GIC Housing Finance Home Loan

Established in 1989, GIC Housing Finance Company serves customers across segments with a wide range of financial solutions. The GIC Home Loan offers competitive features and affordable financing to help you achieve your housing goals. 

Alongside sizable funding, the competitive GIC Home Loan interest rate gives you an affordable financing option to fulfil your aspirations hassle-free.

An EMI calculator is a convenient tool that helps you estimate your monthly instalments before applying for a home loan. With the GIC Housing Finance EMI calculator, you can get a clear picture of your repayment schedule.

To calculate your EMI, you need to input:

• Loan amount: The sanctioned principal
  

• Rate of interest: Starting at 8.80% p.a. (subject to loan type)
  

• Loan tenure: Up to 30 years, depending on eligibility

The GIC Home Loan calculator then provides the EMI amount, total interest payable, and overall repayment amount. This allows you to plan your finances better, ensuring you choose a loan amount and tenure that fit your budget.

Your eligibility for a GIC Home Loan depends on key financial factors such as income, existing liabilities, and credit score. The loan amount sanctioned is directly linked to these parameters.

You can also use the Home Loan Eligibility Calculator to assess the approximate loan amount you qualify for before applying. This helps you plan better and avoid rejections.

To apply for a GIC Home Loan, you must submit certain documents for identity verification, income assessment, and property evaluation. These requirements vary depending on your employment type.

Here are the detailed requirements:

• ID & Address Proof (Any one required)
  

  • PAN Card (mandatory if income is considered for loan eligibility)
    

  • Driving Licence
    

  • Aadhaar Card

  • Valid Passport
    

  • Voter ID Card
    

• Residence Proof (Any one required)
  

  • Employer’s Letter
    

  • Bank Statement or Passbook reflecting address
    

  • Valid Rent Agreement
    

  • Utility Bill (Electricity, Telephone, Postpaid Mobile, Water Bill, etc.)
    

  • Ration Card

Income Documents

• Salaried Individuals
  

  • Salary slips for the last 12 months or salary certificate
    

  • Bank statements for the past 6 months (salary account)
    

• Self-Employed Professionals
  

  • Last 3 years’ Income Tax Returns with computation of income
    

  • Last 3 years’ Profit & Loss account with schedules and audited balance sheet, if applicable
    

  • VAT/Service Tax/GST returns or TDS Certificate
    

  • Bank statements for the last 12 months (savings, current, or overdraft account)
    

  • Certificate of qualification (CA, Doctor, or Architect)
    

• Business Class Applicants
  

  • Last 3 years’ Income Tax Returns with computation of income
    

  • Last 3 years’ Profit & Loss account with schedules and audited balance sheet, if applicable
    

  • VAT/Service Tax/GST returns or TDS Certificate
    

  • Bank statements for the last 12 months (savings, current, or overdraft account)

Property Documents

• Development Agreement
  

• Tripartite Agreement
  

• Partnership Deed
  

• Allotment Letter from Builder
  

• Agreement of Sale
  

• Registration and Stamp Duty Receipt
  

• NOC from Builder
  

• Own Contribution Receipt (OCR)
  

• Builder-linked documents (for cases not approved/funded earlier by GICHFL)
  

• Sale Deed
  

• Title Search Report
  

• NA Order
  

• Occupancy Certificate
  

• Index II

In addition to the above, you need to submit property documents to avail of a GIC Home Loan. These requirements will depend on the type of home loan you choose and the purpose of your home loan.

Listed below are the different types of home loans offered by GICHFL. Choose from these to tailor the solution to your needs:

Individual Housing Loan

With the maximum loan amount going up to above ₹75 Lakhs and tenure going up to 30 years, the GIC Housing Loan interest rate is among the most competitive. This gives you the opportunity to buy a property without financial strain.

Composite Loan

With this GIC Home Loan, you can construct your dream home on the ideal land. The option is specially tailored to support you in buying land and constructing a home on it. The financing can go up to 60% of the value of the property and has a tenure of up to 30 years.

Balance Transfer

The GIC home loan balance transfer facility allows you to reduce your borrowing costs and make repayment more manageable. The interest rate and quantum depend on your eligibility and other factors.

Affordable Home Loans

Available to numerous applicants, this option offers affordable funding to buy/construct/extend your home. The GIC Home Loan rate is among the most competitive, making it a pocket-friendly option.

Repair and Renovation Loans

The funding you avail of under this home loan is especially for the purpose of repairing or renovating your home. The loan amount can go up to ₹15 Lakhs with a repayment tenure of up to 30 years and competitive interest rates.

Home Extension Loans

As the name suggests, this loan is especially for the purpose of extending your property. The maximum amount is ₹7.5 Lakhs and has a repayment tenure of up to 30 years.

Loan against property

LAPs are a great option to secure a high level of funding at an affordable interest rate. You can get up to ₹3 Crores with a repayment period of up to 30 years.

With digitisation, availing of a home loan has become easier and simpler. To apply for a GIC Home Loan, you can visit the lender’s official website. 

Then, follow the steps given below:

1. Visit https://gichfindia.com/
   

2. Scroll down and click on ‘Know How to Apply For a Loan’
   

3. Enter your name, email address, and phone number
   

4. Write a message if required
   

5. Submit the form

Once you submit the form, a representative will contact you and guide you through the housing loan application process. Alternatively, you can visit a branch to learn the process of availing a GIC Housing Finance Home Loan.

You can track the status of your GIC Housing Finance Home Loan application through multiple channels. Once you have applied, keep your application or reference number handy. Generally, you can:

1. Visit the official website and enter your application details to track the status online
   

2. Contact the customer care helpline and provide your loan reference number
   

3. Visit the nearest branch with your application details for an update

Tracking your loan status ensures that you remain informed of progress and can take quick action if additional documents or clarifications are required.

Your home loan statement gives a complete record of repayments, outstanding balance, and interest paid. GIC Housing Finance usually provides these statements through the following methods:

• Online portal: Log in with your customer ID and password to download the statement
  
• Email request: Raise a request through registered email for the statement copy
  
• Branch visit: Collect a printed statement by visiting the nearest branch

Having access to your GIC Housing Finance loan statement helps you track repayment progress and claim tax benefits on interest payments.

You can reach the GIC Housing Finance customer care team through multiple channels for assistance with your home loan queries.

• Branch Visit

Locate and visit the nearest branch by using the branch locator tool available on the official website

• Callback Request

Submit a request through the ‘Reach Us’ section on the website to receive a call from the support team.

• Phone Support

Call on (022) 4304 1900 or (022) 2288 4985 for direct assistance

• Email Support

Write to customercare@gichf.com with complete details of your query for prompt resolution

Repayment flexibility is an important aspect of any home loan. GIC Housing Finance generally offers multiple repayment modes to suit different borrower profiles, such as:

• Post-dated cheques (PDCs): Submit cheques for EMI payments as per agreed tenure
  
• Electronic Clearing Service (ECS): Allow automatic deduction of EMIs from your bank account
  
• NACH mandate: Provide standing instructions for recurring monthly deductions
  
• Online transfers: Use internet banking or mobile banking channels, where permitted

Choosing the right repayment mode ensures timely instalments, protects your credit score, and makes loan servicing more convenient.

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