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GIC Housing Finance Home Loan Detail

GIC Housing Finance Ltd provides home loans for various home-related purposes. The details of the home loan are given below:

Additional Info: Looking for 1 Crore Home Loan? Check EMI & Apply

Purpose

A home loan is provided for :

  • The purchase of a plot and construction of a residential building thereon. 
  • The purchase of a ready flat or residential building
  • Repurchase of a flat or residential building
  • Renovation and repairs of the existing property
  • Extension or additions to the existing property
  • Balance transfer of existing home loan at other financial institutions
Loan Quantum

The loan quantum depends on the type of home loan availed.

  • Individual home loan: 
    • 90% of the market value of the property if the loan quantum is up to Rs. 30 lakhs. 
    • 80% of the market value of the property if the loan quantum is between Rs. 30.01 lakhs to 75 lakhs
    • 75% of the market value of the property if the loan quantum is above Rs. 75 lakhs
  • Composite home loan: 60% of the registered value of the property for the purchase of the plot and the remaining for construction depending on the estimate.
  • Balance Transfer:
    • Outstanding liability of the existing home loan plus construction loan as per the norms of NHB
    • Outstanding liability of the existing home loan plus Rs. 15 lakhs for renovation
    • Outstanding liability of the existing home loan plus Rs. 10 lakhs as a mortgage loan.
    •  
  • Home Improvement Loan:

A minimum quantum of Rs. 5.00 lakhs and a maximum quantum of Rs. 15.00 lakhs

  • Home Extension Loan

Loan quantum between Rs. 1.00 lakh to Rs. 7.5 lakhs

Rate of InterestStarts at 7.24%. Depends on the credit score
TenureThe maximum loan term is 30 years but cannot extend beyond the retirement age i.e., 60 years
Processing FeeRs. 3000/- plus GST for all categories of home loans except balance transfer. There is no processing for a balance transfer.
Prepayment chargesNo prepayment charges for loans availed at floating interest and for loans at a fixed rate if prepayment or pre-closure is made out of own sources.

GICHFL Home Loan Features and Benefits

GIC Housing offers various types of home loans depending on the purpose and the segment of the customer.

The salient features and benefits of the GIC Home Loan are given below:

  • Individual home loans are provided for the construction of a residential house on an already owned plot, purchase/repurchase of a house/flat
  • Composite home loans are provided for the purchase of a plot and construction thereon.
  • Home Improvement loans are for repairs and renovations to the existing property.
  • Home Extension loans are for additions/extensions to the existing property.
  • Balance transfer of outstanding liability of home loans at other financial institutions is an option.
  • There are affordable home loans for rural and urban populations.
  • The loan amount is linked to the market value of the property and varies with the type of loan availed.
  • Apna Ghar Yojana(Individual Home Loans): For loans up to and inclusive of Rs. 30 lakhs, the amount will be 90% of the market value of the property. For loans between Rs. 30.01 lakhs to Rs. 75 lakhs, the loan amount will be 80% of the market value of the property, and for loans above Rs. 75 lakhs the loan amount will be 75% of the market value of the property. The value of the property will be as assessed by the panel valuer of GIC Housing Finance Limited.
  • Composite Loan: The loan amount for the purchase of a plot will be 60% of the market value of the property and the rest for construction depending on the estimate for construction.
  • Home Improvement Loan: The loan amount will be between Rs. 5.00 lakhs and Rs. 15.00 lakhs
  • Home Extension Loan: The loan amount will be between Rs. 1 lakh to Rs. 7.5 lakhs
  • Balance Transfer: The loan amount will be the outstanding liability of the existing home loan plus the loan for construction as per the norms of NHB. For taking over of home improvement loans, the loan amount will be the take over amount plus Rs. 15.00 lakhs for further renovation.
  • Affordable Home Loan: This category of loan is for the rural and urban populations. A maximum of Rs. 20.00 lakhs will be provided in rural areas and Rs. 28.00 lakhs in urban areas.
  • Pradhan Mantri Awas Yojana: The maximum loan amount for EWS/LIG category will be Rs. 12.00 lakhs. For MIG-1, the maximum loan amount will be Rs. 9.00 lakhs and for MIG-2, the maximum loan amount will be Rs. 12.00 lakhs. Rs. 6.00 lakhs will be eligible for an interest subsidy at 6.5%. The interest for amounts beyond Rs. 6.00 lakhs will be at the regular rate.
  •  The rate of interest starts at 7.24% and will depend on the credit score of the applicant.
  • The maximum repayment period will be 30 years and should not exceed 60 years for salaried applicants and 70 years for the self-employed. The maximum repayment period for PMAY will be 20 years.
  • The processing charges will be Rs. 3000/- plus GST for all categories of home loans except Home Improvement Loan. The processing charges for Home Improvement Loan will be Rs. 2500/- plus GST and for Balance Transfer, no processing charges will be levied.
  • No prepayment/pre-closure charges for loans availed at a floating rate of interest. For loans availed at a fixed rate, there will be no prepayment/preclosure charges if provided out of their own sources.
  • Insurance:
    • Free property insurance will be provided.
    • Free Accidental death insurance will be provided.
    • Life Insurance through Kotak Life Insurance and Birla Life Insurance on payment of one-time premium. It is not mandatory to avail of this insurance.
  • Tax Exemption:
    • The interest paid on home loans availed for construction, renovation or extension is eligible for tax exemption under Section 24 of the income tax act 1961. The maximum deduction eligible for a self-occupied property is Rs. 2.00 lakhs and for properties given on rent there is no limit for he tdeduction.
    • The principal amount paid toward the home loan in a financial year is eligible for deduction upto a maximum of Rs. 1.50 lakhs under Section 80C of the Income Tax Act 1961. The stamp duty, registration charges paid for the transfer of title of the property will also be considered for deduction.

