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  • GIC Housing Finance Home Loan

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  • Home loans from GIC Housing Finance can be availed under various categories at interest rates ranging between 9.10% and 12.50% 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.
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    GIC Housing Finance Home Loan Details

    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:

    MCLR Contact the lender
    Loan Amount Up to 90% of the property value
    Processing Fees Contact the lender
    Penal Interest Rate Contact the lender
    Prepayment/Foreclosure charges Nil
    Max Tenure 30 years
    Rate packages available Variable rate

    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

    • Can be used to buy new/old property or construct a house
    • Maximum loan of 90% of the value of the property
    • Maximum repayment tenure is 30 years
    Interest Rate 9.10% - 12.50%
    Processing Fees Contact the lender

    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
    Interest Rate Contact the lender
    Processing Fees Contact the lender

    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
    Interest Rate Contact the lender
    Processing Fees Contact the lender

    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
    Interest Rate Contact the lender
    Processing Fees Contact the lender

    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
    Interest Rate Contact the lender
    Processing Fees Contact the lender

    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, 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.

      

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    GIC Housing Finance Home Loan Reviews

    • review Home Loan
      "Worst ever service and extra commission asked "
      0.5 0.5/5 "Unacceptable"
      I've been to M G ROAD branch for a loan transfer at GIC for a second sale of property. 1st thing was the back people assigned a person and he's behind his commission other than bank's charges. I complained this to BM and looked like he's also supporting the same. Even worst part is that, bank people do not know where the process is going on and nobody is responsible for any queries. I had my personal verification 2 weeks back and still bank said they've not received confirmation. When checked again they're saying that it's been sent in two folders. Don't know how could be so irresponsible they're that do not check their inbox. Frustrated and I'd never ever go for this bank and suggest to anyone. It's just a money making people's hub in there. It's all bank's duty to do all verifications aand they take fees for that. On and above that they ask commission to process the request. Send like bribery is allowed here in the name of commission and everyone has their part in that.
      Was this review helpful? 5
      , bangalore
      Reviewed on Aug 16, 2019
    • review
      review Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my housing loan with GIC housing finance ltd from past six years, The loan amount which they have given to me was sufficient, they have given me loan as based on my requirement, the rate of interest they have charged me was nominal, so far i did face any issue.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 27, 2019
    • review Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been holding housing loan with GIC housing finance from long time, the loan amount which they have given to me was sufficient , they have given me as per my requirement, they have not charged me processing fee as it was waived off. Still this loan is running.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Jun 24, 2019
    • review Home Loan
      "Good Experience with better facility"
      0.5 5.0/5 "Blown Away!"
      In GIC housing finance, the home loan interest is very much convenient, they are charging 9% of interest. The loan amount was sanctioned as per the amount requested from my end. I visited to the branch twice, remaining the field executive came to my place and completed the process. The bank is giving 8.5% of interest here 9% hence slightly more but its good. I took the loan before 6 years they do have balance transfer, part payment and pre closure.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 12, 2019
    • review Home Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have taken home loan in GIC HOUSING FINANCE LTD for more than one year. The amount is much sufficient to use for the duration of 15 years. On time the loan got sanctioned from their end. The rate of interest is good. I would like to suggest whenever reach them directly there should be proper response.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 09, 2019
    • review Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I had taken my Home loan from GIC HOUSING FINANCE LTD and the process in getting the loan was pretty much simple where it just took two weeks for the disbursement of the loan amount. The interest rate with them is also pretty good but after getting loan the response from their end has not been that good. They don't have a mobile application or a website to do things online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • review Home Loan
      "Need to decrease charges"
      0.5 3.0/5 "Satisfactory"
      I am using the home loan with GIC HOUSING FINANCE LTD since from last last year, as per my expectation I received a loan amount for the duration of 24 years. The rate of interest is high when compare to other.The fee is nominal. On time I received a loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2019
    • review Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I am using the home loan with the GIC HOUSING FINANCE LTD since from last 2 years, the documentation process was simple and easy to get the loan. The loan amount was good and also the rate of interest was nominal with this loan and comfortable to use.
      Was this review helpful? 0
