10 August 2011
GIC Housing Finance Ltd home loans
'Own your home' GIC Housing Finance introduce the best home loans. Like all the other home loan lending finance companies even GIC Housing Ltd offered as home loans to Indians as well as NRIs. Home loans are available and fixed rate of interest or floating rate of interest. There are many home loan schemes available with the GIC Housing Finance. With the option of flexi or fixed rate, step up or down schemes as well as mortgage loans available it has become very easy for any borrower to avail a home loan from GIC Finance.
The GIC Housing Finance Ltd offers loans to individuals for buying home and also to lenders for construction of property. With a strong team the general insurance Corporation has served in the field of loans from 1989. The GIC also has tie ups with banks as well as private lenders, and builders to offer home loans to homebuyers. In the fixed rate of interest scheme the GIC Housing Finance Ltd offers a home loan of 50 lakh rupees will our repayment tenure of 5 to 20 years. Here the interest rate will remain fixed for the entire loan tenure. In the floating interest scheme the borrower can take a loan of maximum amount of 50 lakh rupees. The interest rates will depend upon the prime lending rate which is fixed by the reserve bank of India. The flexi fixed scheme of GIC Housing Finance is and option available for the borrower to divide the loan amount in two sections. One section will be on a fixed rate of interest whereas the other portion can be taken on floating rate of interest. This offer is very good since the borrower can interest the loan repayment amount according to their income and repayment capacity. If they have additional income every month along with the salary they can go in for this offer and repay the loan along with less interest amount. The GIC step up schemes are a very good offer for the borrower to repay the loans using smaller EMI or larger EMIs during the beginning or in later years of the loan tenure. This offer would be beneficial to the newly appointed salaried class as well as the persons who are coming near retiremnt age as they can opt for larger EMIs to repay the loan in their productive years of job.
There is also mortgage loan facility from the GIC finance LTD. Mortgage home loans can be availed as loans against property and all rules apply as the other lending institutions. Here also the amount offered as home loan against property is about 50 lakh rupees. In mortgage home loans the borrower does not have the facility to select the step up or down schemes. Here the maximum loan repayment tenure is five to tenure years and there is no insurance cover provided by the GIC.
With the loan amount of 50 lakh rupees mentioned in all the schemes I think this will hamper the borrowers who wish to avail loans on a higher amount. The GIC Housing Finance Ltd is a reputed Finance Company and has been in existence since many years. With a dedicated service the borrower can be assured of clear rules and regulations regarding the application and approval of home loans. Like all the other lending institutions even GIC has their representatives guiding and counselling the borrowers of home loans.