GIC Housing Finance - 8.80% for Home Loan - Resale Property Home Loan

GIC Housing Finance:

GIC Housing Finance offers home loans starting at 8.80% p.a. onwards for tenures of up to 30 years and for loan amounts of up to 90% of property value. With the quick approval and easy process.

The housing finance company also offers affordable housing loans to cater to the home financing needs of low-income groups.

GIC home loans also come with free property and accidental death insurance benefits.

Interest Rate

8.80% p.a. onwards*

Processing Fee

Rs. 3,000 + GST

Loan Amount

75% to 90% of the property value

Repayment tenure

Up to 30 years or retirement age (60 yrs. for salaried and 70 yrs. for self-employed individuals)

 

Key Features of GIC Housing Finance:

1. Lowest Interest Rate.

2. Hassle Free Process.

3. Speedy Sanctions and Disbursal

4. Longer tenure of up to 30 years

 

GIC Home loan interest depends upon:

1. Your Salary:

Income helps you in identifying your rate of interest.

Bank's rate varies with your monthly income. Higher the income, lesser will be the rate

 

2. Type of loan opted for:

GIC also offers differential rates and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

3. Existing bank customers:

GIC offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

 

GIC Home Loan : Apply

Apply for an GIC Home Finance Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare GIC Home Finance Loan rates with other banks before choosing the best deal for your home loan needs.

 

GIC Home Loan Documents:

For Salaried employees:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

GIC Home Loan Schemes:

1. 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 a loan for house construction can also apply for this loan

Loan amount is between 75% to 90% of property value

 

2. 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

 
3. 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 balancer 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

 

Frequently Asked Questions:

Q. Who can be the co-applicant to my home loan?

Ans.  If you are the sole owner of the property, any member of the immediate family can be the co-applicant to your home loan.

If someone is the co-owner of the property, he/she should necessarily be the co-applicant.

If the income of other family member(s) are considered to calculate the loan amount eligibility, then those family member(s) need to be roped in as co-applicant(s).

 

Q. 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.

 

Q. Can a lower LTV ratio improve my home loan eligibility?

Ans. Lenders prefer approving home loans of applicants having lower LTV because a lower LTV ratio reduces the credit risk for lenders.

Hence, opting for a lower LTV ratio can increase your 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.