The Hindu : GIC slashes interest rate

Online edition of India's National Newspaper
Friday, Jan 10, 2003

Southern States

Southern States - Kerala

GIC slashes interest rate

By Our Staff Reporter

KOCHI JAN. 9. Reacting to the market trend, the GIC Housing Finance Limited has slashed its interest rates for housing loans. The new rates are 9 per cent for the Rs. 20,000-25,000 loan for 5-15 years, 10 per cent for the 25,001-50 lakhs loan up to 7 years and 10.5 per cent for the same amount for 8-15 years. This was announced by A.K.Guha, Chief Executive of the company, at a press conference here the other day.

Mr. Guha said free insurance cover for the customer was the most attractive feature of the loan scheme.

In the case of death of the loanee or the spouse (for joint ownership), there is no need for repaying the remaining instalments.

The equated monthly instalments will be on monthly reducing balance system. There will be no charges for foreclosure of the loan, he said.

Answering question, he said the company has 15-20 per cent of the market share in the sector. The national target set by the company for the financial year is Rs. 376 crores and that for Kerala was Rs. 25 crores.

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