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. 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.

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.

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 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%
Above Rs. 75.00 Lacs	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.

Processing charges
- Nominal processing fee of 0.50% on the loan amount with a Minimum of Rs. 1,500/- & maximum of Rs. 10,000/- is charged.
- Bank is celebrating Retail Loan Festival and waiver of 100% processing charges from 01.09.2023 to 31.12.2023
Security
- Mortgage of House/Flat.
- Hypothecation of the assets created out of the loan i.e. Solar Equipment.
Repayment Tenure
- Maximum 20 Years in EMIs OR the repayment period stipulated under Housing Loan, whichever is earlier.
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.

Individual Housing Loan borrowers as per Housing Finance Scheme who are having free rooftop to install the Solar Equipments.

Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor.
KYC documents of applicant/ Co-applicants or guarantor.
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.

Housing Loan

Canara Home Loan Super Gain

Canara Kuteer

Housing Loan to Agriculturists

Home loan for NRIs

Interest Rate Range on Loans

Approved Housing Projects