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GIC Home Loan Interest Rates 2020

GIC Housing Finance Housing Loan Interest Rate

Last Updated 01st May 2017

Current GIC Housing Finance Home loan interest rates for Sep 2020 starts at 10.25% p.a. for a maximum tenure of 20 years. Processing fee on its housing loans is Minimum ₹ 2,500 and .

Loan AmountGIC Housing Finance Home Loan Floating Rate
Upto ₹ 25 Lakh10.25%
₹ 25 Lakh - ₹ 75 Lakh10.25%
₹ 75 Lakh - ₹ 1.50 Cr10.25%
Above ₹ 1.50 Cr10.25%

GIC Housing Finance Home Loan Interest Rates

GIC Housing Finance offers various products on home loan. GIC Housing Finance home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • GIC Housing Finance Home Loan Interest Rate starts from 10.25%.
  • GIC Housing Finance charges a processing fees of Minimum ₹ 2,500 and .
  • Loan Tenure of Home Loan ranges from 5 years to 20 years.
  • Lowest EMI per lakh on home Loan from GIC Housing Finance is ₹ 982 per lakh offered at the lowest interest rate of 10.25% at the longest loan tenure of 20 years.
  • GIC Housing Finance allows prepayment of home loans with Nil charges on floating rate loans.
  • GIC Housing Finance has an average customer rating of 3.5/5.0 from customers who have taken a home loan from the bank.

GIC Housing Finance Home Loan Rate

Current GIC Housing Finance home loan interest rates are in the range of 10.25% to 10.25%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 10.25%. The table below gives the interest rates on various housing finance schemes of GIC Housing Finance.

GIC Housing Finance Home Loan Scheme Interest Rates
GIC Housing Finance Home Loan Floating10.25%

GIC Housing Finance Bank Home Loan Charges

GIC Housing Finance Home Loan Processing Fee

The bank charges a minimum processing of ₹ 2,500. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to GIC Housing Finance housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

GIC Housing Finance Home Loan Prepayment

GIC Housing Finance charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to GIC Housing Finance for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from GIC Housing Finance, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with GIC Housing Finance.

GIC Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

GIC Housing Finance Pradhan Mantri Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at GIC Housing Finance if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on GIC Housing Finance Home Loan Interest Rate
Maximum Annual Percentage Rate (APR)10.25% to 10.25%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1 Lakh
  • Time period: 5 years to 20 years
  • GIC Housing Finance Home Loan Interest Rate: 10.25% to 10.25%
  • Processing Fee payable to GIC Housing Finance: Upto ₹ 10,000. Current offer for processing fee is Minimum ₹ 2,500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 982 for a 20 years ₹ 1 Lakh loan at 10.25% (lowest rate, longest time period) to ₹ 2,137 for a 5 years ₹ 1 Lakh loan at 10.25% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Total cost payable over loan tenure: ₹ 38,222 for 5 years loan to ₹ 1.46 Lakh for 20 years loan

GIC Housing Finance’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of GIC Housing Finance.

FAQs

What is GIC Home Loan interest rate?

GIC Home Loan interest rate ranges between 10.25% to 10.25%.GIC Housing Finance cuts Home Loan rates by 10.25% from 10.25%.

Why should I opt for balance transfer to GIC Housing Finance?

GIC Housing Finance offers competitive Home Loan rates with the best EMI of ₹ 982 per lakh availed at a low-interest rate of 10.25% for a maximum tenure of 20 years. If you are paying an EMI more than ₹ 982 per lakh, you should consider the option for a loan transfer to GIC Housing Finance from your existing bank. EMIs can be calculated through GIC Housing Finance Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from GIC Housing Finance?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

What is the effect of part prepayments on GIC Housing Finance housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

How to increase my eligibility on GIC Housing Finance housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

How will GIC Housing Finance housing loan rate of interest change in the future?

  • Floating rate on '.GIC Housing Finance.' housing loan is linked to its '..' '.PLR.' Rate, which is currently at '.15.00.'%. When Bank offers a Home Loan at '..'%, it applies a '.discount of 15.'% to its '.PLR.' Rate to arrive at this Home Loan rate.
  • When RBI increases rates, the bank may increase its '.PLR.' rate and the applicable interest rate for all existing and new Home Loans would increase. When RBI cuts interest rates and the bank reduces the '.PLR.' rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

What is the current GIC Housing Finance Home Loan rate?

The current GIC Home Loan rate starts from 10.25% with a processing fee of Minimum ₹ 2,500 and

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