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In response to the growing demand for housing and the need to stay competitive in a changing financial environment, Mahendragarh Central Cooperative Bank Ltd. introduces the Urban Housing Finance Scheme. This initiative empowers individuals and families in District Mahendragarh to achieve their dream of owning a home through accessible and affordable finance.
The scheme covers financing for properties located in approved areas by HUDA, Housing Board, or Director of Town & Country Planning, within District Mahendragarh. 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.
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.
| Purpose | Maximum Loan Amount |
|---|---|
| Construction / Purchase | ₹40 Lakhs |
| Land/Plot Purchase | Up to 50% of eligible loan |
| Renovation / Repairs | ₹10 Lakhs |
| Furnishing | Max 10% of the main loan |
EMI + existing deductions must not exceed 50% of net income/gross salary
Rental income can be considered for eligibility
| Loan Type / Amount | Margin |
|---|---|
| Loans up to ₹25 Lakhs | 20% |
| Loans above ₹25 Lakhs | 25% |
| Plot/Land Purchase | 50% |
Stamp duty and registration charges not included in margin contribution.
| Category | Interest Rate (Fixed) |
|---|---|
| Public | 8.40% p.a. |
| Bank Staff | 8.25% p.a. |
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 Fee: 0.40% of loan amount (waived until 31.03.2019)
Prepayment Charges: NIL
Processing Fee for Bank Staff (DCCB/HARCO): NIL
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
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
The financed property must be comprehensively insured with a bank clause. Annual renewal of insurance is the borrower’s responsibility.
Visit your nearest branch of
Mahendragarh Central Cooperative Bank Ltd.
Phone: 8222979001
Your Trusted Partner in Urban Growth & Housing Dreams.
