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GIC Home Loan

GIC Housing Loan 2021

Last Updated 24th Dec 2020

GIC Housing Finance is a large HFC with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 10.25% with quick approval and online process. Home Loan in GIC Housing Finance is quite popular with its special features and attractive rates under various GIC Housing Finance home loan schemes for different income and occupation groups. Some of the key features of GIC Housing Finance housing loan are:

  • GIC Housing Finance also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • GIC Housing Finance has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your GIC Housing Finance home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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GIC Housing Finance Home Loan Details

GIC offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan GIC

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 20 years
Interest Rate 10.25%
Interest Rate Linked To PLR
Processing Fee Minimum ₹ 2,500
Lowest EMI Per Lakh ₹ 982
  • Purpose of Loan: GIC house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of GIC Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 80%.
    • Loan Tenure can range from 5 to 20 years.
    • Interest rates in the range of 10.25% to 10.25%.
    • GIC home loan EMI per lakh starts from ₹ 982. However, you can calculate your home loan EMI using GIC home loan calculator 2021.
  • Special schemes: GIC offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of GIC Housing Finance Home Loans

Some of the features and benefits of GIC Housing Finance Home Loans are listed as follows:-

  • GIC Housing Finance Home Loan Interest Rate starts from 6.70%.
  • GIC Housing Finance charges a processing fees of Minimum ₹ 2,500.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from GIC Housing Finance is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 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.

How to Get Easy Home Loan from GIC Housing Finance?

Getting a home loan from GIC is fairly easy with an online application process. 5 Steps for GIC Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of GIC and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of GIC or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a GIC’s representative will visit your home or office to collect your documents.
  • Step 4: GIC will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from GIC and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

GIC Housing Finance Home Loan Documents Required

To apply for a home loan in GIC, the bank asks you to submit the following GIC Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or GIC account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

GIC Housing Finance Home Loan EMI Calculator

GIC home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. GIC Housing Finance Home loan calculator helps the loan borrower pre-plan their home loan in advance.

GIC Housing Finance Home Loan Eligibility Calculator

GIC Housing Finance Home loan eligibility calculator is an online tool that helps the GIC home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare GIC Housing Finance Home Loan with Other Banks

FAQs

What are the documents required for home loan GIC?

To apply for GIC Housing Finance Home Loan, you will be required to submit GIC home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from GIC Housing Finance ?

Below-mentioned is the reason why you must avail a home loan from GIC

Can I apply for an GIC home loan online?

Yes, you can apply for a GIC home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best GIC home loan scheme?

Choosing the best GIC home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best GIC home loan scheme is based on one’s needs.

Is GIC good for a home loan?

GIC is one of the best home loan lenders in the country. Currently, GIC home loan interest rate 2021 starts at 6.50%.

How can I check my GIC home loan status?

One can check their GIC home loan status on GIC’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the GIC mobile app

What is the eligibility for a Home Loan of GIC Housing Finance?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is GIC Housing Finance Home Loan procedure?

There are two methods to complete the application for GIC Housing Finance Home Loan Process online:

  • Apply online at GIC Housing Finance official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 the benefit of paying less EMI per month.

Does GIC Housing Finance check CIBIL for home loan?

Yes, to avail home loan from GIC Housing Finance, you must fulfill GIC Housing Finance Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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. Availing loan transfer to GIC Housing Finance can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in GIC Housing Finance is PLR . PLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In PLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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GIC Home Loan News - Nov 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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