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

    • review Home Loan
      "Balance transfer charges has to be reduced"
      0.5 4.0/5 "Great!"
      GIC Housing Finance offered me the higher side of loan, If do the balance transfer to other bank I should pay 30% of fee to GIC. I thought of doing balance transfer from GIC housing finance to HDFC Ltd with the interest of 8.5%, unnecessarily I should pay the fee of Rs.65,000. So I continued with GIC Housing Finance, earlier they offered the interest rate of 10.25 now they reversed into 9.25% on my home loan.
      Was this review helpful? 0
      , delhi
      Reviewed on Mar 15, 2017
    • review Home Loan
      "Most Disgusting service "
      0.5 0.5/5 "Unacceptable"
      I have applied and got home loan on Feb-2015. Property got registered on June-2016. I am yet to get the certificate for list of original doc they are holding. I am continuously following up for more than 6 months no result. And most sad thing is, they are yet to take out the Sale deed from Registration office its more than 1 year!! I can check it from govt website. Just few days ego I got the doc for insurance, after I don't have any idea what is the status of loan, no monthly statement. No IT advantage! People are very lazy.....
      Was this review helpful? 1
      , kolkata
      Reviewed on Jul 15, 2016
    • review Home Loan
      "Moderate experience"
      0.5 3.0/5 "Satisfactory"
      My home loan was taken from GIC housing finance Ltd. The rate of interest was 10.25% which I felt was pretty much on the higher side. They charged me a processing fees of Rs.25K. The loan amount I applied and availed was Rs.10Lakhs. The overall home loan process took about a month and I did face quite a bit of difficulties while the processing.
      Was this review helpful? 3
      , noida
      Reviewed on Jun 27, 2016
    • review Home Loan
      "In urgency customer can take loan here "
      0.5 5.0/5 "Blown Away!"
      The service provided was fabulous with GIC housing finance.The processing time is very less.They communicate with the customer in a fast manner.They are very transparent and no unnecessary charges are applied in the account.In case of urgency customer can process the loan through GIC housing finance.
      Was this review helpful? 1
      , raipur
      Reviewed on May 28, 2016
    • review Home Loan
      "Good in rare cases...."
      0.5 3.0/5 "Satisfactory"
      I thought to make balance transfer from GIC Housing finance because their rate of interest is high. As here at the GIC housing finance the rate is 10.95% but in market 9.5%. They do not have web portal for existing customers so it is tough to follow the loan tracks. For any communication I have to call their branch or need to write a mail.
      Was this review helpful? 6
      , ghaziabad
      Reviewed on Mar 08, 2016
    • review Home Loan
      "Okay"
      0.5 4.0/5 "Great!"
      I have taken the housing loan with the GIC housing finance limited. The response is good with them and the customer service is okay for me like they dont have the generic customer care number. The loan amount got disbursed within thirty days of time.
      Was this review helpful? 2
      , bangalore
      Reviewed on Mar 01, 2016
    • review Home Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      GIC housing finance has been good in their services. I have taken my home loan from them. The response was very good. The rate of interest was normal too. The processing charges was reasonable. Overall a good experience.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 22, 2016
    • review Home Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      GIC housing finance has the minimum process for the home loan. The interest rate is little high comparing with the nationalized and cooperative banks. The paper work are as per rules. My disbursement was done maximum in 15 days after the legal process.
      Was this review helpful? 3
      , mumbai
      Reviewed on Dec 31, 2015
    • review Home Loan
      "Quick service "
      0.5 2.5/5 "Just OK"
      Initially I have applied for the home with HDFC limited but it got rejected. Later applied with GIC HOUSING FINANCE LTD and with in 25 days they have completed the processing and disbursed the loan amount to me. My relative has suggested to avail this loan from them. But I want to transfer this loan to some other bank only because of the higher rate of interest.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 11, 2015
    • review Home Loan
      "Average"
      0.5 2.5/5 "Just OK"
      I got the home loan with the GIC housing finance limited and the loan amount got disbursed within thirty days of time. The services are not that much good and the rate of interest was around 10.25%. They are having the huge documentation , also they are not visiting the site after some extent.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 10, 2015
    • review Home Loan
      "Housing loan is GIC loan"
      0.5 5.0/5 "Blown Away!"
      I got closed the housing loan with the GIC housing finance limited for the rate of interest as 8%. The services are good with them . There are no drawbacks as such with them. I got the NOC documents from them after 21 days of time from when I closed the loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 09, 2015
    • review Home Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I got the housing loan with the GIC housing finance limited for the rate of interest as 14% which is fixed. Services are nominal with them because they have not started with the ECS date till now after the loan amount got disbursed them . I already informed to them but they have not responded me till now. Processing charges are nominal with them and am fine with them. The loan amount got disbursed within 3 months of time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2015
    • review Home Loan
      "Average experience"
      0.5 3.0/5 "Satisfactory"
      GIC housing finance disbursed the home loan with 20 day. The interest rate was high initially they give 10.5% and after 6 month they charged 12.5%. They included the policy without any information along with the loan.. I provided required document on time so there was no issue.
      Was this review helpful? 3
      , faridabad
      Reviewed on Oct 31, 2015
    • review Home Loan
      "Easy to get the loan "
      0.5 2.0/5 "Expected more"
      They have approved the loan within 15days and the interest offered was also good.The documentation process was simple like others with GC housing finance based on the home loan.The best part of them is their service.They have came to my place and processed the loan very soon.
      Was this review helpful? 2
      , new delhi
      Reviewed on Oct 22, 2015
    • review Home Loan
      "Fair Service!!!"
      0.5 3.0/5 "Satisfactory"
      My home loan got disbursed with Gic Housing Finance. My experience was really good with them I havenâ??t faced any issues with them. Interest rate was floating one I am happy with that. Charges are very nominal. Service was not that good enough, it can be improved still.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 08, 2015
    • review Home Loan
      "Good one"
      0.5 4.0/5 "Great!"
      GIC housing finance limited is very good. Interest rate offered by them was 12.5%. I am holding this housing loan for a period of 3.5 years. GIC norms were quite flexible and they were ready to provide housing loans easily. On the contrary other bank norms were not flexible.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 29, 2015
    • review Home Loan
      "Good At Services"
      0.5 4.5/5 "Excellent!"
      My builder has recommended me to avail my home loan from GIC HOUSING FINANCE LIMITED. They have taken just eight days to complete my processing. I complete paying four months of EMI now. I got some discounts in my processing fees. All my EMIs paid through cheque only.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 24, 2015
    • review Home Loan
      "Good Bank"
      0.5 4.5/5 "Excellent!"
      It was very difficult to get a home loan from the private banks. So, i took the loan from GIC housing finance ltd. Interest rate charged was nominal. I pay the monthly EMI of Rs.18,000.They took 1month for the disbursement. They required many documents for the process . An interview was also held and many question were asked regards to my work.
      Was this review helpful? 3
      , faridabad
      Reviewed on Jul 17, 2015
    • review Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a Home Loan from GIC. The offer was good and the interest rate was nominal. Their customer service is not bad and they respond well. I am very much satisfied with their service. I can say that GIC is the best compared to any other private banks in serving their customers.
      Was this review helpful? 4
      , coimbatore
      Reviewed on Jul 08, 2015
    • review Home Loan
      "Do Not go For GIC Housing Finance For any Loan .... "
      0.5 0.5/5 "Unacceptable"
      All People be careful before u apply for a Home Loan in GIC its a money making company where the agents demand 3% commssion on the loan amount which is taken by the agent,and forwaded to senior officers in GIC, as GIC never entertains people directly,everything is done thru an agent , i will say to all the people do not go for Any type of loan at GIC .
      Was this review helpful? 25
      , mumbai
      Reviewed on Jul 04, 2015
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    GIC Housing Finance Home Loan is Rated as "Pretty good" by 20 Users

