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. You can club this loan with an existing Canara Bank home loan. You can also apply for it to install solar panels on the rooftop without taking a home loan.
The interest rates on this loan range from 8.40% to 8.65% 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:
The maximum repayment period offered under this loan is 20 years. However if you are clubbing this loan with an existing Canara Bank home loan, the repayment tenure would be the same as your 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.
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