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.
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:
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:
Apna Ghar Yojana/Individual Housing Loan
Interest Rate ranging 9.10% - 12.50%
Can be used to buy new/old property or construct a house
Maximum loan of 90% of the value of the property
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
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
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
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
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
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.
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.
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.
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.
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.
GIC Housing Finance convened its board meeting on 12 September 2020. The loan co-origination agreement between the company and India Bulls Housing Finance was approved by the board. It also appointed a new Additional Director (non-executive), S.N. Rajeswari.
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Long back ago, i have taken the home loan from GIC Housing finance. Its because of the immediate process, i have selected this bank. Interest rates were normal because it was 8.35%. I bought the loan amount of Rs. 2.5 lakhs and the documentation process was hassle free. I have chosen a duration of 10 years to close this loan. I have already close the loan 5 years before and they have given me a NOC letter also.
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.
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.
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.
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2
RAVI SHAANKAR MISHRA
, ghaziabad
Reviewed on Jun 24, 2019
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.
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.
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.
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.
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.
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2
TUSHAR DILIP PATIL
, thane
Reviewed on May 13, 2019
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.
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2
NAGESWARAO VEMULA
, hyderabad
Reviewed on Apr 23, 2019
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.
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16
SANTOSH GHANSHYAM TIWARI
, thane
Reviewed on Mar 06, 2019
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.
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6
SURAJ KUMAR SHAW
, kolkata
Reviewed on Feb 27, 2019
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.
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3
SREEKIRAN KONDIPARTHI
, hyderabad
Reviewed on Feb 20, 2019
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.
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0
SUJIT LAXMAN LOMATE
, pune
Reviewed on Feb 18, 2019
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.
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.
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0
HARI PRASAD PRASAD KUPPILI
, vijayawada
Reviewed on Feb 11, 2019
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.
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4
YOGESH CHAND RAICHURA
, mumbai
Reviewed on Feb 02, 2019
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.
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.
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6
RAVI KIRAN KILARI
, hyderabad
Reviewed on Jan 21, 2019
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.
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9
RAJIVKUMAR SHARAD MISHRA
, mumbai
Reviewed on Dec 27, 2018
