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

    GIC Housing Finance Limited was incorporated in 1989 with the aim of lending directly to both corporates and individuals to help facilitate easier and faster housing finance in the country. GIC offers attractive interest rates for individual housing loans that start from 9.20% onwards. Loans taken from GIC can also be switched between schemes (subject to the company policy and with nominal fees).

    Features and Benefits of the Loan:

    GIC Housing Finance offers several value-added benefits on the home loan such as:

    • Property is insured for free against allied risk and fire
    • Property is insured for free against accidental death of the borrower
    • Any number of part repayments can be made over the loan’s tenure.
    • There are no charges on part repayment of the loan before the tenure ends.

    Who is Eligible for GIC Housing Finance Home Loans?

    GIC Housing Finance decides the eligibility criteria based on a number of factors such as:

    • Repayment ability
    • Income
    • Existing loans or other repayment obligations
    • Tenure
    • Age
    • Educational qualifications
    • Continuity and stability of income
    • Repayment history
    • Savings habits
    • Assets and liabilities (this is subject to the requirements of the margin and ceiling of the loan as per the company’s approved policy)

    Documents Required for GIC Housing Finance:

    Documents that provide proof of employment, annual income, residence, etc., have to be submitted along with photograph of the applicant and co-applicant, if any. Some of the required general documents are the following:

    • Copy of the salary slips of the previous 3 months
    • Copy of Form 16 or the annual income statement of the financial year preceding
    • Copy of the bank statement or passbook
    • Form No. F-23 and F-24, Banker’s Opinion
    • Copy of the credit card statements, if any
    • Copies of proof of qualifications
    • Biodata with details of previous employment
    • For proof of identity, copies of any one of the following:
      • Passport
      • Ration card
      • Voter ID
      • Pan card
      • Telephone bill
    • Details of the family members who reside with the applicant or co-applicant, such as their age, name, relation, dependency, status, etc.
    • Proof of income of the guarantor along with the following:
    • Photograph
    • Most recent salary slip(s) for the last 3 months
    • Copy of ration card/copy of I-card

    Documents Required for Salaried Individuals:

    Apart from the general documents listed above, the following is also required as proof of income for salaried individuals:

    • Form F-22
    • Employment verification form
    • Details as per the employment verification form certified by the employer

    Documents Required for Self-Employed Individuals:

    Apart from the general documents listed above, the following documents have to be submitted by self-employed individuals:

    • Business profile
    • Computation of the income statements
    • Profit & Loss statements
    • Copies of the income tax returns of the previous two years
    • Duly verified balance sheets (the originals may have to be produced for purposes of verification)

    GIC Housing Finance Loan EMI Calculator:

    GIC offers a free online loan EMI calculator that generates an amortisation chart with details of your principal amount and interest amount on a reducing basis across the entire repayment period. This is an easy-to-use tool where you have to enter a few basic details such as your loan amount, tenure, interest rate, instalment date, etc.

    Pradhan Mantri Awas Yojana:

    GIC offers a Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas Yojana. Under the scheme, beneficiaries belonging to Low Income Group (LIG) and Economically Weaker Section (EWS) will receive an interest subsidy of 6.5% over a repayment tenure of 20 years (or during the loan tenure, whichever is lower).

    The interest subsidy is credited to the loan amount on an upfront basis. This results in reduced Equated Monthly Instalments (EMI). The interest subsidy’s Net Present Value (NPV) is calculated at a rate of discount of 9%. The interest subsidy for LIG and EWS is valid till the year 2022.

    The ownership of the houses that are constructed or purchased under this scheme should be either in the name of the female head of the household or as joint ownership between the male head and his wife.

    The loan can be utilised for the purchase, construction, renovation, and extension of houses.

    FAQ:

    1. Are NRIs eligible for the loan?
    2. Yes, NRIs are eligible for the GIC loan.

    3. How much fees should be paid?
    4. A nominal administrative fee and processing fee has to be paid.

    5. Can the loan eligibility be increased based on the income of the spouse or a co-applicant?
    6. If the spouse or a co-applicant fits the other eligibility criteria for the loan, then their income too can be taken into consideration.

    7. If you have just a few years to go till retirement, will you still be eligible for the loan?
    8. Yes, provided you repay the loan on your retirement, a minimum term of 5 years will be provided.

    9. What is taken as security for the loan?
    10. The primary security for the loan is the mortgage of the financed property. Other collateral securities that are taken into consideration include fixed deposits, LIC policies, NSCs, personal guarantee, or other immovable property.

    11. Are there charges for repaying the loan ahead of schedule?
    12. There are no charges for part repayment of the loan ahead of time. However, full closure of the loan ahead of the schedule has charges.

    13. Can the loan be switched from a variable rate loan to a fixed rate loan or vice versa?
    14. Yes, it can be switched between schemes with a charge of nominal fees.

    15. Are there tax benefits on the loan?
    16. Yes, you are eligible for several tax benefits under the Income Tax Act 1961 and the Wealth Tax Act 1957. To avail these benefits, an income tax certificate is issued by GIC on an annual basis which has to be submitted at the time of filing of tax returns.

    17. How is the loan disbursed?
    18. The loan is disbursed either as a part disbursement or a full disbursement.

    19. How is the loan repaid?
    20. The loan is repaid through post-dated cheques for the duration of the loan and the scheme. Depending on the bank in which your salary account exists, it can also be remitted directly from your salary account. EMIs can also be paid with demand drafts or cash directly at the branches of GIC.

    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
      "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? 0
      , new delhi
      Reviewed on Jun 12, 2019
    • review
      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? 0
      , 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? 9
      , 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? 4
      , 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? 2
      , 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? 2
      , 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? 3
      , 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
    • review Home Loan
      "Best in Need"
      0.5 4.5/5 "Excellent!"
      I would recoommend everyone to go for GIC housing finance as they listen to you and give you what you eligible for, I still remember when i had gone to apply home loan they sanctioned the amount in just two days and after that for verification and all it took time but i was glad the way they handled my application. This is one of the best experience i had and would suggest everyone to go for it if you are looking for any Home loan., because they have the reasonable interest rate somewhere around 8.5%.
      Was this review helpful? 5
      , mumbai
      Reviewed on Nov 10, 2018
    • review Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my home loan with GIC HOUSING FINANCE LTD, it has been good experience till now, the loan amount which they had provided had been satisfactory as well. The interest rate which they had offered also had been good and there has not been any additional charges which had been made.
      Was this review helpful? 1
      , pune
      Reviewed on Oct 30, 2018
    • review Home Loan
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      It had been a good experience i had with this Home loan and the loan amount which they had provided had been satisfactory as well. The interest rate which they had offered also had been good and there has not been any additional charges which had been made.
      Was this review helpful? 3
      , delhi
      Reviewed on Oct 17, 2018
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