Introduction

In response to the growing demand for housing and the need to stay competitive in a changing financial environment, Gurgaon Central Cooperative Bank Ltd. introduces the Urban Housing Finance Scheme. This initiative empowers individuals and families in District Gurgaon to achieve their dream of owning a home through accessible and affordable finance.

Purpose of the Loan

The scheme covers financing for properties located in approved areas by HUDA, Housing Board, or Director of Town & Country Planning, within District Gurgaon. Loans can be availed for:

• Construction of a house or flat

• Purchase of a built or under-construction house/flat

• Renovation, repair, or furnishing

• Additions to an existing property

• Payment of installment/earnest money to HUDA or Housing Board

• Purchase of a plot (in approved colonies only)

Note: Loans will not be sanctioned for unapproved colonies or non-HUDA plots.

Eligibility Criteria

Who Can Apply:

• Individual or joint property owners

• Employees of Government, Boards, Corporations, Cooperatives

• Employees of private/public sector companies or MNCs

• Professionals, self-employed individuals, and business owners

Income & Age Limits:

• Loan up to 50× monthly income/gross salary

• Minimum age: 21 years

• Maximum age at loan maturity: 65 years

Income clubbing allowed with spouse, earning children, parents, or joint owners.

Loan Features

• EMI + existing deductions must not exceed 50% of net income/gross salary

• Rental income can be considered for eligibility

Margin Requirements

Stamp duty and registration charges not included in margin contribution.

Rate of Interest

• Fixed for 3 years; reviewed every 3-year block (effective from 1st April)

• Renovation loans on already financed properties carry fresh applicable rate

Penal Charges:

• 3% p.a. after 30 days default

• Additional 3% p.a. if house construction is not completed within 2 years of land purchase

Late Charges:

• ₹500 after 30 days of delay

• ₹250 per cheque bounce

Processing & Other Charges

• Processing Fee: 0.40% of loan amount (waived until 31.03.2019)

• Prepayment Charges: NIL

• Processing Fee for Bank Staff (DCCB/HARCO): NIL

Security & Documentation

• Equitable or registered mortgage of the property

• Tripartite agreement (for under-construction/authority properties)

• Guarantor required if mortgage isn't immediately possible

• Additional documentation in case of borrower's or guarantor's death

Loan Disbursement

• Lump sum for outright purchase (after verification)

• Stage-wise disbursement for construction/renovation

• Utilization certificates and site inspections mandatory

• Reimbursement possible within 3 months of self-funded purchase

• Loan to be fully utilized within 2 years

Insurance Requirement

The financed property must be comprehensively insured with a bank clause. Annual renewal of insurance is the borrower’s responsibility.

Need Help or Ready to Apply?

Visit your nearest branch of
Gurgaon Central Cooperative Bank Ltd.

Download Application Form

Gurgaon Central Cooperative Bank Ltd.

Your Trusted Partner in Urban Growth & Housing Dreams.