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GIC Home Loan Balance Transfer

Home Loan Transfer to GIC Housing Finance: Details

Last Updated 24th Dec 2020

Interest Rate10.25%
Processing Fee₹ 2,500
Lowest EMI per lakh₹ 982
Loan Tenure20 years
  • GIC Housing Finance offers a home loan balance transfer facility at low interest rates starting at 10.25% for a tenure of upto 20 years.
  • You can transfer your home loan to GIC Housing Finance to reduce EMIs and save more on interest.
  • Avail home loan top up from GIC Housing Finance at the time of loan balance transfer to fulfil additional fund requirements.
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GIC Home Loan Transfer

GIC, the largest HFC in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to GIC Housing Finance at the lowest interest rates. To transfer your housing loan to GIC Housing Finance, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of GIC.

GIC Housing Finance Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to GIC Housing Finance, compare and calculate all the costs of loan transfer. The table below mentions GIC Housing Finance home loan transfer interest rate and other home loan transfer charges of GIC Housing Finance.

GIC Home Loan Transfer Rates 10.25%
Processing Fees Minimum ₹ 2,500
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of GIC Housing Finance Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: GIC Housing Finance offers lower home loan rates starting at 10.25% along with ₹ 2,500 processing on home loans. Thus, you can save on your home loan by transferring your loan to GIC Housing Finance.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of GIC Housing Finance, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this GIC Housing Finance home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for GIC Housing Finance Home Loan Transfer

To transfer your home loan to GIC Housing Finance, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for GIC.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to GIC Housing Finance.
  • You must be an Indian resident within the age criteria of GIC Housing Finance. The minimum & maximum age to avail a GIC Housing Finance home loan takeover is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use GIC Housing Finance home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to GIC Housing Finance

The home loan balance transfer process to GIC Housing Finance is smooth and quick. To transfer your existing home loan to GIC Housing Finance, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to GIC Housing Finance upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to GIC Housing Finance and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • GIC Housing Finance will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to GIC Housing Finance will be completed.

Document Required for GIC Home Loan Transfer

To avail of home loan balance transfer from GIC, you need to submit the following documents to GIC.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to GIC?

Yes, transferring your home loan to GIC Housing Finance is a good idea for home loan borrowers as GIC Housing Finance provides lower home loan rates starting at 10.25%, and minimal processing fee Of ₹ 2,500.

How can I transfer my GIC home loan from one branch to another?

To transfer your GIC Housing Finance home loan from one branch to another, you can request through net banking/mobile banking. GIC Housing Finance also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for GIC home loan balance transfer?

Yes, GIC Housing Finance charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a GIC home loan balance transfer?

If you apply for a home loan transfer to GIC Housing Finance, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my GIC Housing Finance home loan balance transfer?

To know your GIC Housing Finance home loan status, you can call GIC Housing Finance home loan customer care number or visit GIC official website to check the status.


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GIC Home Loan News - Dec 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.
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