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GIC HOUSING FINANCE

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GIC Housing Finance

You can purchase new property from builder (under construction or completed residential units from builders)

Purchase of the old property

Construction of house

Apply Now

GIC Housing Finance Key Features

Loan Term
Maximum
30 years
*It cannot extend beyond your retirement age years. (60 years for salaried individuals and 70 years for self-employed individuals)
Loan Amount Maximum Amount
Up to and including Rs. 30 lacs
Loan total exposure not exceeding 90% of the market value of the property as assessed by GICHFL.
Rs. 30.01 lacs to Rs. 75 lacs
Loan total exposure not exceeding 80% of the market value of the property as assessed by GICHFL.
Above Rs. 75 lacs
Loan total exposure not exceeding 75% of the market value of the property as assessed by GICHFL.
Interest Rate Charges
Variable Rate
8.80%
*Credit History linked with CIBIL Score, Profile, Loan amount, tenure and property type.
Repayment Mode
You can pay your home loan EMIs through:
Electronic Clearing Service (ECS)/ National Automated Clearing House(NACH)- based on standing instructions, given to your bank.
Post Dated Cheques (PDCs) – Drawn on your salary/savings account. (Only for locations where ECS/NACH facility is not available)
Insurance
Free property Insurance.
Free Accidental Death Insurance.
Life insurance(Optional against one time premium) arranged through Kotak Life Insurance, Birla Sun Life Insurance.
Tax Benefits

The income tax authorities offer certain benefits and exemptions to individuals who have taken a home loan from specified financial institutions.

Section 24 of the Income Tax Act
Interest paid on capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is entitled to a deduction. Rs 2,00,000 is the maximum amount eligible for deduction in the case of self-occupied property and for rented out property there is no limit of amount of deduction.

Section 80C of the Income Tax Act
You can get a maximum Rs.1,50,000 deduction from the Income, on repayment of principal amount of the home loan during a financial year. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assesse is also considered under this amount.

GIC Housing Finance Balance Transfer

Transfer your home loan /LAP availed from another bank/financial institution to GICHFL and get additional loan for construction, renovation and personal needs

Attractive interest rate.

GIC Housing Finance Balance Transfer Key Features

Loan Term
Maximum
30 years
*It cannot extend beyond your retirement age years. (60 years for salaried individuals and 70 years for self-employed individuals)
Loan Amount
Take over loan amount plus construction loan as per NHB norms
Takeover loan amount plus 15 lakhs for renovation
Takeover loan amount plus 10 lakhs as mortgage loan
Interest Rate Charges
Variable Rate
The final rate of Interest will depend upon Credit History, Profile, Loan amount, tenure and property type
Repayment Mode
You can pay your home loan EMIs through:
Electronic Clearing Service (ECS)/ National Automated Clearing House(NACH)- based on standing instructions, given to your bank.
Post Dated Cheques (PDCs) – Drawn on your salary/savings account. (Only for locations where ECS/NACH facility is not available)
Insurance
Free property Insurance.
Free Accidental Death Insurance.
Life insurance(Optional against one time premium) arranged through Kotak Life Insurance, Birla Sun Life Insurance.
Tax Benefits

The income tax authorities offer certain benefits and exemptions to individuals who have taken a home loan from specified financial institutions.

Section 24 of the Income Tax Act
Interest paid on capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is entitled to a deduction. Rs 2,00,000 is the maximum amount eligible for deduction in the case of self-occupied property and for rented out property there is no limit of amount of deduction.

Section 80C of the Income Tax Act
You can get a maximum Rs.1,50,000 deduction from the Income, on repayment of principal amount of the home loan during a financial year. Stamp duty, registration fee or other such expenses paid for the purpose of transfer of such house property to the assesse is also considered under this amount.