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GIC Home Loan Interest Rates 2021

GIC Housing Finance Housing Loan Interest Rate -Today

Last Updated 24th Dec 2020

Current GIC Housing Finance Home Loan interest rates Jul 2021 starts at 10.25% p.a. for a maximum tenure of 20 years. The processing fee on its housing loans is Minimum ₹ 2,500 .

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%
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Current GIC Housing Finance Home Loan Rate

Today 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%.

Below-mentioned are GIC Housing Finance home loan rates for multiple housing schemes.

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

GIC Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in GIC for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 25 Lakh 10.25%
₹ 25 Lakh - ₹ 75 Lakh 10.25%
₹ 75 Lakh - 1.50 Cr 10.25%
Above ₹ 1.50 Cr 10.25%

GIC Housing Finance Home Loan Processing Fee and Other Charges

GIC Housing Finance charges a minimum processing of ₹ 2,500 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to 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.

Processing Fees minimum processing fee of ₹ 2,500
Foreclosure Charges Nil for floating rate home loans

GIC Home Loan Balance Transfer Interest Rates

GIC Housing Finance home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to GIC Housing Finance at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, GIC Housing Finance offers the lowest home loan balance transfer rate of 10.25%.

Illustration on Home Loan Interest Rate GIC Housing Finance
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: ₹ 1,00,000
  • Time period: 5 Years to 20 Years
  • GIC Housing Finance Home Loan Interest Rate: 10.25% to 10.25%
  • Processing Fee payable to: NIL
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 982 for 20 Years ₹ 1,00,000 loan at 10.25% (lowest rate, longest time period) to ₹ 2,137 for 5 Years ₹ 1,00,000 loan at 10.25% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.25% to 10.25%
  • Total cost payable over loan tenure: ₹ 1,28,222 for 5 Years loan to ₹ 2,35,594 for 20 Years loan

FAQs

What is GIC Home Loan Interest Rate?

GIC Home Loan interest rate ranges between 10.25% to 10.25%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has GIC reduced home loan rates?

Presently, GIC offers personal loans at an interest rate starting at 10.25%. There has been no change in personal loan rates of GIC for a long time and continue to stand at 10.25%.

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

GIC Housing Finance offers lowest Home Loan EMI of ₹ 982 per lakh availed at the lowest interest rate 10.25% for a maximum tenure of 20 years. 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.

  • 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.GIC housing loan rate varies across the applicant’s eligibility and the scheme they opt for. GIC offers different home loan rates for different home loan products.

Can GIC Housing Finance housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with GIC to lower the home loan rates.

What are the interest rates of home improvement loans in GIC?

You can avail of GIC home loans for home improvement at regular home loan rates starting at 6.65%.

Can GIC revise the home loan interest rates for their existing customers?

GIC home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does GIC offer a concessional home loan interest rate for women?

Yes, GIC offers special home loan interest rates for women. As against GIC home loan rates for male which is 10.25%, the home loan interest rate for women starts at %.

What is the GIC home loan rate of ₹ 25 Lakh for 15 years?

GIC home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, GIC provides home loan interest rate starting at 6.65%.

At what interest rate does an GIC employee get a home loan?

GIC offers concessional home loan rates of about 1% than the current home loan rates to GIC employees.

Is GIC Housing Finance home loan a floating rate loan or fixed-rate loan?

GIC home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


GIC Housing Finance Home Loan Reviews 3.5/5  by 1 customers
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Reviewed on 26th Feb 2015
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GIC Housing Finance Home Loan Availed in Dec-17

The interest rates of home loan was same as others offered. Customer service was very good.Read more...

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GIC Housing Finance Home Loan News - Jul 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.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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