GIC Housing Finance


GIC Housing Finance provides home loans starting at 8.80% p.a. onwards for tenures of up to 30 years, with loan amounts of up to 90% of the property value. Additionally, the company offers affordable housing loans to meet the home financing needs of low-income groups. GIC home loans also include free property and accidental death insurance benefits, providing added security and peace of mind to borrowers.

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 Fees Rs. 3,000 + GST

Pre Approved Home loan | Check Eligibility & Apply Online

Table of Contents
Compare Interest Rates offered by other Lenders
Interest Rates
Types of Home Loan offered by GIC Housing Finance
Processing Fees & Charges
Eligibility Criteria
Documents Required
EMI Calculator
FAQs

Compare Interest Rates on Home Loans for Top Banks & HFCs

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh  
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

 

GIC Home Loan Interest Rate

GIC home loan interest rates start from 8.80% per annum. However, the specific interest rate you'll get from GIC Housing Finance Limited depends on factors like your credit score, the amount you're borrowing, your type of employment, and other relevant factors.

Types of GIC Home Loan

GICHF Affordable Home Loan

This loan is designed for individuals looking to purchase a house or construct one on an already owned plot. Additionally, it can be used for home extension and repair purposes. Available for both salaried and self-employed individuals, the loan amount can go up to Rs 20 lakh in rural areas and up to Rs 28 lakh in urban areas.

GICHF Composite Loans

Composite loans are designed for individuals requiring funds for purchasing a plot and subsequently building a house on it within the next few years. The loan amount for purchasing land can be up to 60% of the registered value of the property, while the loan amount for house construction depends on the estimated construction cost.

GICHF Apna Ghar Yojana (Individual Housing Loan)

This home loan scheme is available for purchasing resale/new residential property from a builder, including under-construction or completed residential units. Individuals seeking a loan for house construction can also apply for this loan. The loan amount ranges from 75% to 90% of the property value.

GICHF Balance Transfer Loans

  • GIC Housing Finance offers a Home Loan Balance Transfer facility, enabling existing home loan borrowers to transfer their loans from other banks and HFCs to GICHFL at lower interest rates.
  • The Home Loan Top-Up facility is available for construction, renovation, and personal needs.
  • For takeover loans, GICHFL provides the loan amount plus construction loan as per NHB norms.
  • Additionally, for renovation, the takeover loan amount plus Rs 15 lakh is offered.
  • Moreover, for mortgage loans, GICHFL provides the takeover loan amount plus Rs 10 lakh.

Also Read : Best Home Loan EMI Calculator

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:

  • Purchase Property From Builder
  • Purchase In Co-Operative Society
  • Purchase on Second Sale
  • Construction Loan
 Rs. 3,000
Administrative Fees on House Purchase and Construction Loans Rs. 2,500 to Rs. 12,000 depends on our branch locations
Cheque/ECS Bounce Charges Rs. 300
Stamp Duty/ Franking Charges As per applicable law/charges of the relevant property state
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

*Please note that the charges may vary for loans above Rs. 3 crore.

**As per NHB guidelines outlined in its circular "Levy of foreclosure charges/pre-payment penalty on Floating Rate Loans," released in 2014.

Also read: Best Home Loan Fees and Charges

GIC Housing Eligibility Criteria

Eligibility Criteria for GIC Affordable Home Loan

For rural areas:

  • These include all places listed as towns in the 2011 census.
  • People living in rural areas should earn less than Rs. 6 lakh per year.

For urban areas:

  • These are any other places not listed as towns in the 2011 census.
  • Women borrowers in urban areas don't have income limits, but for men, it shouldn't exceed Rs. 3 lakh per year.

Also Read : Best Home Loan Eligibility

Documents Required for GIC Home Loan

Salaried Individuals

  • A completed and signed application form with photographs.
  • Title documents of the property.
  • Proof of identity, address, and age.
  • Salary slips from the last 3 months.
  • Bank statements from the past 6 months.
  • Form-16 and Income Tax Returns (ITR) details for the last two years.

Self Employed Individuals

  • A completed and signed application form with photographs.
  • Proof of identity, address, and age.
  • Bank statements from the past 12 months.
  • For partnership firms: The latest partnership deed.
  • For companies: The latest Memorandum and Articles of Association, along with a CA certificate on profit-sharing ratio, list of directors, and shareholding partnership.
  • For Limited Liability Partnership (LLP): The LLP Agreement.
  • Title document of the property along with business address proof.
  • Income Tax Returns (ITR) and financial statements, including balance sheet, profit & loss account, and schedules. These documents must be certified by a Chartered Accountant (CA).

Also Read : Best Home Loan Documents Required

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.