AGIF (Army Group Insurance Fund) MOU WITH PNB Bank

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AGIF (Army Group Insurance Fund) MOU WITH PNB Bank – The PNB Bank has done MOU with AGIF for providing House Loan to Defence Personnel. This is an important collaboration that will help immensely the defence personnel for Home Loan.

Scheme 1 Salient Features:-

The salient features of the housing loan under PMAY (Pradhan Mantri Awas Yojana) with Primary Loan by PNB (Punjab National Bank) and Top-up Loan by AGIF (Army Group Insurance Fund) are as follows:

Subsidy Benefit: The loan is designed to help the members of AGIF in availing the subsidy benefits provided under PMAY. PMAY is a government scheme that aims to provide affordable housing to economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG) in India.
Loan Amount: The loan amounts vary based on the income category of the applicant:
- EWS & LIG: Up to Rs. 6,00,000/-
- MIG-I: Up to Rs. 9,00,000/-
- MIG-II: Up to Rs. 12,00,000/-
Rate of Interest: The applicable rate of interest for the housing loan is as per the rates specified for PNB Pride. The exact interest rates can be obtained by referring to the relevant documentation or by visiting the PNB website.

Scheme 2 Salient Features:-

The salient features of the housing loan under PMAY with a Primary Loan by AGIF (Army Group Insurance Fund) and a Top-up Loan by PNB (Punjab National Bank) are as follows:

Loan Structure: The primary loan for housing is provided by AGIF, and the top-up loan is provided by PNB. This means that AGIF will be the primary lender, and PNB will offer a top-up loan on the existing loan amount.
Top-up Loan Amount: The top-up loan amount provided by PNB can go up to Rs. 20 lahks. This amount is in addition to the loan amount provided by AGIF.
Rate of Interest: The rate of interest for the top-up loan by PNB will be as applicable under the Housing Loan for PNB Pride. To determine the exact interest rates, it is advisable to refer to the relevant documentation or visit the PNB website for the most up-to-date information.

Scheme 3 Salient Features:-

House Building Advance for AGIF Members: AGIF provides House Building Advance to its members while they are in active Army service. This advance is specifically meant for constructing or purchasing a house.
Repayment Terms: The loan provided by AGIF is repayable by the date of superannuation. This means that members need to repay the loan in full before their retirement from the Army. Additionally, members who avail a loan later in their service may receive a lesser loan amount due to the reduced tenor. This shorter tenor may result in higher equated monthly installments (EMIs), which can exceed the individual’s monthly repayment capacity.
Loan Takeover by PNB: AGIF will grant the loan to its members for a 20-year period. After a certain period, typically when the member is close to retirement, PNB will take over the balance outstanding of the remaining loan tenor. At this point, PNB becomes the lender, and the member will continue repaying the loan to PNB as per the terms and conditions set by the bank.

Rate of Interest: The rate of interest applicable to the loan at the time of takeover by PNB will be determined by the prevailing interest rates. The exact rate of interest can be obtained from PNB at the time of loan takeover.

Full waiver of Processing & Documentation charges for all the schemes

Under this scheme of PNB, there is a full waiver of all the charges of processing and documentation for the defence personnel

Following is the Website for More information on AGIF:-

AGIF Indian Army