Mortgage Loans against Property
Mortgage Scheme will have only ONE loan purpose- Commercial Purposes and will only be available with a Floating rate of Interest and will not have the facility of Step up, Step Down, Zig Zag Mode of Payment and the maximum tenure for repayment would be TEN years.
- No FREE Insurance cover is available for Loanees
- Maximum Loan amount for sanction : 50 Lakhs
- Minimum & Maximum Loan repayment Tenure : 5 years / 10 years
However, such loans taken from GIC Housing Finance Ltd. should not be
used for any illegal purposes, gambling or any Financial procedures
forbidden by the law of the Land. The property against which the loan
will be availed should be a Residential or a Non-Residential property,
Should be Fully Constructed and Should be a Freehold or leasehold
property having a clear and marketable title.
If such property is held or owned jointly then both the owners will
become joint applicants to the Equity Loan availed.
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