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.
The interest rate applicable on GIC housing loans starts from 10.25% onwards.
Any adult income earning Indian citizen is eligible to apply for this housing loan.
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.
Unless the applicant provides evidence of satisfactory income levels/stability, an existing loan may affect your chances of getting a new loan.
Yes, the spouse/co-applicant’s income shall be considered for determining the loan eligibility, only if the person fulfils the eligibility criteria.
Yes, your application may be considered for a minimum tenure of 5 years, provided that the loan shall be repaid on your retirement.
Yes, as per the applicable RBI guideline, NRIs (persons of Indian origin holding foreign passports) are eligible for this loan.