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| GIC Home Loan Highlights |
|
| Interest Rate | 8.80% p.a. onwards |
| Loan Amount | 75% to 90% of the property value |
| Loan Tenure | Up to 30 years or retirement age (60 yrs. for salaried and 70 yrs. for self-employed individuals) |
| Processing Charges | Rs. 3,000 + GST |
Note: Interest rates as of 18 August 2025
Table of Contents
GIC Home Loan Interest Rate
GIC home loan interest rate starts from 8.80% p.a. onwards. However, the interest rate at which the GIC Housing Finance Limited will sanction home loans depends on various factors such as credit score, loan amount, type of employment, etc.
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Also check out home loan interest rates offered by other banks and HFCs.
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GIC Housing Finance Processing Fee and Charges
| Loan Product | Charges* (For loans up to Rs. 3 crore) |
Processing fees for loans taken for house purchase or construction:
|
Rs. 3,000 |
| Administrative Fees on House Purchase and Construction Loans | Rs. 2,500 to Rs. 12,000 depends on our branch locations |
| Processing Fees on Repair and Renovation Loans | Rs. 2,500 |
| Administrative Fees on Repair and Renovation Loans | 0.75% of the loan amount |
| Processing Fee for Balance Transfer | NIL |
| Administrative Fees for Balance Transfer | Rs. 2,500 |
| Conversion Fees for Switch to a Lower Interest Rate | Up to 2% of the outstanding loan amount |
| Prepayment Charges | For floating rate home loans: Nil
For fixed-rate home loans: 2% on outstanding loan amount** |
| CERSAI Registry / Modification Charges | Rs. 50 for loans up to Rs. 5 lakh Rs. 100 for loans above Rs. 5 lakh |
| Cheque/ECS Bounce Charges | Rs. 300 |
| Stamp Duty/ Franking Charges | As per applicable law/charges of the relevant property state |
*The charges may change for loans above Rs. 3 crore.
**As per NHB guidelines, in its circular “Levy of foreclosure charges/ pre-payment penalty on Floating Rate Loans”, released in 2014.
Also Check: Processing fee for home loans as charged by various banks and HFCs
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Types of GIC Home Loan
GICHF Apna Ghar Yojana (Individual Housing Loan)
- This home loan scheme can be availed for purchasing resale/new residential property from a builder (under construction or completed residential units from builders)
- Individuals seeking loan for house construction can also apply for this loan
- Loan amount is between 75% to 90% of property value
GICHF Affordable Home Loan
- This loan is for purchasing a house or constructing one on an already owned plot
- Individuals can also avail this loan for home extension and repair
- Available for salaried and self-employed individuals
- Loan amount of up to Rs 20 lakh in rural areas
- Loan amounts of up to Rs 28 lakh in urban areas
GICHF Composite Loans
- Composite loans are for individuals who need funds for purchasing a plot and building a house on it within the next few years
- Loan amount for the purchase of land is up to 60% of the registered value of the property
- Loan amount for house construction depends on the estimate of construction cost
GICHF Balance Transfer Loans
- Home loan balance transfer facility allows existing home loan borrowers to transfer their existing home loans from other banks and HFCs to GICHFL at lower interest rates
- Home loan top up facility available for construction, renovation and personal needs
- Takeover loan amount plus construction loan as per NHB norms
- Takeover loan amount plus Rs 15 lakh for renovation
- Takeover loan amount plus Rs 10 lakh as a mortgage loan
GIC Housing Eligibility Criteria
Eligibility Criteria for GIC Affordable Home Loan
Rural
- All areas falling under the statutory town list as per the 2011 census
- Annual gross income not exceeding Rs. 6 lakh
Urban
- Any other area not falling under the statutory town list as per the 2011 census
- If a women borrower, there is no income limit and for a male borrowers annual gross income should not exceed Rs. 3 lakh
Check Your Home Loan Eligibility with Top Lenders Click Here
Documents Required for GIC Home Loan
Salaried Individuals
- Duly filled in and signed the application form with photographs
- Identity, address and age proof
- Salary slip of last 3 months
- Bank statement of the past 6 months
- Form-16 and Income Tax Returns (ITR) details of two years
- Title documents of the property
Self Employed Individuals
- Duly filled in and signed application form with photographs
- Identity, address and age proof
- ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)
- Bank statement of the past 12 months
- For partnership firms: Latest partnership deed
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement - Title document of the property along with business address proof
Note: Some banks and HFCs that offer home loans to those receiving their salaries in cash or do not have adequate income proofs. Some of those home loan options include Unnati Home Loan from PNB Housing Finance, HDFC Reach Home Loan, Griha Suvidha Home Loan from LIC Housing Finance, Gruh Setu Home Loan from Piramal Capital and Housing Finance and IDFC First Bank Home Loan.
GIC Home Loan EMI Calculator
Home Loan EMI Calculator
₹
%
Year(s)
Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
FAQs on GIC Housing Finance
1. What are the special benefits of GIC Home Loan?
Ans. Below are a few advantages of availing of housing loans from GICHFL:
- Free insurance against accidental death
- Free insurance of property against fire and allied risk
- No charges on part repayment of the loan before the end of tenure. There is no fixed number of part repayments that could be made over the tenure of the loan.
2. What is the minimum credit score required to avail GIC home loan?
Ans. GIC Housing Finance Limited has not specified the cut-off credit score for home loan applicants. However, credit scores of 750 and above increases the chances of availing home loan and increasingly at lower interest rates.
3. What does GIC Housing Finance Ltd. take as security for the housing loan?
Ans. The primary security would be property proposed to be financed by GIC HFL. Depending on the risk assessment, other collateral security in the form of LIC policies, NSCs, FDs, other immovable property, a personal guarantee may be required.
4. Can a lower LTV ratio improve my home loan eligibility?
Ans. Lenders prefer approving home loans of applicants having lower LTV ratios because a lower LTV ratio reduces the credit risk for lenders. Hence, opting for a lower LTV ratio can increase your home loan eligibility. Some home loan lenders also offer lower interest rates to applicants opting for lower LTV ratios. Moreover, lower LTV ratios translate to lower loan amounts, which in combination with lower rates can significantly reduce your overall interest cost.
5. Can GIC Housing Finance extend the tenure of my existing home loan?
Ans. Most lenders let their borrowers extend their home loan term, provided the revised term does not exceed the maximum term offered by the lender or the maximum age allowed at the time of loan maturity. However, GIC Housing Finance has yet not revealed whether its borrowers can get tenure extension on their existing home loans.
Before requesting for tenure extension, know that it can reduce your credit score and thereby, your eligibility to avail loans and credit cards in future. This is because opting for tenure extension is considered as loan restructuring and credit bureaus consider such requests as a negative credit event. Hence, credit bureaus would decrease your credit score if you opt for tenure extension.
A better way to reduce your home loan EMI is through home loan balance transfer facility, which allows you to transfer their outstanding home loan amount to other banks and HFCs offering lower home loan interest rates, resulting in lower loan EMIs. Through this facility, you can also choose for longer tenure, provided your new lender deems you eligible for it.