirements to transfer home loan to AGIF

  1. The home loan to be transferred is treated like a fresh loan. That is, this applicant has to pay processing fee, application fee and other administrative charges.
  2. The loan amount is available only to the extent of the applicant's home loan pending with the bank.
  3. If the applicant has taken some part of the home loan from the bank and some part from AGIF, then the total loan amount will not exceed Rs.60 lakh.
  4. The home loan being transferred will also attract the same interest rate as the home loan taken before AGIF.
  5. The property on which the home loan is being transferred should be in the name of the AGIF member.
  6. If there is a joint owner of the property, then it is mandatory to have the first name AGIF applicant. Joint owner means that the property is in the name of AGIF member and his spouse.
  7. For your information, let us tell you that this loan transfer facility is not for top up loan, education loan, personal loan, child marriage, land purchase, purchase or construction of house outside India.

Above, we have covered the important eligibility and term conditions for transferring home loan to AGIF. Now let's talk about what are the documents required to transfer the home loan taken from a bank or housing finance institution to AGIF.

Documents required for loan transfer

  1. Application for loan transfer.
  2. Bank details.
  3. No Objection Certificate (NOC) from the bank.
  4. Balance Amount Certificate.
  5. Pay slip.
  6. Photocopies of the documents which have been deposited in the bank.
  7. AGIF, Triplicate agreement with builder and borrower
  8. Search cum Encumbrance certificate

How to transfer home loan to AGIF

To transfer the home loan to AGIF, one has to first prepare the above mentioned documents. After that all these documents are sent by the proper channel to the address mentioned below.

AGIF Bhawan

RAO Tularam Marg, Vasant Vihar

Post Bag No 14

New Delhi, Delhi 110057

If you need any information related to this, then you can contact on the official number of AGIF which is given below.

011-26148654

011-26148055

After the loan amount is sanctioned, it is directly transferred to the bank or housing finance company from which the loan has been taken. This amount is not transferred to the applicant. If we talk about the tenure of the loan, then it is up to 6 months before the retirement of the defense person. Friends, this was the complete procedure to transfer home loan in AGIF. If you liked the information, then definitely share it by clicking on the share button given at the beginning of the post.

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