GIC Home Loan EMI Calculator

GIC Home Loan - Lowest EMI is Rs. 982 per lakh

Last Updated 22nd Feb 2017
  • Get monthly EMI as low as Rs. 982 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 10.25%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,090 for a 15 year loan and Rs. 982 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 GIC Housing Finance

GIC Housing Finance Home Loan EMI Calculator

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 30 years, the loan EMI can be as low as Rs. 982 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 10.25%.
  • Loan Tenure
    Loan Amount (Rs.) 15 years20 years30 years
    2,500,000 27,24924,54122,403
    5,000,000 54,49849,08244,805
    7,500,000 81,74673,62367,208
    10,000,000 108,99598,16489,610
  • 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 10.25%, which is linked to GIC PLR
n = tenure in month. For GIC Housing Finance, this can be 360 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.
GIC Home Loan EMI Calculator News - Feb 2017
28th Jul 16 GIC Housing Finance Q1 net rises 14 percent to Rs 32 Crore
As per the results for the Q1FY17 , GIC Housing Finance reported a 14.4 percent increase in its Net Profit to Rs 32.32 crore. Total Income increased by 14.8 percent to Rs 234.87 crore in June quarter as compared to previous year. provision for contingencies increased by 50.75 % on a yoy basis and the provision for taxes increased by 15 percent compared to the previous year.
29th Apr 16 GIC Housing Finance Q4FY16 standalone net profit rises 34.55 percent
As per the results stated quarter ending March 2016, GIC Housing Finance Net Profit increased by 34.55 percent year on year to Rs. 35.87 crore. Its Net Interest Income (NII) increased by 23.373 percent year on year to Rs. 78.27 crore
22nd Jan 16 Future Generali ties up with GIC Housing Finance
Future Generali India Life Insurance has partnered GICHFL to offer group credit life insurance its product Future Generali Loan Suraksha Plan.
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