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The GIC Housing Finance rate of interest on home loan is reasonable as range is at 10.25%. Salaried Borrowers employed with Indian PSUs, Private sector Enterprises, MNCs & Others Institutions. The schedule of charges for the GIC Home loan is as given below. 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.
I've been to M G ROAD branch for a loan transfer at GIC for a second sale of property. 1st thing was the back people assigned a person and he's behind his commission other than bank's charges. I complained this to BM and looked like he's also supporting the same.
Home Loan
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. To calculate the EMI choose the Home Loan EMI calculator from the calculator option available on the website of GICHFL.
I had been holding my personal loan with GIC housing finances. I have been holding my housing loan with GIC housing finances. GIC Housing Finance was promoted by the General Insurance Corporation of India along with financial institutions like UTI, ICICI, IFCI and HDFC.
What Is a Guaranteed Investment Contract (GIC)? How They Work
We use latest technology and AI to serve customers across the length & breadth of our diverse country. I had taken this loan a very long time back and the experience i had with them has not been that great. There has not been a proper response from their end and the interest rate and charges which they had made has been pretty much high. I had taken my Home loan a long time back and the process in getting the loan has been pretty good. The loan amount has been sufficient and the interest rate which they offered has been nominal when compared with the market rate. Their customer support team has also been helpful during the process in getting the loan.
There are criteria of age group of borrowers that it stars from 21 years to 60 years. In this GIC housing finance loan, rate of interest is basically dependent on the amount of the loan that is applied as if there is a higher amount of the loan issued so there will be the low rate of interest charged. For availing of a home loan from GIC Housing Finance, the applicant has to provide a guarantor if self-employed. We'll ensure you're the very first to know the moment rates change.
Affordable Interest Rates
The interest rate of this home loan is linked to the CIBIL score. The better your CIBIL score, the more attractive interest rates you can avail of this home loan. Existing loan would affect the repayment capacity, thereby affecting eligibility criteria. In some of the conditions, if any kind of amount of loan is paid as a partial prepayment or the full prepayment of home loan before is installment period so these are also eligible for tax benefit. GIC provide home loan for all the category of person such as salaried person and self-employed or businessperson. There is very different kind of special rates of interest on loan for women borrowers.
Can I do a balance transfer on my home loan availed from another lender? Yes, GIC Housing Finance allows you to transfer your loan balance from another lender to GICHFL at competitive interest rates. They are also considered coveted customers as most of them intend to treat owning a property as a means of investment. NRIs are eligible for all types of loans so far described as per RBI Guidelines.
Home Loan Customer Care
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. For some personal reason i have chosen the GIC housing finance for my home loan. The interest rates are very high and the processing fee was average. They are offering a pre-closure and partial payment facility.
A GIC works something like a certificate of deposit from a bank, although GICs are typically purchased by institutions rather than individuals and often come in much higher denominations. Like CDs, GICs are considered a relatively low-risk investment. They also provide a lower rate of return than many other investments. A guaranteed investment contract is an agreement between an investor and an insurance company, typically used in retirement plans. Before applying for a home loan, you should compare the interest rates of various home loans with this home loan so that you can find the cheapest loan.
Under this home loan, you can get a loan amount ranging from Rs 5 lakh to Rs 15 lakh. You can get the loan amount up to 60% of the registered value of the property. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares. General Insurance Corporation of India was formed in pursuance of Section 9 of GIBNA. An individual up to 70 years can avail a home loan from GIC Housing Finance.
Loan QuantumThe loan quantum depends on the type of home loan availed. Do I get additional benefits on availing a home loan from GIC Housing Finance? On availing any home loan from GIC Housing Finance, you will receive additional benefits of free accidental death insurance, free property insurance, and life insurance. To calculate the EMI, you will just need to enter the loan amount, tenure, and the interest rate on the tool.
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