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    Home Loan BYTES FROM OUR KITCHEN
    rated 3.5/5.0 by 20 users

    Home loans from GIC Housing Finance Ltd.

    Housing is one of the basic necessities of life, the demand for which has been grown rapidly over the past few years. It is also one of the most valuable investments which can be made. As the country’s population is increasing, the demand for procuring shelter has also been on the rise. It is primarily due to these reasons that there has also been a rise in the institutions which help in providing finance to purchase residential spaces. Among many such institutions is GIC Housing Finance Ltd. which provides home loans with some of the most customer friendly terms.

    GIC Housing Finance Limited was established in 1989 with the objective of lending capital to individuals and business organizations for the construction of houses / flats for residential purposes. Read on to find out more about loans offered by GIC.

    Features of GIC Housing Finance Ltd. Home Loan:

    • You may make payment on your home loan in multiple ways like postdated cheques, direct debit from salary, demand drafts or in cash.
    • Avail tax benefits on your housing loan under the Income Tax Act 1961.

    GIC Housing Finance Home loan Documentation:

    Income Documents:
    • Salaried – Employment verification form and Form-F-22
    • Self-employed – Income Tax Returns for last 2 years (copy), duly certified balance sheet, profit & loss account, computation of Income statements and business profile.
    General Documents:
    • Form No.16 or Annual Income Statement, as specified under Income Tax Act, for the last year.
    • Salary slips for the last 3 months.
    • Bankers Opinion, Form No. F-23 & F-24.
    • Bank statement / pass book (copy).
    • Credit card statements (copy).
    • Resume/Bio-data providing past employment details.
    • Evidence of qualifications (copy).
    • ID proof like passport, Ration card, PAN card, telephone bill, Voter card, etc.
    • Guarantor(s) income proof along with the latest salary slip, photo and copy of I-Card/Ration card.
    • Details (name, age, relation, status, dependency etc.) of family members who are living with the applicant / co-applicant.

    GIC Housing Finance Ltd. Home loan Interest Rates:

    The interest rate applicable on GIC housing loans starts from 10.25% onwards.

    FAQs:

    1. Who is eligible to apply for a GIC housing loan?

      Any adult income earning Indian citizen is eligible to apply for this housing loan.

    2. What are the factors which determine the loan amount?

      The loan amount is determined by factors such as the applicant’s income stability & continuity, age, qualifications, saving habits, duration of an existing loan (if any), repayment capacity, assets and liabilities, etc.

    3. I have an existing loan. Will that affect my chances of getting a GIC home loan?

      Unless the applicant provides evidence of satisfactory income levels/stability, an existing loan may affect your chances of getting a new loan.

    4. For determining loan eligibility, will the co-applicant/spouse’s income be taken into consideration?

      Yes, the spouse/co-applicant’s income shall be considered for determining the loan eligibility, only if the person fulfils the eligibility criteria.

    5. I will be retiring in a few years. Am i eligible to apply for a GIC home loan?

      Yes, your application may be considered for a minimum tenure of 5 years, provided that the loan shall be repaid on your retirement.

    6. I am an NRI. Am I eligible to apply for this loan?

      Yes, as per the applicable RBI guideline, NRIs (persons of Indian origin holding foreign passports) are eligible for this loan.

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