GIC Housing Finance Home Loan

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:

• 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.

• 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.