GIC Home Loan

GIC Housing Finance Limited was established as 'GIC Grih Vitta Limited' on December 12, 1989 with the objective of granting housing loans to individuals and to persons/entities engaged in construction of houses/flats for residential purposes. GIC Housing Finance was promoted by the General Insurance Corporation of India, along with financial institutions like UTI, ICICI, IFCI and HDFC. GICHFL has presence in 23 locations across the country for business. It has got a strong marketing team, which is further assisted by sales associates (SAs). The company also has tie-ups with builders to provide finance to individual borrowers. To get in detailed information about the various types of loans, read through the following lines.

Types Of Home Loan

Fixed Scheme
GIC Fixed Scheme allows applicants to draw a maximum loan amount of 50 Lakhs, against fixed rate of interest. As per this type of home loan, the rate of interest remains unchanged for the entire duration of the loan. It will not be affected by any fluctuation in the rate of interest in the market i.e. even if the rate of interest drops or rises. The minimum and maximum tenure of repayment for such type of loan is 5 to 20 years.

Floating Scheme
GIC Floating Scheme allows applicants to draw a maximum loan amount of 50 Lakhs, against floating rate of interest. In this scheme, the interest rate on the loan varies from time to time depending on the Prime Lending Rate fixed by the Reserve Bank. The minimum and maximum tenure of repayment for such type of loan is 5 to 20 years.

Flexi-Fixed Scheme
GIC home loans also provide the option of Flexi-Fixed rates of interest. In such a scheme, applicants can avail the option of having their loan requirement split up into two portions, one portion with a Floating rate of interest and the other with a fixed rate of interest. The ratio of Floating to Fixed is purely dependent upon the convenience and desire of the applicant, but care would be taken to round off the respective amounts to the next upper Rs. 1000/-. A maximum loan amount of 50 Lakhs is sanctioned. The minimum and maximum tenure of repayment for such type of loan is 5 to 20 years.

Step Up/Down Schemes
GIC's Step Up/Down schemes are unique for the flexible repayment options. Borrowers have the option to pay smaller amounts (EMI) initially and proportionally larger amounts (EMI) during the later part of the tenure of the loan or vice-versa. Thus, these schemes benefit both aspiring individuals moving up the career ladder and seasoned executives approaching their retirement age. A maximum loan amount of 50 Lakhs is sanctioned, under this scheme. The minimum and maximum tenure of repayment for such type of loan is 5 to 20 years.

Mortgage Scheme
This type of home loan is given against property and is simed at solving only the commercial purpose of the borrower. The maximum loan amount sanctioned for this type of scheme is 50 Lakhs, against floating rate of interest. The applicants, in this scheme do not have the facility of Step up/Step Down or Zig Zag Mode of Payment. The minimum and maximum tenure of repayment for such type of loan is 5 to 10 years. There is no free insurance cover against this loan.

Eligibility For Loan Amount