GIC Housing Loan
With 75 offices across the nation, GIC Housing Finance Company is known for granting quick and easy home loans to interested applicants who wish to purchase a home, construct a house on a plot, and extend a home. The GIC home loan interest rate starting at 8.80% per annum is an affordable bet for several potential home buyers. GIC Housing Finance offers home loans for a maximum tenure of 30 years. The maximum loan amount granted by the NBFC is up to 90% of the property value. The processing fee for a housing loan from GICHF is Rs. 2,500 plus GST. The NBFC offers four main home loan schemes: regular home loans, affordable home loans, composite home loans, and balance transfer home loans.
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GIC Housing Finance Home Loan Highlights
Get the lowest interest rates with GIC Housing Bank Home Loan
| Loan Amount | Up to 90% of the property value |
|---|---|
| Rate of Interest | 8.80% per annum |
| RPLR | |
| Processing Fee |
Rs. 2,500 + GST |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Fixed/ Floater |
| Charges for Prepayment/Foreclosure | Floater: Nil | Fixed: Up to 2% of the outstanding loan amount |
GIC Home Loan Interest Rates in 2024
GICHF offers quick and affordable home loans to potential home buyers. GIC Housing Interest rate starts at 8.80% per annum. These home loans are open for salaried as well as self-employed borrowers who want to purchase, renovate, extend, and construct a home with minimum documentation from GIC Housing Finance.
The table below enlists GIC Housing Finance Home Loan interest rates 2023:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| GICHF Apna Ghar Yojana | Starts at 8.80% p.a. |
| GICHF Affordable Home Loan | Starts at 8.80% p.a. |
| GICHF Composite Home Loan | Starts at 8.80% p.a. |
| GICHF Balance Transfer Loan | Starts at 8.80% p.a. |
Interest rates were last updated on 1st December 2023
GIC Home Loan Eligibility Criteria
Like any other bank or NBFC, GIC Housing Finance has pre-determined eligibility criteria for applicants who wish to apply for a home loan. These are based on the borrower's age, nationality, CIBIL score, work experience, and repayment capacity.
The table below enlists the GIC home loan eligibility criteria for your reference:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - 60 | 21 - 65 |
| Nationality | Indian Residents/ NRIs | Indian Residents/ NRIs |
| Minimum Income Earned | Rs. 25,000 per month | Rs. 25,000 per month |
GIC Housing Loan Processing Fee and Charges
GIC Housing Finance charges specific fees for different operations related to a home loan. GICHF charges a processing fee of up to Rs. 2,500 + GST for different types of home loan schemes.
The table given below highlights the updated GIC home loan processing fees and charges for 2023:
| Administrative Fee | Rs. 5,000 - Rs. 12,000, depending on the type of home loan scheme |
|---|---|
| Cheque Bounce Charges |
|
| Rate Package Conversion Charges |
|
| Foreclosure Charges |
|
| Foreclosure Statement |
|
| Handling Charges for Security Documents |
|
| Overdue Charges on Default Installment |
|
| Stamp Duty |
|
| CERSAI Charges |
|
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GIC Home Finance Schemes And Top Plans
GIC Housing Finance offers different types of home loans to suit the varied needs of potential home buyers. Have a look at the popular housing loan schemes on offer by GICHF:
GICHF Apna Ghar Yojana
- Ideal home loan for a purchase or a new or resale property
- Maximum loan repaying tenure is 30 years
- Loan amount between 75% to 90% of the property value
GICHF Affordable Home Loan
- Ideal home loan scheme for construction, extension, or purchase of a home
- Maximum loan amount up to Rs. 28 lakh in urban regions
- Maximum loan amount up to Rs. 20 lakh in rural regions
GICHF Composite Loan
- Perfect home loans for borrowers who want funds to purchase a plot and construct a home on it in the coming years
- Maximum loan amount for home construction home loans depends on the estimate of the construction cost
- Maximum loan amount is up to 60% of the property value for home purchase
GICHF Balance Transfer Loan
- Available for construction, renovation, and personal financial needs
- Takeover loan amount + Rs. 10 lakh for mortgage loan
- Takeover loan amount + Rs. 15 lakh for renovation loan
- Takeover loan amount + construction loan depending on the NHB terms and conditions
Note: All of the above home loan plans are made available to applicants solely at the discretion of GIC Housing Finance, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required to Apply for a GIC Home Loan
While applying for a home loan from GICHF, make sure to submit a set of general KYC documents. These are documents used by the NBFC to verify the applicant's identity, age, address, and income. Have a look at the GIC home loan documents required list for your reference:
Documents Required for Salaried Applicants
- Salary Slip of the last 3 months
- Income Tax Returns of the previous 2 years
- Form 16
- Bank Passbook or Statements for the last 6 months
- Duly filled home loan application form
- Recent passport-size photographs
- Processing fee cheque in favour of GIC Housing Finance
Documents Required for Self-Employed Applicants
- Profit and loss account statements with audited balance sheet
- Bank Passbook or Statements of the last 12 months
- Income Tax Returns of the previous 2 years
- Latest Memorandum and Articles of Association
- Latest partnership deed if in a partnership firm
- Duly filled home loan application form
- Recent passport-size photographs
- Processing fee cheque in favor of GIC Housing Finance
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof |
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| Documents Related to Property |
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Find GIC Housing Finance Home Loan Offices Near You
Keen to visit a GIC Housing Finance Home Loan near you to understand the GIC Housing Finance Home Loan Offer in detail and apply for the same? Then, all you need to do is fill in the Free Consultation form, and the BASIC Home Loan team will provide the needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
GIC Housing Finance, or GICHF, is a subsidiary of General Insurance Corporation of India, best known for offering easy and affordable home loans to eligible applicants, including salaried or self-employed people.
The current interest rate of a GIC home loan 2023 starts at 8.80% per annum. However, you are advised to verify the same from the NBFC’s official website.
Free accidental death insurance, life insurance, and free property insurance are some of the additional benefits you will receive with a GICHF home loan.
Yes, as a GIC home loan borrower, you will get tax exemptions under Section 80C and Section 24 of the Income Tax Act. According to these tax benefits, you will enjoy a maximum deduction of Rs. 1.5 lakh on the loan amount.
Yes, GICHF allows existing home loan borrowers to shift their outstanding loan amount to GICHF through a balance transfer home loan scheme.
GICHF expects a decent CIBIL score of at least 700 and above to apply for a housing loan scheme.
Yes, a lower LTV ratio will enhance your home loan eligibility for a GIC housing loan scheme.
The maximum loan repayment tenure on a GICHF home loan is up to 30 years or a retirement age of 60 years for salaried borrowers and 70 years for self-employed borrowers. Whether or not the NBFC will extend this tenure for your existing home loan is totally at the discretion of the GICHF.