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canara

  • About Us
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    • Agriculture loan Application formats
  • Net Banking
  • MSME Banking
canara bank
  • About Us
    • Board of Director
  • Financial Results
  • PMJDY and Financial Inclusions
  • Press Release
  • Tenders
  • E Auction Properties
  • Announcements
  • Ex-employees
  • Careers
  • Personal Banking canara
    • Savings & Deposits
    • Technology Products
    • Mutual Funds
    • Insurance Business
    • International Services
    • Card Services
    • Consultancy Services
    • Depository Services
    • Ancillary Services
    • Approved Housing Projects
    • How To Apply
    • Retail Loan Products
    • MSME Loan Products
  • Corporate Banking canara
    • Accounts & Deposits
    • Supply Chain
    • Loans & Advances
    • Syndication Services
    • IPO Monitoring Activity
    • Merchant Banking
    • TUF Schemes
    • Canara eTax
  • Investor Relation canara
    • Contact Us
    • Appeal to Physical Shareholders of Canara Bank
    • Download TDS Certificate for payment of Dividend FY 2021-22
  • Canara Easy Fee
  • NRI Banking canara
    • Deposit Products
    • Loans & Advances
    • Remittance Facilities
    • Investment Facilities
    • Consultancy Services
    • Other Services
    • NRI News Bulletin
    • Contact Details
    • FAQs
    • FATCA / CRS - Self Declaration Form
  • Priority Portal canara
    • Schemes
    • RRB Section
    • Agri-Marketing
    • Agricultural Innovation Centre
    • Rural Development
    • CED for Women
    • Sustainable Development and Corporate Social Responsibility (SD-CSR)
    • Lead Bank
    • In Promotion Of Self Employment
    • RURAL DEVELOPMENT SCHEMES
    • SUPPORT INITIATIVES
    • Agriculture loan Application formats
  • Net Banking
  • MSME Banking
Got any Questions?
Call us Today!

Toll Free Numbers
(if dialed within India)

1800 425 0018
1800 103 0018
1800 208 3333
1800 3011 3333


Non Toll Free Numbers
(if calling from outside India)

+91-80-22064232

Customers are requested to call on our
mentioned Toll Free Numbers only for any
complaints/issues. Bank shall not be
responsible for any consequences arising
out of customers calling any other
unverified numbers.

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-

  1. General Housing Loan: 6 times of Gross Annual Income.
  2. HL to NRIs: 4 times of Gross Annual Income.
  3. HL to Agriculturists: 6 times of Gross Annual Income.
  4. 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.

*Solar Loan Component: 20% of the Project Cost

RATE OF INTEREST

Click here for 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

  • Bank is celebrating Retail Loan Festival and waived the processing charges from 01.09.2022 to 31.03.2023
  • Nominal processing fee of 0.50% (Min Rs.1500/- and Max. Rs.10,000/-) is charged.

SUBSIDY

  • Residential sector maximum upto 3KW per house, along with Central Financial Assistance (CFA) @ 40% of benchmark cost*.
  • Residential sector above 3kW capacity and upto 10KW capacity, along with CFA 40% upto 3kW +20% for RTS system above 3kW and upto 10kW**.

*Benchmark cost may be different in General Category States / UTs and Special Category States / UTs i.e., North Eastern States including Sikkim, Uttarakhand. Himachal Pradesh, Jammu & Kashmir, Lakshadweep & Andaman & Nicobar Islands. CFA shall be on benchmark cost of MNRE for the state / UT or lowest of the costs discovered in the tenders for that state / UT, whichever is lower.

**The residential sector users may install RTS plant of even higher capacity as provisioned by respective State electricity regulations; however, the CFA will be limited up to 10 kWp capacity of RTS

EMI Calculator

  • EMI Calculator
Got any Questions?
Call us Today!

Toll Free Numbers

1800 425 0018
1800 103 0018
1800 208 3333
1800 3011 3333


Non Toll Free Numbers
(if calling from outside India)

+91-80-22064232

Customers are requested to call on our
mentioned Toll Free Numbers only for any
complaints/issues. Bank shall not be
responsible for any consequences arising
out of customers calling any other
unverified numbers.
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Last Updated on: 03/01/2023 |   Visitors: 16075        

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