GIC HOUSING FINANCE 2019

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GIC Housing Finance’s home loan interest rate starts from 10.25%, which is one of the best home loan rates in India. The rates vary by loan amount, occupation, income and type of loan availed. Check Best Offers

Loan AmountGIC Housing Finance Home Loan Floating Interest Rate
Upto ₹ 25 Lakh10.25%
₹ 25 Lakh – ₹ 75 Lakh10.25%
₹ 75 Lakh – ₹ 1.50 Cr10.25%
Above ₹ 1.50 Cr10.25%
 
Interest Rate10.25% onwards
Compare with Other Banks
Processing FeeMinimum ₹ 2,500
Max Tenure20 years
Lowest EMI₹ 982 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
Check Prepayment Rules
AgeMin 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed

GIC Housing Finance home loan interest rates are 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%.

ProductsInterest Rates
GIC Housing Finance Home Loan Floating10.25%

Latest GIC home loan rate starts from 10.25% , as applicable based on the PLR, which is 15.00%, last announced on 30th Nov -1. Any change in PLR will translate into a similar change in the bank’s home loan rate.

GIC Housing Finance housing loan interest 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.
  • Existing bank customers: GIC Housing Finance offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

GIC Housing Finance Home Loan Processing Fee and Other Charges

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

  • Technical and Legal Charges – GIC Housing Finance also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on GIC Housing Finance rules.
  • Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to GIC Housing Finance. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with GIC Housing Finance at Nil charges.

GIC Housing Loan: Apply

If you want to get a housing loan from GIC Housing Finance, the process to get the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and GIC Housing Finance’s representatives will get in touch to begin the process of getting a home loan. You will also be assisted by MyLoanCare’s personal housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from GIC Housing Finance.

You can also do a comparison of GIC Housing Finance’s Home Loan Interest rates and other charges using MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

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
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
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: Rs. 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 Rs. 10,000. Current offer for processing fee is Minimum Rs. 2,500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 982 for a 20 years Rs. 1 Lakh loan at 10.25% (lowest rate, longest time period) to Rs. 2,137 for a 5 years Rs. 1 Lakh 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: Rs. 38,222 for 5 years loan to Rs. 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.

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