GIC Housing Finance was incorporated as 'GIC Grih Vitta Limited' on December 12, 1989. The name was changed to its present name vide a fresh Certificate of Incorporation issued on November 16, 1993.

The company offers loans on fixed and floating basis. Apart from this, it is having Flexi- Fixed, Step Up/ Step Down schemes and mortgage loans.

The company was promoted by General Insurance Corporation of India and its erstwhile subsidiaries namely, National Insurance Company Limited, The New India Assurance Company Limited, The Oriental Insurance Company Limited and United India Insurance Company Limited together with UTI, ICICI, IFCI, HDFC and SBI, all of them contributing to the initial share capital.

The company was formed with the objective of entering in the field of direct lending to individuals and other corporates to accelerate the housing activities in India. The primary business of GICHFL is granting housing loans to individuals and to persons/entities engaged in construction of houses/flats for residential purposes.

The company carried a vision for the future of housing in India. And it is always believed at GICHFL that its success and growth depends on its principles which are ;

• To be a prominent corporate citizen in promoting housing activities through customer friendly finance schemes with in a service oriented atmosphere.
• To consolidate and grow in a competitive environment reflecting the ethical standard of a good corporate citizen.
• To create wealth and reward shareholders

Housing being the one of the essential needs of mankind, the demand for shelter grows in line with the increase in population and the standard of living, hence the need of financing the purchasing of a House came up. The importance of the housing sector can be judged by the fact that they consider house as the best investment and want to invest their hard earned money or saving in a house. The need for finance to purchase a house brought out specialized housing finance institutions. Housing finance companies (HFCs) as they are called today, have stepped up their lending over the years contributing to the growth of the housing sector. Their strength lies in their skills in lending exclusively for housing sector. Such is the background of GIC Housing Finance Ltd (GICHFL).

GICHFL has presence in 27 locations (24 Business Centers & 3 Collection centers) across the country for business. It has got a strong marketing team, which is further assisted by Sales Associates (SAs). It has tie-ups with builders to provide finance to individual borrowers. It also has tie-ups with corporates for various housing finance needs.

Milestones achieved:

• 1989     - The company was incorporated with the name 'GIC Grih Vitta Limited'.
• 1989-91 - The company started its operations from 8 locations.
• 1991-92 -The company launched Employee and Builder Scheme Housing Scheme.
• 1992-93 - The company's name changed to 'GIC Housing Finance Limited'. Apna Ghar Yojana was introduced by the company.
• 1993-94 - The company made a rights issue of 1:1; the capital crossed the Rs. 10 crores    mark.
• 1994-95 - The company made its maiden IPO and mobilized additional capital of Rs. 40  crore.
• 1996-97 - The company started the process of computerization.
• 2003-04 - The company recorded an above industry growth rate of over 40% in loan approvals, disbursements and profitability. As a result the company has crossed Rs 500 crore annual business in individual housing loan and the total portfolio has crossed Rs 1000 crore.
• 2004-05 - The company recorded an above industry growth rate of over 40% in loan approvals, disbursements and profitability. Rights Issue of 89,75,561 equity shares at Rs. 16 in the ratio of 1 equity share for every 2 shares held. Paid -up capital grew to Rs. 26.93 crores.
• 2005-06 - Focus on consolidation of NPA and profitability.
• 2006-07- Rights issue of shares at Rs. 40 in the ratio of 1 equity share for every 1 share held.
• 2010-11 Opened second branch in Rajasthan at Jodhpur and second branch in West Bengal at Durgapur and expands further in Maharashtra by opening a branch at Kholhapur.
• 2011-12 The company expands further in Maharastra by opening its new branch at Nere Panvel, suburb of Mumbai.
• 2012-13  The Company opens its first branch in Madhya Pradesh at Indore.
• 2013-14
  The Company opens its 43rd Branch at Patna.
  The Company opens its 44th Branch at Ahmedabad.
  The Company opens its 45th Branch at Kalyan.
  The Company opens its 46th Branch at Borivali.
  The Company opens its 47th Branch at Dehradun.