diff --git a/arch/x86/include/asm/kvm_host.h b/arch/x86/include/asm/kvm_host.h
index 70af7240a1d5af..9208ad7a6bd004 100644
--- a/arch/x86/include/asm/kvm_host.h
+++ b/arch/x86/include/asm/kvm_host.h
@@ -2052,9 +2052,6 @@ enum {
 	TASK_SWITCH_GATE = 3,
 };
 
-#define HF_GIF_MASK		(1 << 0)
-#define HF_NMI_MASK		(1 << 3)
-#define HF_IRET_MASK		(1 << 4)
 #define HF_GUEST_MASK		(1 << 5) /* VCPU is in guest-mode */
 
 #ifdef CONFIG_KVM_SMM
diff --git a/arch/x86/kvm/svm/svm.c b/arch/x86/kvm/svm/svm.c
index 91352d69284524..512b2aa21137e2 100644
--- a/arch/x86/kvm/svm/svm.c
+++ b/arch/x86/kvm/svm/svm.c
@@ -1326,6 +1326,9 @@ static void __svm_vcpu_reset(struct kvm_vcpu *vcpu)
 	vcpu->arch.microcode_version = 0x01000065;
 	svm->tsc_ratio_msr = kvm_caps.default_tsc_scaling_ratio;
 
+	svm->nmi_masked = false;
+	svm->awaiting_iret_completion = false;
+
 	if (sev_es_guest(vcpu->kvm))
 		sev_es_vcpu_reset(svm);
 }
@@ -2470,7 +2473,7 @@ static int iret_interception(struct kvm_vcpu *vcpu)
 	struct vcpu_svm *svm = to_svm(vcpu);
 
 	++vcpu->stat.nmi_window_exits;
-	vcpu->arch.hflags |= HF_IRET_MASK;
+	svm->awaiting_iret_completion = true;
 	if (!sev_es_guest(vcpu->kvm)) {
 		svm_clr_intercept(svm, INTERCEPT_IRET);
 		svm->nmi_iret_rip = kvm_rip_read(vcpu);
@@ -3466,7 +3469,7 @@ static void svm_inject_nmi(struct kvm_vcpu *vcpu)
 	if (svm->nmi_l1_to_l2)
 		return;
 
-	vcpu->arch.hflags |= HF_NMI_MASK;
+	svm->nmi_masked = true;
 	if (!sev_es_guest(vcpu->kvm))
 		svm_set_intercept(svm, INTERCEPT_IRET);
 	++vcpu->stat.nmi_injections;
@@ -3580,7 +3583,7 @@ bool svm_nmi_blocked(struct kvm_vcpu *vcpu)
 		return false;
 
 	ret = (vmcb->control.int_state & SVM_INTERRUPT_SHADOW_MASK) ||
-	      (vcpu->arch.hflags & HF_NMI_MASK);
+	      (svm->nmi_masked);
 
 	return ret;
 }
@@ -3602,7 +3605,7 @@ static int svm_nmi_allowed(struct kvm_vcpu *vcpu, bool for_injection)
 
 static bool svm_get_nmi_mask(struct kvm_vcpu *vcpu)
 {
-	return !!(vcpu->arch.hflags & HF_NMI_MASK);
+	return to_svm(vcpu)->nmi_masked;
 }
 
 static void svm_set_nmi_mask(struct kvm_vcpu *vcpu, bool masked)
@@ -3610,11 +3613,11 @@ static void svm_set_nmi_mask(struct kvm_vcpu *vcpu, bool masked)
 	struct vcpu_svm *svm = to_svm(vcpu);
 
 	if (masked) {
-		vcpu->arch.hflags |= HF_NMI_MASK;
+		svm->nmi_masked = true;
 		if (!sev_es_guest(vcpu->kvm))
 			svm_set_intercept(svm, INTERCEPT_IRET);
 	} else {
-		vcpu->arch.hflags &= ~HF_NMI_MASK;
+		svm->nmi_masked = false;
 		if (!sev_es_guest(vcpu->kvm))
 			svm_clr_intercept(svm, INTERCEPT_IRET);
 	}
@@ -3700,7 +3703,7 @@ static void svm_enable_nmi_window(struct kvm_vcpu *vcpu)
 {
 	struct vcpu_svm *svm = to_svm(vcpu);
 
