A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • GIC Housing Finance Home Loan

    Home loans from GIC Housing Finance can be availed under various categories at interest rates ranging between 8.80% p.a.The maximum repayment tenure on the loans is 30 years and the maximum loan that can be availed is 90% of the value of the property.


    GIC Housing Finance Home Loan Interest Rate 2023

    GIC Housing Finance offers affordable interest rates and attractive features that make it easy to own your dream home. Here are the details of the home loans:

    Interest Rate 8.80% p.a. onwards
    Loan Amount Up to 90% of the property value
    Processing Fees Up to Rs. 3000 + GST
    Prepayment/Foreclosure charges Nil
    Max Tenure 30 years
    Rate packages available Variable rate

    Compare: Home Loan Interest Rate all Banks

    GIC Housing Finance Home Loan Offers

    GIC Housing Finance offers a variety of home loans that can be used for a wide range of purposes, from purchasing land to constructing or renovating a house. Here are the major loan schemes:

    1. Apna Ghar Yojana/Individual Housing Loan
      • Interest Rate ranging 8.80% p.a. onwards.
      • Can be used to buy new/old property or construct a house
      • Maximum loan of 90% of the value of the property
    2. Composite Loans
      • Can be used to purchase land and construct a house
      • Maximum loan of 60% of the property’s registered value
      • Variable interest rate that depends on CIBIL score
    3. Repair and Renovation Loan
      • Can be used for repair and renovation of your house
      • Loans in the range of Rs.5 lakh to Rs.15 lakh can be availed
      • Can be availed by both new and existing customers
    4. Home Extension Loan
      • Can be used for the addition of more space to your house
      • Loans in the range between Rs.1 lakh to Rs.7.5 lakh can be availed
      • Only existing customers can avail this loan
    5. Affordable Home Loans
      • Can be availed by salaried individuals, professionals, and businessmen
      • Maximum loan amount is Rs.20 lakh in rural areas and Rs.28 lakh in urban areas
      • The interest rate will depend on your CIBIL score

    GIC Housing Finance Home Loan EMI Calculator to Know Your EMI

    You can use the home loan EMI Calculator tool available on the BankBazaar website to calculate the equated monthly instalments (EMIs) you need to pay towards the repayment of your loan. Calculating the EMI is important to assess your affordability to repay the loan and to plan your monthly finances in a better manner.

    To calculate the EMI, you will just need to enter the loan amount, tenure, and the interest rate on the tool. On doing that your EMI will be calculated and shown to you, along with the total interest payable and total amount payable on the loan.

    Eligibility Criteria for GIC Housing Finance Home Loan

    The eligibility for availing the various home loans from GIC Housing Finance will depend on the type of loan the information of which can be found by contacting its nearest branch.

    Documents Required for GIC Housing Finance Home Loan Application

    You are required to provide the following documents to avail a home loan from GIC Housing Finance:

    Identity Proof PAN card/Passport/ Driving license/Voter ID card/Aadhar Card
    Residence Proof Utility Bills such as telephone, electricity bill, water bills, postpaid mobile bill etc./Ration card/ Rent Agreement/Letter from employer/Bank statement /copy of Passbook reflecting the address
    Income Proof Salaried applicants – Salary certificate or 12 months’ salary slips and 6 months bank statements Professionals – Qualification certificate, previous 3 years Income Tax Returns (ITRs), VAT/Service Tax/TDS Certificate/GST Returns, Profit and Loss account for past 3 years, audited balance sheet, and last 12 months bank statement Businessmen – Past 3 years ITRs with income computation, 12 months’ bank statement, Profit and Loss account for past 3 years, audited balance sheet, and VAT/Service Tax/TDS Certificate/GST Returns
    Property Documents Agreement of Sale, Allotment letter from builder, NOC from builder, Registration and stamp duty receipt, Own Contribution Receipt (OCR), Development Agreement, all builder linked documents, Partnership Deed, Tripartite Agreement, Sale Deed, NA order, Title Search Report, and Occupancy Certificate

    FAQs on GIC Housing Finance Home Loan

    1. Do I get additional benefits on availing a home loan from GIC Housing Finance?

      Yes. On availing any home loan from GIC Housing Finance, you will receive additional benefits of free accidental death insurance, free property insurance, and life insurance.

    2. Will I get any tax benefits on GIC Housing Finance home loan?

      Yes, you will be entitled to receive tax benefits under Section 24 and Section 80C of the Income Tax Act. A maximum deduction of Rs.1.5 lakh from the income can be availed.

    3. Through what modes can I repay my loan?

      You can repay your loan through National Automated Clearing House (NACH)/Electronic Clearing Service (ECS) by giving standing instructions to your bank. You can also repay your loan through post-dated cheques (PDCs) drawn on your savings/salary account.

    4. What is the maximum repayment tenure on the loan availed under PMAY?

      The loan availed under PMAY needs to be repaid in a maximum of 20 years.

    5. Can I do a balance transfer on my home loan availed from another lender?

      Yes, GIC Housing Finance allows you to transfer your loan balance from another lender to GICHFL at competitive interest rates.


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