Additional Info: You can also check Best Home Loan Interest Rates

GIC housing finance Home Loan Eligibility Criteria

The following are the eligibility criteria to qualify for GIC Housing Finance home loans. The eligibility criteria differ with the type of loan provided.

Additional Info: You can also avail Navi Home Loan

For Apna Ghar Yojana, Home Improvement Loan, Home Extension Loan and Balance Transfer

  • For salaried individuals the age limit stipulated is 18 years to 60 years at the time of applying for the loan and for the self-employed the age limit is 18 years to 70 years.
  • A regular and steady income is mandatory to consider the loan application.
  • A good credit score with a minimum of 650 to 750 is stipulated.
  • In the case of a balance transfer, the existing loan should have been serviced promptly without any EMI missout or overdue during the repayment tenure.

For Affordable Home Loans

  • The age of the applicant should be between 18 years to 60 years for salaried and 18 years to 70 years for the self-employed.
  • The annual income should not exceed Rs. 6 lakhs for rural areas and Rs. 3.00 lakhs for urban areas. For women beneficiaries, there is no limit on annual income in urban areas.
  • The cost of the property should not exceed Rs. 35 lakhs in rural areas and Rs. 25 lakhs in urban areas.

For Pradhan Mantri Awas Yojana

  • The beneficiary family consisting of husband, wife, unmarried son and daughter should not own a pucca house. The family should not have availed of any assistance from any Government of India housing scheme.
  • All the members of the family should have an Aadhar Card.
  • The carpet area of the property should be within 30 sq mt and 60 sq mts for EWS/LIG category respectively. For MIG I the permissible area is 160 sq mts and for MIG II it is 200 sq mts The property should be in the town listed under the 2011 census.

Additional Info: Also check SBI Home Loan EMI Calculator

Documents Required for GIC Housing Finance Home Loan

The following documents are required for GIC Housing Finance home loans. Copies of the documents mentioned below have to be submitted and originals have to be provided for verification only.

