GIC Housing Finance Home Loan Interest Rate 2020
|Interest Rate||9.10% onwards|
|Loan-to-Value Ratio||Up to 90% of the property value|
|Loan Tenure||Up to 30 years|
|Processing Charges||Up to Rs. 3000 + Applicable GST|
GIC Housing Finance provides home loans to customers at a competitive interest rate starting from 9.10%. There are various home loan schemes available which can be used for: purchase/construction of a new house; improvement of an existing property; extension of the already-owned house; and more. Read through to get to know all the details of these schemes.
Features and Benefits of GIC Housing Finance Home Loan
- Wide range of home loan products
- Free property Insurance.
- Free Accidental Death Insurance.
- Life insurance cover
- Competitive interest rate
- High Loan-to-Value ratio of up to 90%
- Balance transfer facility
- Up to 30 years of repayment time
GIC Housing Finance Home Loan Interest Rate
The current housing loan interest rate offered by GIC Housing Finance starts from 9.10% per annum and goes up to 12.50% per annum. The actual ROI applicable on a home loan is determined on the basis of the required loan amount, borrower’s income profile, repayment capacity, liabilities and credit score.
GIC Housing Finance Home Loan Fees & Charges
|Processing fees||Rs. 3000/- + Applicable GST|
|Conversion Fee||Up to 2% of the outstanding loan amount|
|Prepayment charges||2% on the outstanding loan amount for Housing loan in Fixed Rate basis or within any fixed loan tenure, and the amount being prepaid through refinance/borrowing from other Bank or HFC|
For Others: NIL
|CERSAI Registry / Modification Charges.||Rs. 50 + Applicable GST for loans up to Rs. 5 Lakh|
Rs. 100 + Applicable GST for loans above Rs. 5 Lakh
|Processing of Collateral Security for interim payment (Life Insurance Policy, NSC, Bank Fixed deposit)||Rs. 200/- + applicable GST per document.|
|Statement of account/ provisional IT certificates.||1st: No charges|
Subsequent: Rs. 100 + Applicable GST.
|Foreclosure statement||Rs. 500 + Applicable GST.|
|Custody /Handling Charges for Security Documents.||Rs. 600 + Applicable GST.|
|Loan Clearance Certificate||NIL.|
|Cheque/ECS bounce charges||Rs. 300/- + Applicable GST.|
|Stamp duty/ Franking charges||As per applicable law/charges of the relevant property state.|
* <small>Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
GIC Housing Finance Home Loan EMI Calculator
GIC Housing Finance Home Loan EMI Calculator helps users know the approximate value of the loan installments that they need to pay monthly for servicing their home loans. GIC Housing Finance home loan EMI calculator is an online tool, which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your EMI.
GIC Housing Finance Home Loan EMI Calculation
The table below shows GIC Housing Finance home loan EMI calculation for different interest rates, loan amounts and loan tenures.
|Loan Amount||Interest Rate||EMIs as per Different Loan Tenures|
|15 years||20 years||30 years|
|Rs. 30 lakh||9.10%||Rs. 30,607||Rs. 27,185||Rs. 24,355|
|Rs. 60 lakh||9.50%||Rs. 62,653||Rs. 55,928||Rs. 50,451|
|Rs. 90 lakh||9.75%||Rs. 95,343||Rs. 85,367||Rs. 77,324|
|Rs. 1 crore||10.00%||Rs. 1,07,461||Rs. 96,502||Rs. 87,757|
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing a longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
GIC Housing Finance Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from GIC Housing Finance.
|Eligible Profiles||● Salaried individuals|
● Self-Employed professionals
● Self-Employed non-professionals
|Age||Minimum: 21 years|
Maximum: 60 years
To know whether you qualify for a GIC Housing Finance home loan, use the Home Loan Eligibility Calculator. It is an online tool that helps you to know the loan amount you are eligible to borrow. The calculation is done on the basis of a few basic details like gross monthly income, loan tenure, loan interest rate and on-going loan payments.
GIC Housing Finance Documents Required
Following are the documents required to successfully apply for GIC Housing Finance Home Loan.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of last 3 months||ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 6 months||Bank statement of the past 12 months|
|Form-16 and Income Tax Returns (ITR) details||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 documents of the property||Title document of the property along with business address proof|
GIC Housing Finance Home Loan Schemes
GIC Housing Finance offers customized home loan schemes to meet the needs of customers. Mentioned below are the schemes on offer along with their details.
1. Individual Housing Loan
This is a regular home loan scheme available to all the eligible customers who are in need of funds for:
- Purchase of a new property from a builder (under construction or completed residential units from builders)
- Purchase of an old property
- Construction of house
2. Composite Loans
This is a customised loan product for salaried and self-employed individuals who need financial support for the purchase of land and subsequent construction of a house thereon. The loan amount offered under the scheme is limited to 60% of the registered value of the property, as initial loan for the purchase of land and the remaining amount depending on the estimate of construction cost.
3. Balance Transfer
This scheme is available to all the existing home loan customers who wish to lower their loan repayments and avail other benefits by moving their loan account from another bank/HFC to GIC Housing Finance. Customers can get an additional loan for construction, renovation and personal needs.
4. Home Improvement (Repair/Renovation) Loan
This scheme is specially designed to help customers looking for funds to renovate or repair their existing house. The scheme is available for both existing and new customers. The maximum loan amount offered under the scheme may go up to Rs. 15 lakh.
5. Home Extension Loan
This scheme is suitable for customers who wish to extend or add additional space to their homes. The maximum loan amount offered under the scheme may go up to Rs. 7.5 lakh.[Read Also: Home Extension Loan]
6. Pradhan Mantri Awas Yojana (PMAY)
It is a government scheme launched to provide housing to all urban and rural poor across India. Under the scheme, the government offers interest subsidy of up to Rs. 2.67 lakh on home loans availed for buying, constructing, extending or renovating homes. GIC Housing Finance extends the affordable housing benefits of Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY CLSS) to all the customers eligible for this scheme. Click to learn more about PM Awas Yojana.
Apply for GIC Housing Finance Home Loan on Paisabazaar.com
Customers can apply online for GIC Housing Finance Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
GIC Housing Finance Customer Care Details
Customers can reach out to GIC Housing Finance through the below-mentioned contact details to get their home loan-related queries addressed.
- Toll-Free No.: 18001030000
- Telephone: (022) 22851765/66/67/22853866
Q1. How do I repay the loan amount?
The repayment of home loan amount is possible through:
- Electronic Clearing Service (ECS)/ National Automated Clearing House(NACH)- based on standing instructions, given to your bank.
- Post Dated Cheques (PDCs) – Drawn on your salary/savings account. (Only for locations where ECS/NACH facility is not available)
Q2. What is the security required to avail a home loan?
Primary security would be the mortgage of the property proposed to be financed by GIC Housing Finance. Depending on the risk assessment, other collateral security in the form of LIC policies, NSCs, FDs, other immovable property, and a personal guarantee may also be required.
Q3. Are there any tax benefits available to home loan customers?
Yes. You are eligible for home loan tax benefits on the principal and interest components of your loan under the Income Tax Act, 1961.
Q4. What are the special benefits offered by GIC Housing Finance?
Mentioned below are some of the unique benefits offered by GIC Housing Finance.
- Free Insurance to Borrower 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
No limit on the number of part repayments that could be made over the tenure of the loan.