Solar Loan in India | Solar Loan Sheme | Canara Housing Cum Solar Loan

Lower Rate of Interest.
Reducing Balance Interest Rate.
Avail loan for installation of Roof Top Solar Photovoltaic System.
Minimal processing charges.
Longer Repayment Period.

Loans 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.
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
- Shall be sanctioned along with fresh Housing Loan on the same eligibility conditions.
- Shall be sanctioned to applicants who are having Existing Housing Loans.

In case of sanction of Solar Loan along with housing Loan: EMT/MODTD of the housing loan Property

Wherever the Solar Loan is Sanctioned subsequent to Housing Loan: Continued EMT/MODTD of the existing housing loan property.

Loan Quantum

Housing Loan Component

6 times of Gross Annual Income for General Housing Loan.
4 times of Gross Annual Income for Housing Loan to NRIs.
6 times of Gross Annual Income for Housing Loan to Agriculturists.
Minimum of Rs 20 lakhs with no upper limit in case of Canara Home Loan Super Gain.
The maximum Housing loan quantum that may be considered under this scheme is within the quantum norms stipulated under each Housing Loan variants.

Solar Loan Component : Maximum upto Rs. 10.00 Lakhs (including subsidy and subsidy component shall be included in the loan quantum).

Margin (on Project Cost)

Amount of Housing Loans	In case of New House/ Flat & Old House/ Flat (Up to 10 Years Old)	In case of Old House/Flat (> 10 Years old)
Upto Rs. 30.00 Lacs	10%	25%
Above Rs. 30.00 Lacs & upto Rs.75.00 Lacs	20%	25%
Above Rs. 75.00 Lacs	25%	25%

* In case of Housing Loan for Repairs & Renovation uniform Margin of 25% on project cost irrespective of the Housing Loan amount.

* Upto 3kW: Minimum 10% of total project cost of Solar Loan Component

* Above 3kW and upto 10 kW: Minimum 20% of Solar Loan Component.

Processing Charges

0.50% on the loan amount with a minimum of Rs.1500/-+GST and maximum of Rs.10000/-+GST.

Bank is celebrating Retail Loan Festival and waiver of 100% processing charges from 01.09.2024 to 31.12.2024.

Security

Housing Loan: Mortgage of House/Flat

Solar Loan:

In case of sanction of Solar Loan along with housing Loan: EMT/MODTD of the housing loan Property
Wherever the Solar Loan is Sanctioned subsequent to Housing Loan: Continued EMT/MODTD of the existing housing loan property

Repayment tenure

Maximum 20 Years in EMIs OR the repayment period stipulated under Housing Loan, whichever is earlier.

Subsidy

The Central Financial Assistance (CFA) for Grid Connected Rooftop Solar Photovoltaic Systems is as under:

Average Monthly Electricity Consumption (units)	Suitable Rooftop Solar Plant Capacity	Subsidy Support
0-150	1 – 2 kW	Rs 30,000 to Rs 60,000/-
>150-300	>2 – 3 kW	Rs 60,000 to Rs 78,000/-
>300	Above 3 kW	Rs 78,000/-

Note: The subsidy shall be claimed by the borrower through National Portal available under https://solarrooftop.gov.in/ shall be credited to the loan account.

Insurance

Mandatory

The applicant shall have Roof Top Rights on which the installation is proposed and roof shall have the sufficient area as mandated by MNRE from time to time.
The latest electricity bill in applicant’s name and payment of the electricity bill shall be regular.

Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor.
KYC documents of applicant/ Co-applicants or guarantor.
Proof of Identity
PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.
Proof of Residence
Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.
Age proof of the applicant/ Co-applicants.
PAN card (photo copy).
Salaried individuals
- Latest 6 months salary slips (including co-applicants) and latest original salary certificate with details of deduction.
- Bank statement of salary account for past 6 months.
- Proof of confirmed service of 3 years :
  Form No.16 & ITR if any supported by Employee ID/Appointment Letter/ Confirmation in services evidencing duration of the employment/3 years IT Returns.
Business/Self-Employed individuals
- Balance Sheet and Profit & Loss account for past three assessment years.
- ITR/ITAO filed for past three assessment years.
- In case of agricultural income is also included in ITR, Copy of lands records.
- Statement of Bank Account.
- Brief note on the nature of business.
- Proof of Business.
NRI applicants
- Proof of identity Copy of first 4 pages of passport and page with visa stamp, or IC/PIO card.
- Valid work permit.
- Copy of salary certificate duly attested by Indian Embassy/ Consulate/ Employer.
- Account statement/ passbook of overseas bank showing salary and savings.
- Notarized Power of Attorney, if applicant proposes to authorize a third party to execute the documents/ complete the mortgage formalities/ avail the loan instalments.

Documents required based on the loan purpose:

For Construction of House	For purchase of Ready-Built House	For purchase of Flats
Title deeds of the property and link documents for the last 13 years.	Title deeds of the property and link documents for the last 13 years.	Title Deeds of Builder for last 13 years.
Encumbrance Certificate for past 13 years.	Encumbrance Certificate for past 13 years.	Encumbrance Certificate for past 13 years.
Khata Certificate/ Khata Extract	Khata Certificate/ Khata Extract.	Khata Certificate/ Khata Extract.
Upto date tax paid receipts of the property.	Upto date tax paid receipts of the property.	Upto date tax paid receipts of the property.
Copy of the approved plan for the proposed construction / extension / addition.	Copy of the approved plan	Sketch of Flat
An affidavit-cum-undertaking that applicant shall not violate the sanctioned plan, construction shall be strictly as per the sanctioned plan.	An affidavit-cum-undertaking from the applicant declaring that the built up property has been constructed as per the sanctioned plan and/or building bye-laws	Sanctioned Plan & License from competent authority.
Completion Certificate (within 3 months of completion of construction).	Completion Certificate.	Copy of Occupancy Certificate by Local Authority.
Allotment letter of Co-operative Society/Housing Board (wherever applicable)	Agreement of sale of property.	Agreement of Sale with Applicant.
In case of allotment of a plot by the Society, documents to be submitted are as follows : Extract of the Resolution Bye laws of the Society Payment receipts(original) Share Certificate(original) Title Certificate Property Register card extract Building Commencement Certificate.		Original Registration Receipts Original Stamp Duty Receipts (if any) Original receipts issued by the Builder to the Purchaser of the flat Certified copy of the Building commencement certificate Builder’s Demand Notice Property Register card extract
NOC from Society/Association/Builder/Housing Board (Wherever applicable).		NOC from Banker of Builder (wherever Project finance has been availed by the builder)
Copy of Lease Deed (wherever applicable)	Copy of Lease Deed (wherever applicable)	Original Sale Deed executed by builder in favour of purchaser.
	KYC documents of seller of property.

Additional Documents in case of Takeover from Other Bank/ FI
- NOC from existing Banker regarding pre-closure.
- List of original documents held by Transferor Bank along with their attest copy.
- Copy of Sanction Letter.
- Statement of Loan Account from date of sanction.
Any other documents as required by Bank.
Additional Documents required based on the loan purpose:
- Latest Electricity Bill in the name of the applicant.
- Technical Feasibility Report provided by Competent Authority
- Quotation from empanelled list of vendors available at State Nodal Agencies (SNA)/DISCOM/MNRE website
- Model Agreement (duly stamped & executed) Between Applicant and the registered/empanelled Vendor for installation of rooftop solar system.

Housing Loan

Canara Kuteer

Housing Loan to Agriculturists

Home loan for NRIs

Interest Rate Range on Loans

Approved Housing Projects