Housing-cum-Solar Loan
PURPOSE
Loan to individuals for installation of Roof Top Solar Photovoltaic (PV) System along with our Housing Loan.
Housing Loan:
As applicable to our Housing Finance Scheme. However, loans for purchase/construction of flats shall not be permitted under this scheme.Solar Loan:
For the purchase and installation of Roof Top Solar Photovoltaic (PV) System on the roof top of house as a part of Home Loan OR without Housing Loan.The Solar Loans:
- Can be sanctioned along with fresh Housing Loan on the same eligibility conditions.
- Can be sanctioned to applicants who are having subsisting Housing Loans.
- Can be granted independently against the mortgage of residential/ house property which is having free rooftop to install the Solar Equipment EVEN WITHOUT Housing loan.
In all the above case Mortgage of House property is mandatory.
ELIGIBILITY
Individual Housing Loan borrowers as per Housing Finance Scheme who are having free rooftop to install the Solar Equipments.
QUANTUM
HOUSING LOAN COMPONENT-
- General Housing Loan: 6 times of Gross Annual Income.
- HL to NRIs: 4 times of Gross Annual Income.
- HL to Agriculturists: 6 times of Gross Annual Income.
- Yuva Awas Rin: 6 times of Gross Annual Income.
- Canara Home Loan Super Gain: Minimum of Rs 20 lakhs. Maximum- No upper limit.
SOLAR LOAN COMPONENT
20% of eligible quantum under Housing Loan Component
OR
80% of the Cost of the Solar system
OR
Rs. 10.00 Lacs
Whichever is less.
MARGIN (on Project Cost)
|
Amount of Housing Loan |
In case of New House/ Flat & Old House/ Flat (Up to 10 Years Old) |
In case of Old House/ Flat (> 10 Years old) |
|
Up to Rs. 30.00 Lakhs |
10% |
25% |
|
Above Rs. 30.00 lakhs & Up to Rs. 75.00 Lakhs |
20% |
|
|
Above Rs. 75.00 Lakhs |
25% |
*In case of Housing Loan for Repairs & Renovation uniform Margin of 25% on project cost irrespective of the Housing Loan amount.
*Under Yuva Awas Rin (CAN YAR)Scheme – If borrower opted for 36 months repayment holiday for both pre-EMI interest as well as principal amount: 40% Margin irrespective of the loan amount.
- Solar Loan Component: 20% of the Project Cost
RATE OF INTEREST
SECURITY
- Mortgage of House.
- Hypothecation of Assets created out of loan i.e. Solar Equipment.
REPAYMENT
- Maximum 20 Years in EMIs OR the repayment period stipulated under Housing Loan, whichever is earlier.
PROCESSING CHARGES
- Nominal processing fee of 0.50% (Min Rs.1500/- and Max. Rs.10,000/-) is charged.
SUBSIDY
Eligible as per Scheme
- 30% of benchmark cost in general States
- 70% of the benchmark Cost in special category States i.e. North Eastern States including Sikkim, Uttarakhand, Himachal Pradesh, J&K, Lakshadweep, Andaman and Nicobar Islands.
(To be released by MNRE subject to availability of Funds)