✓ Home Loan from ₹2 Lakhs to ₹15 Crores ✓ Interest Rates Starting @ 8.50% Apply Now

Offering financial services since 1989, GICHFL caters to customers from all segments through its large array of financial services. The GIC Home Loan comes with numerous features that make it an attractive option. 

Alongside sizable funding, the competitive GIC Home Loan interest rate gives you an affordable financing option to fulfil your aspirations hassle-free. Read on to learn about the GIC Housing Loan, its features, types, benefits, and more.

GIC Housing Finance Interest Rates & Charges 2024

GIC Housing Finance Ltd. offers numerous home loan options catering to diverse needs. As such, the interest rate and associated charges depend on the type of home loan you choose. Given below are the general details relating to the GIC Housing Finance interest rate and other charges:

Charges

Rate / Cost

Interest rate

Starting at 8.80% 

Processing fee

₹2,500 + GST, depending on the loan type

Prepayment / Foreclosure fees

Nil to 2% of the outstanding loan amount

Disclaimer: The above details are current as of May 2024 & subject to change at the lender’s discretion.

Consider the GIC Home Loan processing fees and other costs before availing of the facility. This is crucial as they influence your total borrowing cost. By choosing a lender that offers affordable financing, you can protect your finances and your creditworthiness.

Compare GIC Housing Finance with other Banks/HFCs

Given below is a tabular overview of home loans from other leading lenders:

Name of the Partner

Interest Rates

Bajaj Housing Finance Limited

8.50% p.a. onwards

Home First Finance Company

9.50% p.a. onwards

ICICI Bank

9.00% p.a. onwards

India Shelter

10.50% p.a. onwards

Kotak Mahindra Bank

9.00% p.a. onwards 

LIC Housing Finance

8.65% p.a. onwards

PNB Housing Finance Limited

8.50% p.a. onwards

Shriram Housing Finance

11.50% p.a. onwards

Shubham Housing Finance

10.90% p.a. onwards

Union Bank of India

8.50% p.a. onwards

Disclaimer: The above details are subject to change at the lender’s discretion.

GIC Housing Finance Home Loan EMI Calculator

Loan Amount
Tenure
  • Months
  • Years
Rate of Interest
%

Monthly EMI

at % interest rate for months

Total Amount Payable
Principal Amount
Total Interest Amount
Year Principal Interest Balance

The GIC Home Loan EMI calculator is an online tool that gives you an estimate of your monthly repayment instalment. With this estimate, you can understand whether the EMIs fit into your budget. 

This also allows you to optimise your loan terms to ensure that the repayment is manageable without compromising on your borrowing requirements.

You can use the calculator to compare different offers and choose one that gives you the ideal loan amount with a manageable EMI. To use the calculator, input basic information such as the home loan interest rate, tenure, and loan amount. 

Given that the estimate is based on these terms, this digital tool is often also referred to as the GIC Home Loan interest rate calculator. Use the EMI calculator to optimise your GIC home loan and compare different terms.

Documents Required for a GIC Housing Finance Home Loan

Home loans are a big commitment for you and the lender. As such, lenders require you to submit a few documents based on your application and the type of loan you choose. These documents give lenders insight into your profile and help verify the details in your application.

Given below are the general GIC Home Loan documents you need to submit:

  • Employment verification form/details, for salaried applicants

  • IT returns for 2 years with financial statements, for self-employed applicants

  • Annual Income Statement copy

  • Form 16 and salary slips

  • Passbook or bank statement

  • Copy of ID proof

  • Copy of address proof

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.

GIC Housing Finance Home Loan Eligibility

Meeting the GIC Home Loan eligibility terms is key to getting approval on your application. Your eligibility depends on a few factors, including your income, existing debt, credit or CIBIL score, and other details. Keep in mind that your eligibility impacts the loan amount you can get.

Similar to the calculator for EMI estimates, the GIC Home Loan calculator for eligibility is also helpful. Use it to understand the amount you are eligible for and apply accordingly. 

Features and Benefits of the GIC Housing Finance Home Loan

Give below are the top features and benefits you can enjoy with a GIC Home Loan:

  • The competitive GIC Housing Finance Home Loan interest rate ensures affordability

  • Convenient repayment plans make repayment a quick and stress-free process

  • High quantum of funding gives you the right financing for your dream home

  • Additional insurance for property and self helps keep your property and finances protected

  • Tax benefits under the Income Tax Act can help reduce your tax liability and save more

Types of Home Loan Schemes Offered by GIC Housing Finance

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. 

  • Commercial Loan

This loan offers you a maximum loan amount of up to ₹10 Lakhs. It also comes with a repayment tenure of up to 10 years and competitive rates to make financing more affordable. 

  • 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.

How to Apply for GIC Housing Finance Housing Loan Online

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:

  • Navigate to the ‘How Can We Help You?’ section

  • Click on ‘Know How to Apply For a Loan’

  • Enter your name and other details

  • Submit the form

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

GIC Housing Finance Customer Care

You can contact the GICHFL customer care team in various ways and get your queries resolved seamlessly. Visit the lender’s website to locate an office closest to you and visit the branch for your concerns.

Alternatively, you can fill out the callback form under the ‘Reach Us’ section on the website. You can also call on (022) 43041900 / 22884985 or email the support team at customercare@gichf.com. Be sure to include all the pertinent details in your email.

Conclusion

Availing of a home loan is a big undertaking as the repayment can last for quite a few years. Now that you know the details of the GIC Housing Finance Home Loan, be sure to consider your finances before borrowing. 

Use the tools available, such as the home loan EMI calculator, to ensure that repayment is manageable. Compare the home loan interest rate of different lenders and choose the one that best suits your current and future finances. If you already have an existing loan and wish to avail better terms, you can always opt for a home loan balance transfer

You access this facility with ease on Bajaj Markets, and find offers from leading lenders within minutes. Best of all, you can switch lenders, avail better home loan terms, and save money without any hassles.

Disclaimer

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort.

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

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FAQs for GIC Housing Finance Home Loan

Does GIC Housing Finance check CIBIL score for a home loan?

Yes, GIC Housing Finance Ltd. has a CIBIL score requirement for approving a home loan application. The GIC housing loan interest rate and other factors are dependent on your CIBIL score. As such, having an excellent score is crucial.

What is the maximum tenure for a GIC Housing Finance Home Loan?

The maximum tenure you can get for GIC home finance is 30 years. Be sure to choose a tenure that gives you a manageable EMI amount to ensure that you can make timely repayment.

Can I transfer my house loan from another bank to GIC Housing Finance?

Yes, you can transfer your home loan from other financial institutions to GICHFL with the balance transfer facility. You can check your eligibility and other details for it online or by contacting customer care.

What is the maximum limit of a home loan from GIC Housing Finance Ltd.?

The maximum amount is ₹3 Crores. Keep in mind that the home loan amount depends on a few factors, including the type of home loan you avail, the value of your home and your eligibility.

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