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# GIC Home Loan EMI Calculator

Last Updated 01st May 2017

## GIC Home Loan - Lowest EMI is Rs. 0 per lakh

• Get monthly EMI as low as Rs. 0 per lakh with GIC Housing Finance now offering home loans with loan tenure upto 20 years.
• Lowest home loan interest rate currently offered by GIC Housing Finance is %, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 0 for a 15 year loan and Rs. 0 for a 20 year loan.
• Check the EMI for other tenures using the GIC Housing Finance home loan EMI calculator on this page.
Home Loan EMI Calculator
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## Home Loan EMI Calculator GIC Housing Finance

### GIC Home Loan EMI

• Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to GIC Housing Finance against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
• With GIC Housing Finance offering Home Loans with loan tenure upto 20 years, the loan EMI can be as low as Rs. 0 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by GIC Housing Finance on Home Loan is %.
• Loan Tenure
Loan Amount (Rs.) 10 years15 years20 years
2,500,000 0
5,000,000 0
7,500,000 0
10,000,000 0
• This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

### GIC Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how GIC Housing Finance Home Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 1,500,000 to Rs. 30,000,000

r = Rate of interest per month. Current rate is %, which is linked to GIC PLR

n = tenure in month. For GIC Housing Finance, this can be 240 months

### Will the GIC home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

• Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by GIC Housing Finance subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)
• In case the floating rate of interest on your home loan increases, GIC Housing Finance will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by GIC Housing Finance, the bank may increase your EMI amount.
• For partly disbursed loans availed under tranched EMI scheme, your loan EMI will increase with each disbursement.

### Will home loan EMI change in case of prepayment?

• GIC Housing Finance allows prepayment at nil charges or penalty in case of floating rate home loans.
• When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.

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