GIC Housing Finance Interest Rate
Offering financial support to all Indians at different stages of life, GIC Housing Finance (a subsidiary of General Insurance Corporation of India) is one of the well-known NBFCs in the country. GIC home loan interest rate starts at 8.80% p.a. The maximum loan repayment tenure is up to 30 years, with affordable EMI options.
GIC Housing Finance EMI Calculator
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GIC Housing Finance Key Highlights
| Amount of Loan | Up to 90% of the cost of property |
|---|---|
| Rate of Interest | 8.80% p.a. onwards |
| Processing Fees |
Up to Rs. 3,000 + GST |
| Max Tenure for Loan Repayment | Up to 30 years |
GIC Housing Finance Interest Rates in 2024
GIC Housing Finance interest rate 2024 starts at 8.80% p.a. The company offers home loans to both salaried and self-employed individuals, the interest rates of which are shared in the table below:
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried Individuals | 8.80% p.a. onwards |
| Self-Employed Individuals | 8.80% p.a. onwards |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Repo Linked Lending Rate (RLLR)
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| All Loans | 8.80% p.a. onwards |
GIC Housing Finance Interest Rates for Women
| Loan Slab | Rate of Interest on Home Loan |
|---|---|
| Women applicants | 8.80% p.a. onwards |
Top-Up Loan Interest Rates
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Top-Up for Existing Customers | 8.80% p.a. onwards |
Interest rates were last updated on 30th January 2024
GIC Housing Finance Interest Rates for All Schemes in India
Different customers have different home loan needs. They require finance to meet diverse housing requirements, such as buying a residential property, making repairs or upgrades on existing property, etc.
| GIC Housing Finance Schemes | Rates of Interest for Each Plan |
|---|---|
| GIC Individual Housing Loan | 8.80% p.a. onwards |
| GIC Composite Home Loan | 8.80% p.a. onwards |
| GIC Affordable Home Loan | 8.80% p.a. onwards |
| GIC Balance Transfer Home Loan | 8.80% p.a. onwards |
GIC Housing Finance Interest Rates for Balance Transfer, Top Up, and Overdraft
GIC Housing Finance understands that sometimes life throws challenges, and you may need to cover them from your pocket. Your existing home loan from the NBFC may need to be increased to meet the additional expenses. GIC Housing Finance helps share the extra financial load by offering the following options:
GIC Housing Finance Balance Transfer
This is one of the best options, allowing you to transfer your existing balance home loan amount to GIC in case you feel it starts to get unaffordable due to higher interest rates. You can easily transfer any outstanding balance from the existing home loan amount to enjoy relatively lower interest rates. GIC Housing Finance balance transfer interest rates start at 8.80% p.a. onwards.
GIC Housing Finance Top-Up
It is a quick top-it-up facility offered by GIC Housing Finance, allowing its existing customers to avail of some additional loan amount over and above their current loan. This enables the customers to meet any unexpected expenses suddenly. Top-up loans can be availed at interest rates starting 8.80% p.a. onwards.
GIC Housing Finance Overdraft Facility
Instead of availing of a top-up loan amount offered by the company, the overdraft feature at GIC Housing allows you to tap into your excess funds kept aside for emergency use. This can be particularly helpful in times of emergencies when you have no time to apply for a loan. You can simply dig into some extra funds that you had kept aside in your account for times like these. GIC Housing offers an overdraft facility at 8.80% p.a. onwards.
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Compare GIC Housing Finance Interest Rate with Top Banks
It helps to understand the rates of interest that other top lenders in the vicinity are offering before choosing one bank or NBFC for availing a home loan. The table below compares the interest rates of GIC Housing Finance with those of other top banks and NBFCs in India.
