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GIC Housing Finance Housing Loan EMI Calculator

Last Updated 24th Dec 2020

  • GIC Housing Finance home loan EMI per ₹ 1 Lakh is ₹ 982, which is one of the lowest EMI offered by banks. Check Best Offers
  • Housing loan EMI in GIC Housing Finance is calculated based on loan amount, loan tenure and interest rate.
  • It is better to calculate your EMI for GIC Housing Finance home loan before applying. Use an online GIC Housing Finance loan EMI calculator to estimate your EMI.
  • Check GIC Housing Finance home loan EMI for different tenures at the current GIC Housing Finance home loan interest rate of 10.25%
  • Loan Amount10 Year Loan15 Year loan20 Year loan
    ₹ 10 Lakh₹ 13,354₹ 10,900₹ 9,816
    ₹ 20 Lakh₹ 26,708₹ 21,799₹ 19,633
    ₹ 30 Lakh₹ 40,062₹ 32,699₹ 29,449
    ₹ 50 Lakh₹ 66,770₹ 54,498₹ 49,082

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GIC Home Loan EMI Calculator Online

GIC Housing Finance Home Loan EMI is the fixed amount that you need to pay on a fixed date of the month till the end of repayment tenure. The amount is based on your loan amount, tenure and interest rate. You can calculate your GIC Housing Finance housing loan EMI in advance to plan your loan payments and expenses using a GIC Housing Finance home loan calculator. GIC Housing Finance home loan EMI calculator is an online tool that functions on a mathematical algorithm and gives accurate results without hassle.

Why should you use GIC Housing Finance Home Loan EMI Calculator?

  • Calculate the EMI at Different Tenures: GIC Housing Finance offers the lowest EMI per lakh at . To get the lowest EMI on your home loan, you can compare the EMIs with a different loan amount and tenure. However, it is advisable to check with the bank to know the interest rate you will be eligible for GIC Housing Finance home loan.
  • Compare GIC Housing Finance Home Loan EMI: With GIC Housing Finance home loan EMI Calculator, you can also estimate EMI on your home loan from GIC Housing Finance with other leading banks in India at the same loan amount and tenure at varying interest rates.
  • Get Detailed Amortisation Schedule: You can calculate the division of total EMIs into interest and principal repayment on your loan at different periods throughout the loan tenure.
  • Calculate the Outstanding Balance: Finally, you can also calculate the remaining loan tenure for the outstanding balance at any period of the loan tenure. If you want to reduce your home loan tenure, you can always consider a home loan balance transfer because other banks may allow you to pay your home loan at low rates.

GIC Housing Finance Home Loan EMI Calculator to estimate the EMI that fits your budget

To calculate your home loan EMI at different rates and tenure, enter different loan amounts and tenure at the eligible interest rate on GIC Housing Finance Home Loan EMI calculator. The below-mentioned table shows the calculation of GIC Housing Finance Home Loan at the various combinations of loan amount and years at the lowest rate of 10.25%. Considering this example, if you think you can afford to pay an EMI of in your budget, take an loan for 15 years or loan for 30 years, maybe the right GIC Housing Finance Home loan plan for you.

GIC Housing Finance home loan EMI is calculated for different loan amounts and tenures at 10.25% interest rate
Loan Tenure
Loan Amount (Rs.) 15 years20 years30 years
₹ 25 Lakh ₹ 27,249 ₹ 24,541 ₹ 22,403
₹ 50 Lakh ₹ 54,498 ₹ 49,082 ₹ 44,805
₹ 75 Lakh ₹ 81,746 ₹ 73,623 ₹ 67,208
₹ 1 Cr ₹ 1.09 Lakh₹ 98,164 ₹ 89,610

Benefits of using GIC Housing Finance Home Loan EMI Calculator

GIC Housing Finance Home Loan Calculator is online and gives instant results with 100% accuracy. The best part is that you can calculate and compare multiple EMIs on different combinations of loan amount, interest rate and tenure. Thus, using GIC Housing Finance Home Loan EMI Calculator helps you to choose the right amount of EMI that is affordable and also decide on the right loan amount and loan tenure. Further, if you use the MyLoanCare GIC Housing Finance Home Loan Calculator, you have the option to receive calculated EMIs and amortization schedules for each calculation by mail which can be referred to at a later stage when you are making the final decision to take a loan.

Factors Affecting GIC Housing Finance Home Loan EMI

Home Loan EMI can be calculated using an online Home Loan Calculator which takes into account factors such as loan amount, rate of interest and the tenure for which you are planning to avail the loan.

