How do you decide my loan eligibility and loan amount?

In order to be eligible for a loan, the primary criteria are that you should be an income earning adult Indian citizen. Loan amount depends on various factors like age, qualifications, stability and continuity of income, savings habit, repayment obligations, repayment history, assets and liabilities subject to loan ceiling and margin requirements as per the approved policy of the company.

Will an existing loan affect my loan eligibility?

Yes. It may affect unless you provide evidences of satisfactory income levels. Duration of an existing loan is also taken into consideration for deciding the loan eligibility.

Whether eligibility and quantum of loan increases if I repay the existing loan?

If you repay your existing, the net disposable income in your hand increases, which makes you eligible for a higher loan.

Will the income of my spouse / any other co applicant be considered for arriving at the loan eligibility?

Yes. The income could be considered depending whether spouse / any other co applicant fits into the loan eligibility criteria as explained above.

My employer has an interest subsidy scheme instead of staff housing .loan scheme. Would you consider it in deciding loan eligibility?

Yes. It would increase your loan eligibility subject to loan ceiling and margin requirements.

Am I eligible for a housing loan if I have availed loan from my employers?

Yes. You are eligible for the loan if you are a Central/state/public sector undertaking employee and your employers are agreeable on pari passu 2nd charge Please check with the business location the property to be financed and the total loan quantum from both does not exceed loan ceiling, margin requirements subject to loan eligibility.

I am going to join a new company. What income would you consider – my existing or the new income?

Obviously, the income from the new employer.

I have few years to retire. Am I eligible for a loan?

Yes. We could consider your case for a minimum term of 5 years and you would have to undertake to repay the loan on retirement.

Do you give loan to NRIs? Do persons of Indian origin holding foreign passports avail the housing loans?

Yes. As per the applicable guideline of the Reserve Bank of India, persons of Indian origin holding foreign passports are eligible for loans.

What do you take as security for the loan?

Primary security would be the mortgage of the property proposed to be financed by us. Depending on the risk assessment, other collateral security in the form of LIC policies, NSCs, FDs, other immovable property, personal guarantee may be required.

Does the agreement have to be registered?

Yes. It is in your own interest and as required by law you must stamp and register the agreement/document.

When the property is mortgaged, why is my repayment capacity examined?

The property could be sold incase of default.! The loan contract is a legally valid binding document. Irrespective of mortgage, it could be enforced for recovering the dues from a creditor by a lender. Mortgage helps rnspeedy recovery. Loan is provided for with you in realizing your housing dreams. If Naturally, the risk exposure is more due to low margin requirements. Experience shows that. defaults in few installments in a stagnated market, leads to a crisis to the company. Your earning capacity in such eventualities mitigates the credit risk of the company. However, there is a separate product available for loans against mortgages Please check with the branch location

Why do you take guarantors when property is mortgaged?

Enforcement of mortgage leads to permanent loss of your property, which is not our objective. Gurantors in such cases comes to your rescue.

What documents do you need for a loan?

Click here for list of document.

Can you assist me in selecting accommodation of my choice?

Kindly contact the nearest location or assistance.

What are Pre EMI and EMI?

Pre Emi is the simple interest you pay on the disbursed loan which is payable every month up to the date of final disbursement. EMI is the Equated Monthly Installment comprising of principal and interest.

Can I convert my loan from fixed rate loan to variable rate loan and vice versa?

You can switch your loan between schemes against nominal fees, subject to company policy.

Can I repay the loan ahead of my scheduled term?

You can repay the loan ahead of the scheduled term. There are no charges for part repayment. However, for closure of loan ahead of schedule attracts charges.

Do I get a tax benpfit on the loan?

Please click here for tax benefits.

Are these policies subject to change?

These policies may be reviewed periodically.

What are the fees payable?

Every Customer has to pay very Nominal Processing Fees and Administrative fees. For exact amounts please contact the Branch located nearest to you.

What are the special benefits for the loan availed from GICHF Ltd?

Given below are the Value additions for the loan availed from GICHF
  • Free Insurance to Borrower against accidental death.
  • Free Insurance of Property against fire and allied risk.
  • No charges on part repayment of loan before end of tenure. There is no fixed number of part repayments that could be made over the tenure of loan.

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