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GIC Home Loan Interest Rate Oct 2017

Last Updated 01st May 2017

GIC Housing Finance Home Loan Interest Rates

Interest Rate 10.25% - 10.25%
Check Best Offers
Processing Fee Minimum Rs. 2,500
Max Tenure 20 years
Lowest EMI Rs. 982 per lakh
Prepayment, Foreclosure Charges Allowed with Nil charges for floating rate loans
Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Apply Home Loan @ 8.35%*
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GIC Housing Finance Home Loan

GIC Housing Finance offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from GIC Housing Finance has the following benefits:

    Home Loan Interest Rates GIC Housing Finance

    GIC Housing Finance offers attractive home loan rates in the range of 10.25% to 10.25%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 10.25%. Compare and click on details in the table to get slab wise interest rates of different GIC Housing Finance housing loan offers.

    GIC Housing Finance Floating Rate Home Loans

    Home Loan GIC Housing Finance Interest Rates
    GIC Housing Finance Home Loan Floating 10.25%
    Details -
    GIC Housing Finance Home Loan Floating
    Loan Amount Rate
    Upto Rs. 2,500,000 10.25%
    Rs. 2,500,001 - 7,500,000 10.25%
    Rs. 7,500,001 - 15,000,000 10.25%
    Above Rs. 15,000,000 10.25%

    GIC Housing Finance home loan rate depends upon

    • Loan amount: Housing loan rate in GIC Housing Finance depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
    • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
    • Type of loan opted for: GIC Housing Finance also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.

    Interest Rate and its impact on GIC Housing Finance Home Loan Eligibility

    GIC Housing Finance has detailed criteria to determine a potential borrower’s eligibility for housing loans. These eligibility criteria determine the loan amount you can avail. Interest rate offer by GIC Housing Finance also impacts the amount of loan you can avail from GIC Housing Finance.
    Some of the key eligibility criteria are summarized in the table below:

    GIC Housing Finance Home Loan Eligibility Criteria
    Interest Rate 10.25% - 10.25%
    Age 21 - 60 years
    Minimum Credit Score 650 and above
    Loan Amount Rs. 1,500,000 to Rs. 30,000,000
    Loan to Value Ratio Upto 80%
    FOIR (Fixed Obligations to Income Ratio) Up to 0.65

    Home Loan Charges Applicable (Other than Interest)

    In addition to interest rates, home loan also carry some other charges which include:

    • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. GIC Housing Finance allows prepayment of house loan with Nil prepayment charges
    • Processing Fee - GIC Housing Finance charges a processing fee of Minimum Rs. 2,500 with applicable tax
    • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

    Home Loan GIC Products

    GIC Housing Finance offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

    GIC Housing Finance Home Loan Eligibility Calculator

    GIC Housing Finance Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from GIC Housing Finance. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

    GIC Housing Finance Home Loan EMI and Interest Calculator

    Further, you can also use the GIC Housing Finance Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

    • EMI calculator of GIC Housing Finance helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on home loan
    • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
    • Rate of interest is an important factor which affects your EMI. Higher the rate, higher will be the EMI. You can also estimate the interest amount you pay over the tenure of the loan at various loan tenure as well as interest rates. Home loan interest rate comparison of different banks will allow you to choose the cheapest loan and hence, improve your eligibility
    • Loan tenure matters equally as higher tenure reduces your EMI

    What are the benefits of calculating GIC Housing Finance Housing Loan EMI?

    • EMI calculator helps you to calculate your monthly EMI at different rate of interest
    • GIC Housing Finance Home Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
    • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

    Housing Loan GIC documents required

    For Salaried employee

    • Filled up loan application form
    • 2 Passport Size Photo
    • 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

    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

    Frequently Asked Questions

    What is GIC Housing Finance home loan interest rate?

    GIC Housing Finance housing loan interest rates are 10.25% to 10.25% depending on eligibility, loan amount, loan tenure and type of property. If you are an existing customer with a salary account in the bank, then you are eligible to get low interest rates on loan.

    What is GIC Housing Finance home loan processing fees?

    GIC Housing Finance charges a home loan processing fees of up to 0.00% of the loan amount. Processing fees charged is between Rs. 2,500 to Rs.

    What is GIC Housing Finance home loan procedure?

    You can apply for a GIC Housing Finance home loan by contacting the bank directly or by approaching them through online marketplaces like myloancare.in. Approaching the bank through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results.

    Why to take home loan from GIC Housing Finance?

    GIC Housing Finance offers housing loan at 10.25% rate with the lowest EMI of Rs. 982 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to GIC Housing Finance.

    What is the maximum loan tenure I can opt under GIC Housing Finance house loan?

    GIC Housing Finance offers you a longer tenure of 20 years to repay your loan with a benefit of paying less EMI per month.

    Do I get tax benefit on home loan from GIC Housing Finance?

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

    Can I foreclosure my home loan? What are the charges applicable?

    Yes, you can foreclose your loan with Nil charges.

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

    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to GIC Housing Finance offers you to pay lower EMIs and save money.

    Can I club the income of my spouse with mine and apply for joint home loan?

    You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

    What is the benchmark applicable for housing loan?

    The benchmark applicable for home loan in GIC Housing Finance is PLR.

    What is the effect of part payments on GIC Housing Finance housing loan EMI ?

    Part payments 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 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 loan.

    How will interest rate on GIC Housing Finance housing loan change in 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 10.25%, it applies a discount of 4.75% 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.
    Gic Housing Finance Home Loan Interest Rate
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.