Loan Amount

If you apply for a higher loan amount, you will have to pay a higher EMI GIC Housing Finance gives a minimum home loan of ₹ 15,00,000 upto a maximum amount of ₹ 3,00,00,000.

Interest Rate

Higher interest rate increases your GIC Housing Finance housing loan EMI which will increase the total cost of the loan. GIC Housing Finance current home loan interest rate starts at 10.25%. Do a complete market research and compare rates and calculate EMI online using GIC Housing Finance home loan calculator before you apply for a home loan.

Loan Tenure

This is the period in which you can repay your home loan in GIC Housing Finance. Your EMI will be lower if you take a 0 years loan from GIC Housing Finance as compared to a loan taken for 5 years. For a longer period, you get to pay a smaller EMI and vice-versa.

GIC Home Loan EMI Calculator Formula

GIC Home Loan Calculator calculates EMI based on the following formula.

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

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

In above formula,

  • P = Loan amount. GIC Housing Finance home loan amount can range from ₹ 15,00,000 to ₹ 3,00,00,000
  • r = Rate of interest per month. Current GIC Housing Finance housing loan rate 10.25%.PLR
  • n = tenure in month. For GIC Housing Finance, maximum home loan tenure is 360 months

Comparison of GIC Housing Finance Home Loan EMI with other Banks

Bank Name Interest rate Loan Amount of ₹ 10 Lakh Loan Amount of ₹ 30 Lakh Loan Amount of ₹ 50 Lakh
GIC Housing Finance 10.25% ₹ 8,961 ₹ 26,883 ₹ 44,805
HDFC 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264
ICICI Bank 6.70% ₹ 6,453 ₹ 19,358 ₹ 32,264
SBI 6.65% ₹ 6,420 ₹ 19,259 ₹ 32,098
LIC Housing Finance 6.66% ₹ 6,426 ₹ 19,279 ₹ 32,131
Axis Bank 6.65% ₹ 6,420 ₹ 19,259 ₹ 32,098

GIC Housing Finance Home Loan Amortization Calculator

GIC Housing Finance Home Loan amortization schedule gives a break up of your monthly EMI into interest and principal repayment. GIC Housing Finance gives you a detailed amortisation schedule with the sanction letter and you can calculate the total interest outgo as well as the pace at which your loan amount will be repaid during the loan tenure.

How to read an amortization schedule

Suppose if you take a Home Loan of ₹ 30 Lakh for 15 years from GIC Housing Finance at an interest rate of 10.25%. EMI calculated for this loan amount is ₹ 32,699 and the total annual EMIs to be paid annually is ₹ 3,92,382. The EMI schedule of loan for 15 years is explained below in the table –

Amortization Schedule for a Home Loan of ₹ 30 Lakh over the 15 years

Year Interest paid during the year Principal repaid during the year Total amount paid during the year (Interest + Principal) Outstanding Principal
2021 ₹ 25,625 ₹ 7,074 ₹ 32,699 ₹ 29,92,926
2022 ₹ 3,02,636 ₹ 89,746 ₹ 3,92,382 ₹ 29,03,181
2023 ₹ 2,92,993 ₹ 99,390 ₹ 3,92,382 ₹ 28,03,791
2024 ₹ 2,82,313 ₹ 1,10,069 ₹ 3,92,382 ₹ 26,93,722
2025 ₹ 2,70,485 ₹ 1,21,897 ₹ 3,92,382 ₹ 25,71,825
2026 ₹ 2,57,387 ₹ 1,34,995 ₹ 3,92,382 ₹ 24,36,829
2027 ₹ 2,42,881 ₹ 1,49,501 ₹ 3,92,382 ₹ 22,87,328
2028 ₹ 2,26,816 ₹ 1,65,566 ₹ 3,92,382 ₹ 21,21,762
2029 ₹ 2,09,025 ₹ 1,83,357 ₹ 3,92,382 ₹ 19,38,405
2030 ₹ 1,89,323 ₹ 2,03,060 ₹ 3,92,382 ₹ 17,35,345
2031 ₹ 1,67,503 ₹ 2,24,879 ₹ 3,92,382 ₹ 15,10,466
2032 ₹ 1,43,338 ₹ 2,49,044 ₹ 3,92,382 ₹ 12,61,422
2033 ₹ 1,16,577 ₹ 2,75,805 ₹ 3,92,382 ₹ 9,85,617
2034 ₹ 86,941 ₹ 3,05,442 ₹ 3,92,382 ₹ 6,80,175
2035 ₹ 54,119 ₹ 3,38,263 ₹ 3,92,382 ₹ 3,41,912
2036 ₹ 17,771 ₹ 3,41,912 ₹ 3,59,684 -₹ 0

In the above illustration, on a GIC Housing Finance Home Loan of₹ 30 Lakh, taken at the lowest interest rate of 10.25, EMI paid is ₹ 32,699 and an annual total of EMIs is ₹ 3,92,382, the interest component is ₹ 3,03,397 while the principal component is ₹ 88,986 in year 1 of loan disbursement. You repay only 2.97% of the total principal after paying 12 EMIs during the first year.