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| GIC Housing Finance | 8.80% p.a. onwards | Up to Rs. 3,000 + GST |
| HDFC Bank | 8.50% p.a. onwards | Up to 1.50% of the loan amount |
| Kotak Mahindra | 8.70% p.a. onwards | 0.50% on sanctioned home loan amount |
| SBI | 8.40% p.a. onwards | 0.35% of loan amount + GST |
| Bank of Baroda | 8.40% p.a. onwards | 0.50% of the loan amount (up to Rs. 50 lakh) |
| ICICI Bank | 8.75% p.a. onwards | 0.50% - 2% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
GIC Housing Finance Balance Transfer Interest Rates
As discussed earlier, GIC Housing allows customers of other banks and NBFCs in India to transfer their balance home loan amount to GIC to enjoy lower interest rates and other facilities such as better customer service.
GIC Housing Finance balance transfer interest rate starts at 8.80% per annum for both salaried and self-employed applicants. Listed below is the simple process by which you can easily apply for a home loan balance transfer with GIC Housing Finance:
- Visit the official portal of BASIC Home Loan and click on Repay Right
- You will be required to fill in a form with key details such as the outstanding loan amount on the current loan, existing loan repayment tenure, existing rate of interest per annum, existing EMI, and new rate of interest per annum.
- Click on ‘Next’ after duly filling out the form.
- On the next screen, you can see the total savings made with the GIC Housing Finance Balance Transfer facility.
- You may also reach out to a BASIC Home Loan representative to help you with the process of GIC Housing Finance Balance Transfer.
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How to Calculate GIC Housing Finance Interest Rates?
The interest rate applicable on your home loan amount is a key consideration while applying for a loan. It immensely helps to know the exact amount of EMI you would be required to pay regularly before proceeding with the home loan application. The simple procedure to calculate interest rates is to use an online tool known as the home loan EMI calculator, which can easily be accessed at EMI. The table below lists the interest rates on home loans with GIC Housing Finance and the total EMI payable on home loans for 10, 20, and 30 years.
GIC Housing Finance EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.80% p.a. onwards | Rs. 12,560 | Rs. 8,869 | Rs. 7,903 |
| Rs. 20 lakh | 8.80% p.a. onwards | Rs. 25,119 | Rs. 17,738 | Rs. 15,805 |
| Rs. 30 lakh | 8.80% p.a. onwards | Rs. 37,679 | Rs. 26,607 | Rs. 23,708 |
| Rs. 40 lakh | 8.80% p.a. onwards | Rs. 50,238 | Rs. 35,476 | Rs. 31,611 |
| Rs. 50 lakh | 8.80% p.a. onwards | Rs. 62,798 | Rs. 44,345 | Rs. 39.514 |
| Rs. 60 lakh | 8.80% p.a. onwards | Rs. 75,358 | Rs. 53,214 | Rs. 47,416 |
| Rs. 70 lakh | 8.80% p.a. onwards | Rs. 87, 917 | Rs. 62,083 | Rs. 55.319 |
| Rs. 80 lakh | 8.80% p.a. onwards | 1,00,477 | Rs. 69,679 | Rs. 63,222 |
| Rs. 90 lakh | 8.80% p.a. onwards | Rs. 1,13,036 | Rs. 79,821 | Rs. 71,125 |
| Rs. 1 crore | 8.80% p.a. onwards | Rs. 1,25,596 | Rs. 88,690 | Rs. 79,027 |
The table gives an approximate idea of the monthly EMI at 8.80% p.a. interest rate. The EMI is subject to variation depending on various factors such as loan tenure, interest rate, and repayment capacity of the borrower.
FAQ's
GIC Housing Finance home loans start at an interest rate of 8.80% p.a.
If you observe that GIC Housing Finance is offering lower interest rates and other exciting features compared to your current bank or NBFC, it is better to avail of the home loan balance transfer option.
All home loans by the NBFC are offered for a maximum repayment tenure of up to 30 years.
Like other top banks and NBFCs, GIC Housing Finance takes the mortgage of the property that GIC is financing as primary security.
GIC Housing Finance offers its customers home loans up to 90% of the cost of the property.
Yes, like any other bank or NBFC, GIC Housing Finance evaluates the CIBIL or credit score of the applicant before approving the home loan. Generally, a score above 700-750 is considered good to make the applicant eligible for the home loan.