      , thane
      Reviewed on May 13, 2019
    • review Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken my Home loan a long time back and the process in getting the loan has been pretty good. The loan amount has been sufficient and the interest rate which they offered has been nominal when compared with the market rate. Their customer support team has also been helpful during the process in getting the loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Apr 23, 2019
    • review Home Loan
      "Not satisfied with the service"
      0.5 1.0/5 "Really Bad"
      I had taken this loan a very long time back and the experience i had with them has not been that great. There has not been a proper response from their end and the interest rate and charges which they had made has been pretty much high. I am hoping to do a balance transfers from them soon.
      Was this review helpful? 12
      , thane
      Reviewed on Mar 06, 2019
    • review Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Home loan was taken with GIC housing finance,and the loan amount which they have given me was up to 18,00,000 which was sufficient for me, and the rate of interest they have charged me was less compare to other bank, and even they have charged me nominal processing fee,there was no hidden charges.
      Was this review helpful? 5
      , kolkata
      Reviewed on Feb 27, 2019
    • review Home Loan
      "Loan goes smoothly"
      0.5 5.0/5 "Blown Away!"
      The builder and bank had a tie up with GIC housing and he recommended me about to take the home loan from them. The interest rates were good one which is 8.65%. I have received the loan on time and the service has been good. Total tenure period of the loan is 15 years. Overall, it was smooth loan process.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Feb 20, 2019
    • review Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was a great experience i had with Bank Bazaar where the process in getting this loan has been quite smooth and simple. The loan amount has been sufficient and the interest rate with them has been nominal when compared with the market rate. There has not been any hidden charges with them as well.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 18, 2019
    • review Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I had been holding my personal loan with GIC housing finances. The loan amount which they have given me was sufficient,but the rate of interest they have charged me was high compare to other bank, and even they have charged me high processing fee, they have charged me up to 1.5% on loan amount.now i have successfully closed this bank account.
      Was this review helpful? 3
      , mumbai
      Reviewed on Feb 16, 2019
    • review Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my housing loan with GIC housing finances. The loan amount which they have given me was sufficient, and they have charged me rate of interest up to 9.3% it is nominal, the rate of interest was fixed, and they processing fee they have charged me was nominal, still this loan is running.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Feb 11, 2019
    • review Home Loan
      "Higher Interest rates"
      0.5 3.0/5 "Satisfactory"
      For some personal reason i have chosen the GIC housing finance for my home loan. The interest rates are very high and the processing fee was average. There is a little bit delay in sanctioning the loan. Documentation process was normal. They are offering a pre-closure and partial payment facility. I have selected the tenure period of 30 years.
      Was this review helpful? 3
      , mumbai
      Reviewed on Feb 02, 2019
    • review Home Loan
      "Nothing Great Loan "
      0.5 4.0/5 "Great!"
      I have purchased a home loan from GIC. I have received the satisfactory services from their branch. I was in a floating interest rate even though its very high compared to high hence I'm planning to do the balance transfer. 8 years back, i have got this loan. They have sanctioned the loan bit delayed due to their server and all other litigation.
      Was this review helpful? 3
      , kolkata
      Reviewed on Feb 01, 2019
    • review Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I had taken my home loan previously with GIC housing finance, they have charged me rate of interest too high, i feel they are charging highest rate of interest in India, they have charged me up to 8.87%, which too high, they have charged me processing fee 2% from the sanction loan amount,and they have taken administration charges as well, i took loan amount up to 14,00,000 which is not sufficient i had expected a bit more,this loan is still running,there customer service is not customer friendly.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jan 21, 2019
    • review Home Loan
      "Bad experience"
      0.5 2.0/5 "Expected more"
      I had taken my home loan previously with GIC housing finance, they have charged me rate of interest too high, i feel they are charging highest rate of interest in India, they have charged me up to 11.50%, which too high, they have charged me processing fee or not i have no idea,as i have taken 4 years before this loan, and there is many hidden charges , now i have transfer to other bank.
      Was this review helpful? 4
      , mumbai
      Reviewed on Dec 27, 2018
    • review Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been holding loan against property with GIC HOUSING FINANCE, there service is not great still is okay, the loan amount they have given me was sufficient, and rate of interest they have charged me was up to 8.9% which was nominal, but processing fee was bit high, but i face issue in paying my EMI , like if i missing the date there is no on line facility to pay my emi, i need to go to that specific branch and pay my emi, not all branch is accepting the emi payment.
      Was this review helpful? 3
      , bangalore
      Reviewed on Dec 11, 2018
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