GIC Housing Finance Home Loan EMI for ₹ 10 Lakh

The following table shows GIC Housing Finance Housing Loan EMI for ₹ 10,00,000 for different tenures at an interest rate of 10.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 10,00,000 10.25% 5 Years ₹ 21,370
₹ 10,00,000 10.25% 10 Years ₹ 13,354
₹ 10,00,000 10.25% 15 Years ₹ 10,900
₹ 10,00,000 10.25% 20 Years ₹ 9,816
₹ 10,00,000 10.25% 0 Years

GIC Housing Finance Home Loan EMI for ₹ 20 Lakh

The following table shows GIC Housing Finance Housing Loan EMI for ₹ 20,00,000 for different tenures at an interest rate of 10.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 20,00,000 10.25% 5 Years ₹ 42,741
₹ 20,00,000 10.25% 10 Years ₹ 26,708
₹ 20,00,000 10.25% 15 Years ₹ 21,799
₹ 20,00,000 10.25% 20 Years ₹ 19,633
₹ 20,00,000 10.25% 0 Years

GIC Housing Finance Home Loan EMI for ₹ 30 Lakh

The following table shows GIC Housing Finance Housing Loan EMI for ₹ 30,00,000 for different tenures at an interest rate of 10.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 30,00,000 10.25% 5 Years ₹ 64,111
₹ 30,00,000 10.25% 10 Years ₹ 40,062
₹ 30,00,000 10.25% 15 Years ₹ 32,699
₹ 30,00,000 10.25% 20 Years ₹ 29,449
₹ 30,00,000 10.25% 0 Years

GIC Housing Finance Home Loan EMI for ₹ 50 Lakh

The following table shows GIC Housing Finance Housing Loan EMI for ₹ 50,00,000 for different tenures at an interest rate of 10.25%

Loan Amount Interest rate Tenure (Year) EMI
₹ 50,00,000 10.25% 5 Years ₹ 1,06,851
₹ 50,00,000 10.25% 10 Years ₹ 66,770
₹ 50,00,000 10.25% 15 Years ₹ 54,498
₹ 50,00,000 10.25% 20 Years ₹ 49,082
₹ 50,00,000 10.25% 0 Years

Other Loan Calculators Offered by MyLoanCare

FAQs

Will the GIC Housing Finance home loan EMI remain constant or change in future?

No, your GIC Housing Finance Home Loan EMI can change if you have taken a floating rate loan and there is a change in the repo rate to which the home loan rate has been benchmarked. However, if it is a fixed rate loan, the GIC Housing Finance Home Loan EMI will remain unchanged throughout the loan tenure unless you request for a change in tenure or prepay your loan amount.

What happens in case of increase or decrease in GIC Housing Finance interest rate?

GIC Housing Finance offers floating rate home loans only. If you take a floating rate loan from GIC Housing Finance, your interest rate and hence EMI will decrease with a cut in the repo rate and increase with an increase in repo rate on the date of reset. This means that your GIC Housing Finance home loan EMI can keep fluctuating during the loan tenure depending on the changes in interest rates.

Will GIC Housing Finance home loan EMI change in case of prepayment?

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

Why should I calculate GIC Housing Finance loan EMI before taking a loan?

It is advised to calculate GIC Housing Finance home loan EMI before taking a home loan. There are several benefits of calculating your GIC Housing Finance housing loan EMI which can be done using GIC Housing Finance loan calculator GIC Housing Finance housing loan EMI calculator as discussed below -

  • In case EMI comes out to be more than your monthly budget, then you have the chance to apply for a lower loan amount which fits your monthly budget and make GIC Housing Finance EMI affordable.
  • If you already know the EMI you have to pay each month, then you can plan your spends accordingly
  • Based on the EMI amount, you can opt for making a prepayment of your home loan in the future when you have a surplus amount. You can calculate the aftermaths of prepayment using home loan emi calculator GIC Housing Finance.

What is the EMI for home loan in GIC Housing Finance?

