Air Force Station Race, Course, New Delhi-110003 Telephone: 011 - 2379-3462/3463, 2379-2880/2881 FAX: 011-23014942
Payment Procedure
 
Mode of Payment
All payments are to be remitted by Bank Drafts or Pay Order (Banker's Cheque) or Delhi's local cheque in favour of 'Air Force Naval Housing Board' payable at New Delhi. The name and registration number of the Allottee are to be endorsed on the reverse each Cheque or Draft. Payment in cash or outstation cheque will not be accepted. However, payments against last installment after due date, but before taking over the DU will be accepted through bank draft or banker's cheque only to facilitate issue of Possession Letter. Last dues up to Rs.5000/- (Rupees five thousand only) may be accepted in cash if paid at AFNHB, New Delhi. At all stages of remittance of payments due, it will be the responsibility of the Allottee to ensure that the relevant instruments of payment are fully honoured, failing which due penalties will be levied and no refund will be made. No notice to this effect will be given by AFNHB. All installments should be paid before or by noon of the due dates mentioned in the Allotment Letter. In case the allottee is not in a position to make payment of any installment by the noon of the due date, the allottee must apply to the Board with full justification before the expiry of date for extension of time limit. The Board at its sole discretion may extend the payment date beyond the due date up to a maximum period of 120 days. However, all extension of payment dates will be charged penal interest.
Equalisation / Delayed Payment

In order to bring all late joining allottees of a Scheme at par with the original allottees and to act as a deterrent against delayed payment, charges as follows are levied from late joiners and for delayed payments. The charges so collected are not being retained by the Board but are ploughed back into the project fund, thus benefiting the allottees

(a)    Equalisation Charges by Waitlisted / Late Joiners. In order to bring all late joiner allottees of a Scheme at par with the original Allottees all waitlisted Registrants not making regular payments and late joiners will be required to pay Equalisation Charges on all amounts already called up to that time, at the rate of 8.5% per annum. The Equalisation Charges on the outstanding amount(s) will be calculated from the initial closing date of Scheme unless governed by the terms of other Rules. Withdrawals from the scheme by late joining applicants will be governed by rules as already promulgated.

(b)    Charges on Delayed Payment of Installments. Registrants making payments later than due date of installment will be charged delayed payment charges as mentioned below:-

  TILL 31/08/01 FROM 01/09/01 TO 31/10/02
(At the Rate of Per Annum)		 WEF 01/11/02
(i) Delayed Payment Charges for delayed payments upto 30 days  13.5% 12.0% 11.0%
(ii) Delayed Payment Charges for delayed in payment beyond 30 days
15.0% 14.0% 12.5%

(iii)     If the payment of any installment or any called amount is overdue by more than 120 days due to any reasons whatsoever including dishonoured cheque, the registration in the Scheme is liable to be cancelled without any further notice. Normally the Board will issue notices to defaulters from time to time, but due to postal snag or any other reasons, the notice may not reach certain individuals. In any case, it will be the Registrant's / Allottee's responsibility to ascertain his or her dues and make payments to the Board in time. The amount paid by the Registrant / Allottee will be refunded as per rules.

Note: Equalisation / Delayed Payment Charges will be calculated on daily accruable basis. The date of payment would be taken as the date on which the bank drafts or pay orders (Banker's Cheque), local cheque is credited in AFNHB's Bank Account. Normally three working days are allowed for the said payment or installment to be received by the Board. The equalisation charges / delayed payment charges collected are ploughed back to the project account. Equalisation Charges / delayed payment charges on daily accruable basis will be levied irrespective of whether extension for payment is granted or otherwise.
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