The Canara Housing cum Solar Loan is a home loan offered by Canara Bank for the installation of rooftop solar panels (photovoltaic system) on a house.This loan can be combined with a Canara Bank house loan. You can also use it to install solar panels on your roof without having to take out a home loan. The loan gives concession to women borrowers and has a repayment period of up to 20 years.
The interest rates on this loan range from 6.90% to 8.90% p.a., depending on the quantum of loan as well as the applicant’s employment status. In the case of salaried applicants, the interest rate is at 8.40%. For other applicants, interest rates range from 8.45% to 8.65% p.a.
If you’re considering applying for this Canara Bank loan, here are some of the features and benefits you will be offered:
This loan comes with a maximum repayment period of 20 years.If you combine this loan with an existing Canara Bank home loan, however, the payback period will be the same as the home loan.
There are certain eligibility criteria you have to meet if you wish to apply for this loan, which are given below:
Please note: you can apply if you are above 60 years subject to meeting certain criteria.
The quantum of loan would depend on the loan component you are applying for. The quantum for each is mentioned below:
You can either mortgage your house or opt to hypothecate the assets from the loan (in this case, the solar equipment) towards security against your loan.
You will be charged a processing fee of 0.50% of the loan amount, the minimum amount being Rs.1,500 and the maximum being Rs.10,000.
Yes, there is a margin on the project cost, which would depend on the loan amount and the age of the dwelling. The margin cost ranges from 10% to 25%.
The margin is 20% of the project cost for the solar loan component.
No, only applicants who live in houses with a rooftop are eligible, since the solar panels would be installed on the roof.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.