The GIC Housing Finance EMI will vary based on loan amount, tenure, rate of interest and can be calculated using GIC Housing Finance home loan calculator. Based on the lowest rate of 10.25% and maximum tenure of 20 years, the GIC Housing Finance home loan EMI for different loan amount will be:

Loan amount EMI
₹ 10 Lakh ₹ 9,816
₹ 12 Lakh ₹ 11,780
₹ 15 Lakh ₹ 14,725
₹ 30 Lakh ₹ 29,449
₹ 50 Lakh ₹ 49,082

You can compare GIC Housing Finance home loan EMI for different loan amounts and tenure and then choose the loan amount based on your repayment capacity.

How accurate is a GIC Housing Finance Housing Loan EMI calculator?

Online GIC Housing Finance housing loan calculators use technology to calculate the results and hence, if the data entered by you is correct the results should be 100% accurate.The calculator works on a mathematical algorithm based on the formula: P*r* (1+r)^n/([(1+r)^n]-1). Here, P is the loan amount, r is the rate of interest per month and n is the tenure in month. The GIC Housing Finance home loan emi calculator is far better than manual calculations , as chances of error are less.

How to pay your GIC Housing Finance Home loan EMI Online?

To pay the EMI of GIC Housing Finance home loan, you can log in to your net banking account as provided during the time of availing the loan and pay using your savings account or debit/credit card. You can also visit the branch and submit the cheque of your EMI.

How is GIC Housing Finance home loan EMI calculated?

The GIC Housing Finance Home loan EMI calculation formula is as follows:
E = [P x R x (1+R)^N]/[(1+R)^N-1] where
‘E’ means Equated monthly instalments
‘P’ means the principal amount
‘N’ is the number of monthly instalments
‘R’ is the interest rate per month.

What is the EMI for ₹ 10 Lakh home loan in GIC Housing Finance?

You can use a 10 lakh home loan emi calculator GIC Housing Finance, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 10 Lakh 10.25% 10 years loan ₹ 13,354
₹ 10 Lakh 10.25% 15 years loan ₹ 10,900
₹ 10 Lakh 10.25% 20 years loan ₹ 9,816

What is the EMI for ₹ 20 Lakh home loan in GIC Housing Finance?

You can use a 20 lakh home loanemi calculator GIC Housing Finance, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 20 Lakh 10.25% 10 years loan ₹ 26,708
₹ 20 Lakh 10.25% 15 years loan ₹ 21,799
₹ 20 Lakh 10.25% 20 years loan ₹ 19,633

What is the EMI for ₹ 30 Lakh home loan in GIC Housing Finance?

You can use a 30 lakh home loan emi calculator GIC Housing Finance, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 30 Lakh 10.25% 10 years loan ₹ 40,062
₹ 30 Lakh 10.25% 15 years loan ₹ 32,699
₹ 30 Lakh 10.25% 20 years loan ₹ 29,449

What is the EMI for ₹ 50 Lakh home loan in GIC Housing Finance?

You can use a 50 lakh home loan emi calculator GIC Housing Finance, to determine different EMI for different tenures. Let`s understand with examples:-

Loan amount Interest rate Tenure EMI
₹ 50 Lakh 10.25% 10 years loan ₹ 66,770
₹ 50 Lakh 10.25% 15 years loan ₹ 54,498
₹ 50 Lakh 10.25% 20 years loan ₹ 49,082

What is the EMI for a 25 lakhs home loan in GIC Housing Finance and how is it calculated?

EMI for ₹ 25 lakhs will be as follows for three different tenure, as per 25 lakh home loan emi calculator GIC Housing Finance:--

Loan amount Interest rate Tenure EMI
₹ 25 Lakh 10.25% 10 years loan ₹ 33,385
₹ 25 Lakh 10.25% 15 years loan ₹ 27,249
₹ 25 Lakh 10.25% 20 years loan ₹ 24,541

What is the EMI for 12 lakhs home loan in GIC Housing Finance?

A borrower will pay ₹ 14,515 if he/she takes a loan for 12 years at an interest rate of 10.25%. The 12 lakh home loan emi GIC Housing Finance may vary across GIC Housing Finance home loan interest rate.

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GIC Home Loan News - Dec 2021
  • 2020-12-24 : GIC Housing reported December 2020 Net Sales at Rs 311.34 crore
    GIC Housing Finance posted net sales at Rs 311.34 crore in December 2020 down 0.25% from Rs. 312.11 crore in December 2019. Further, it reported quarterly net profit at Rs. 60.98 crore in December 2020 up 329.13% from Rs. 14.21 crore in December 2019.
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