Additional Info: You can also Check AnyRoR Gujarat Land Record

Type of DocumentDetails
Proof of residence
  • Aadhar Card
  • Voter’s ID Card
  • Passport
  • Latest Utility Bills
  • Ration Card
  • Letter from Employer
  • Bank Account Statement with address
  • Sale Deed/Tax Paid Receipt of the property
Photo ID Proof
  • PAN Card
  • Aadhar Card
  • Driving Licence
  • Voter’s ID Card
  • Passport
Income Proof

For Salaried Individuals

  • Salary slip for the last 12 months.
  • Bank Statement of the salary account for the last 12 months
  • Form 16 or Traces (latest)

For the self-employed

  • Proof of qualification in the case of self-employed professionals i.e., Doctors, Chartered Accounts, Advocates, Architects, etc
  • Business Registration Certificate 
  • GST/TDS Certificate
  • Audited Balance Sheet and Profit and Loss Account for the last 3 years
  • ITR with income computation for the last 3 years
Property Documents
  • Encumbrance Certificate for the last 13 years
  • Agreement of Sale
  • Allotment letter from the builder
  • Receipt for down payment made
  • Receipt for stamp duty and registration paid
  • NOC from the builder
  • Mother documents in the case of purchase of flat in all the cases where the project was not approved previously or funded by GICHFL earlier.
  • Sale Deed
  • Estimate for construction
  • List of documents from financial institutions/banks in the case of a balance transfer.
  • Statement of the existing home loan for balance transfer.
  • NOC from the existing lender with details of the outstanding loan amount
Other documentsTwo passport size photographs

GIC housing finance Home Loan Interest Rates

The GIC Housing Finance Home Loan Interest Rate starts at 7.74%. The interest rate depends on the credit score of the applicant and so will be variable. But the minimum interest charged will be 7.74% p.a.

Additional Info: You can also check Best Home Loan Interest Rates

GICHFL Home Loan Processing Fee and Other Charges

The schedule of charges for the GIC Home loan is as given below. GST is applicable for all the fees collected.

Type of FeeAmount
Processing charges

Rs. 3000/-for categories of home loans except for home improvement loans and balance transfers.

Rs. 2500 GST for Home Improvement Loan.

No charges for Balance Transfer

Administrative charges

Rs. 2500 to Rs. 12000/- for Apna Ghar Yojana depending on the location of the GIC branches.

0.75% of the loan amount for the Home Improvement Loan and Rs. 2500 for Balance Transfer

Part Pre-payment charges

No charges will be collected if the loan is availed on a floating interest rate.

For loans availed at a fixed rate of interest, no charges will be collected if the part pre-payment is out of own sources.

2% of the outstanding loan amount if the home loan is availed at a fixed rate and prepaid out of refinancing from other financial institutions.

Cersai ChargesRs. 50/- for a loan upto Rs. 5.00 lakhs and Rs. 100/- for loans above Rs. 5.00 lakhs
Account statement/Provisional Interest CertificateNo charges for statements provided the first time. For subsequent statements, Rs. 100/- per instance
Copies of security documentsRs. 3/- per page
Statement for foreclosureRs. 500/-
Charges for custody of property documentsRs. 600/-
Cheque dishonour chargesRs. 300/- per instance
Stamp dutyAs applicable
EMI delay penalty

Rs. 200 for a delay of 1 to 2 months

4% of the overdue for a delay of 3 to 12 months

5% of the overdue including penal interest for a delay of 13 to 36 months

7% of the total overdue including penal interest for a delay between 37 months to 72 months

10% of the total overdue for a delay between 73 months to 108 months

Inspection chargesRs. 300/- per visit

GICHFL Home Loan Comparison with Other Top Banks

Comparative details of GIC Home Loans with other top banks are given below:

Name of the Bank/Financial InstitutionRate of InterestProcessing charges
GIC Housing Finance7.74% p.a. onwards. Variable and depends on the credit score of the applicant

Rs. 3000/- plus GST for Individual home loans.

Rs. 2500/- plus GST for Home Improvement Loans.

No charges for Balance Transfer

State Bank of India6.65%.to 7.25% p.a.0.35% of the loan amount with a minimum of Rs. 2000/- and a maximum of Rs. 10000/-
HDFC7.05% to 8.05% p.a. A concession of 0.05% for women beneficiaries0.5% of the loan amount with a minimum of Rs. 3000/-
Kotak Mahindra Bank7% to 7.60% p.a.0.5% of the home loan along with an upfront fee of Rs. 5000/-
Axis Bank

7.00% to 7.35% p.a. (floating rate)

12% (fixed rate)

1% of the loan amount with a minimum of Rs. 10000
ICICI Bank7.10% to 7.95% p.a.0.5% to 2% with a minimum of Rs. 1500/- depending on the location
PNB Housing Finance6.99% onwards0.50% of the loan amount.
IDFC First Bank7.50% p.a. onwardsUpto 1% of the loan amount
Canara Bank7.05% p.a. To 9.30% p.a.0.50% of the loan amount with a minimum of Rs. 1500/- and a maximum of Rs. 10000/-
Tata Capital7,25% to 12% p.a.0.5% of the loan amount
Bank of Baroda6.90% to 8.25% p.a.