-	if ((vcpu->arch.hflags & (HF_NMI_MASK | HF_IRET_MASK)) == HF_NMI_MASK)
+	if (svm->nmi_masked && !svm->awaiting_iret_completion)
 		return; /* IRET will cause a vm exit */
 
 	if (!gif_set(svm)) {
@@ -3824,10 +3827,11 @@ static void svm_complete_interrupts(struct kvm_vcpu *vcpu)
 	 * If we've made progress since setting HF_IRET_MASK, we've
 	 * executed an IRET and can allow NMI injection.
 	 */
-	if ((vcpu->arch.hflags & HF_IRET_MASK) &&
+	if (svm->awaiting_iret_completion &&
 	    (sev_es_guest(vcpu->kvm) ||
 	     kvm_rip_read(vcpu) != svm->nmi_iret_rip)) {
-		vcpu->arch.hflags &= ~(HF_NMI_MASK | HF_IRET_MASK);
+		svm->awaiting_iret_completion = false;
+		svm->nmi_masked = false;
 		kvm_make_request(KVM_REQ_EVENT, vcpu);
 	}
 
diff --git a/arch/x86/kvm/svm/svm.h b/arch/x86/kvm/svm/svm.h
index 4826e6cc611bf1..587ddc150f9f34 100644
--- a/arch/x86/kvm/svm/svm.h
+++ b/arch/x86/kvm/svm/svm.h
@@ -237,8 +237,24 @@ struct vcpu_svm {
 
 	struct svm_nested_state nested;
 
+	/* NMI mask value, used when vNMI is not enabled */
+	bool nmi_masked;
+
+	/*
+	 * True when the NMI still masked but guest IRET was just intercepted
+	 * and KVM is waiting for RIP change which will signal that this IRET was
+	 * retired and thus NMI can be unmasked.
+	 */
+	bool awaiting_iret_completion;
+
+	/*
+	 * Set when KVM waits for IRET completion and needs to
+	 * inject NMIs as soon as it completes (e.g NMI is pending injection).
+	 * The KVM takes over EFLAGS.TF for this.
+	 */
 	bool nmi_singlestep;
 	u64 nmi_singlestep_guest_rflags;
+
 	bool nmi_l1_to_l2;
 
 	unsigned long soft_int_csbase;
@@ -280,6 +296,9 @@ struct vcpu_svm {
 	bool guest_state_loaded;
 
 	bool x2avic_msrs_intercepted;
+
+	/* Guest GIF value which is used when vGIF is not enabled */
+	bool gif_value;
 };
 
 struct svm_cpu_data {
@@ -497,7 +516,7 @@ static inline void enable_gif(struct vcpu_svm *svm)
 	if (vmcb)
 		vmcb->control.int_ctl |= V_GIF_MASK;
 	else
-		svm->vcpu.arch.hflags |= HF_GIF_MASK;
+		svm->gif_value = true;
 }
 
 static inline void disable_gif(struct vcpu_svm *svm)
@@ -507,7 +526,7 @@ static inline void disable_gif(struct vcpu_svm *svm)
 	if (vmcb)
 		vmcb->control.int_ctl &= ~V_GIF_MASK;
 	else
-		svm->vcpu.arch.hflags &= ~HF_GIF_MASK;
+		svm->gif_value = false;
 }
 
 static inline bool gif_set(struct vcpu_svm *svm)
@@ -517,7 +536,7 @@ static inline bool gif_set(struct vcpu_svm *svm)
 	if (vmcb)
 		return !!(vmcb->control.int_ctl & V_GIF_MASK);
 	else
-		return !!(svm->vcpu.arch.hflags & HF_GIF_MASK);
+		return svm->gif_value;
 }
 
 static inline bool nested_npt_enabled(struct vcpu_svm *svm)