0.50% of the loan amount for loans upto Rs. 50.00 lakhs with a minimum of Rs. 8500 and a maximum of Rs. 15000.

0.25% of the loan amount for loans above Rs. 50.00 lakhs with a minimum of Rs.8500 and a maximum of Rs. 25000/-

Central Bank of India7.25% to 7.70% p.a.0.5% of the loan amount with a minimum of Rs. 2500/- and a maximum of Rs. 20000/-
Union Bank of India

6.90% to 8.60% p.a. (floating rate)

11.40% to 12.65% p.a. (fixed rate)

0.50% of the loan amount with a maximum of Rs. 15000/-
Punjab National Bank7.15% to 8.20% p.a.0.35% of the loan amount with a minimum of Rs. 2500/- and a maximum of Rs. 15000/-
LIC Housing Finance6.90% onwards0.25% of the loan amount with a maximum of Rs. 20000/- for a credit score above 725 and 0.30% of the loan amount with a maximum of Rs. 24000/- for a credit score below 725.

How to Calculate GIC Housing Finance Home Loan EMI?

The GIC Home Loan EMI can be calculated using the GIC Home Loan EMI calculator available on the official website of GIC Housing Finance Limited. The formula applied for the calculation of EMI is 

EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1].

Here P is the principal

R is the rate of interest

N is the tenure

To calculate the EMI choose the Home Loan EMI calculator from the calculator option available on the website of GICHFL. Provide the loan amount, tenure and the rate of interest and the EMI will be calculated and displayed instantly. You can calculate the EMI with different combinations of the variables until the desired EMI is arrived at.

Additional Info: Also check HDFC Home Loan EMI Calculator

GIC Housing Finance Home Loan Customer Care

You can call the toll-free number 1800 103 0000 to contact GIC Housing Finance Customer Care for all your queries regarding GIC Home Loans.

Additional Info: HDFC Home Loan Customer Care Number

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GIC Housing Finance Home Loan - FAQs

✅ What are the Ways to Apply for a GIC Home Loan?

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You can apply for the GIC Home Loan by filling out an online application. You can also submit the home loan application along with the required documents at the nearest branch of GIC Housing Finance Limited.

✅ What are the Tax Benefits Available for GIC Home Loan?

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The interest paid on GIC Home Loans is eligible for deduction under Section 24 of the Income Tax Act 1961. A deduction upto Rs. 2.00 lakhs is permitted if the house is self-occupied. If the house is given on rent, the deduction permitted is unlimited.

The principal paid towards GIC Home Loan is also eligible for deduction under Section 80C of the Income Tax Act 1961 to the extent of Rs. 1.50 lakhs. Stamp duty and registration charges paid for the transfer of titles of the property will also be considered but the maximum permissible for a financial year will be Rs. 1.50 lakhs.

✅ Should a Guarantor be Provided to Avail of a GIC Housing Finance for the Self-Employed?

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For availing of a home loan from GIC Housing Finance, the applicant has to provide a guarantor if self-employed.

✅ Do Senior Citizens have to provide Is a guarantor to avail of a home loan from GIC Housing Finance?

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Yes. Senior Citizens have to provide a guarantor to avail of a home loan from GIC Housing Finance

✅ What is the eligible GIC Home Loan amount for a salary of Rs. 30000/-

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If the applicant does not have any existing loan commitments and the loan is provided at 7.74% interest, the eligible loan amount for a salary of Rs. 30000/- with a maximum repayment period of 30 years will be 19,80,930/-

✅ What is the applicable interest for GIC Home Loans?

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The GIC Home Loan interest rates start at 7.74% p.a. The interest will be charged depending on the credit score of the applicant. The higher the score the lower will be the interest rate and vice versa.