Canara Housing Cum Solar Loan
The Canara Housing Cum Solar Loan lets you finance rooftop solar panel installation alongside a home loan, or on its own, with Canara Bank. It offers a rate concession for women borrowers and a repayment tenure of up to 20 years.
Interest Rates
The interest rate on this loan follows Canara Bank's Housing Loan rates, which currently range from 7.15% to 10.00% p.a., linked to the Repo Linked Lending Rate (RLLR) and varying by loan amount, credit risk grade and borrower category, with a small concession for women borrowers.
Note: The interest rates are effective from 12 March 2026.
Features and Benefits
If you're considering applying for this Canara Bank loan, here are some of the features and benefits you will be offered:
- You can apply for this loan to purchase/install solar panels on your rooftop by mortgaging the property without applying for a home loan.
- You can get a Central Financial Assistance (CFA) subsidy under the government's PM Surya Ghar Muft Bijli Yojana, with the amount depending on your rooftop solar system's capacity; it is credited directly into your loan account.
- If you are above 60 years you can apply for this loan subject to meeting certain criteria.
- Insurance cover for the property and/or solar equipment is mandatory under the Canara Housing Cum Solar Loan.
Repayment Periods
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.
Eligibility Criteria
There are certain eligibility criteria you have to meet if you wish to apply for this loan, which are given below:
- Age:Please note: you can apply if you are above 60 years subject to meeting certain criteria.
- Minimum: 21 years
- Maximum: 60 years
- In the case of salaried applicants, your net take home (NTH) should be atleast 25% and you should be working for a minimum of 3 years.
- In the case of self-employed applicants, you should be engaged in the business/profession for atleast 3 years.
- You will also need to submit your KYC documents, proof of income, and property title documents along with your Canara Housing Cum Solar Loan application.
Quantum of Loan
The quantum of loan would depend on the loan component you are applying for. The quantum for each is mentioned below:
- Housing loan component:
- Under the General Housing Finance Scheme, you can receive 6times your gross annual income.
- Under the Housing Loan Scheme for NRIs, you can receive 4 times your gross annual income.
- Under the Housing Loan to Agriculturists, you can receive 6 times your gross annual income.
- This Rs.10 lakh solar loan cap includes any subsidy you receive, since the subsidy is credited into your loan account and counted within the overall loan quantum.
FAQs on Canara Housing Cum Solar Loan
1.What is the Canara Housing Cum Solar Loan?
The Canara Housing Cum Solar Loan is a Canara Bank home loan scheme that finances the purchase and installation of a rooftop solar photovoltaic system. You can take it alongside a Canara Bank home loan or on its own if you already own a house. It also carries a rate concession for women borrowers.
2.Can I get the Canara Housing Cum Solar Loan without also taking a home loan?
Yes, you can apply for the solar component of the Canara Housing Cum Solar Loan by mortgaging your existing property, without applying for a fresh home loan. This option suits homeowners who only want to fund a rooftop solar installation. The housing loan component is optional, not mandatory.
3.Is a subsidy available under the Canara Housing Cum Solar Loan?
Yes, borrowers under the Canara Housing Cum Solar Loan can claim a government solar subsidy through the National Portal, which is then credited to the loan account. The subsidy amount depends on your rooftop system's capacity and is revised periodically by the government. Check the Features and Benefits section above for current details.
4. What is the repayment tenure for the Canara Housing Cum Solar Loan?
The Canara Housing Cum Solar Loan offers a repayment tenure of up to 20 years. If you combine it with an existing Canara Bank home loan, the solar component's tenure aligns with the remaining tenure of that home loan. This gives borrowers flexibility to manage EMIs over a longer period.
5.Who is eligible for the Canara Housing Cum Solar Loan?
Both salaried and self-employed applicants who meet Canara Bank's income, age and work-experience criteria can apply for the Canara Housing Cum Solar Loan. Applicants above the usual age limit may still apply subject to additional conditions set by the bank. Eligibility for the solar component also depends on the applicant having roof rights over the property.
6.I live in an apartment. Can I apply for the Canara Housing Cum Solar Loan?
No, the Canara Housing Cum Solar Loan is only available to applicants who own a house with rooftop access, since the solar panels are installed on the roof. Apartment owners typically cannot offer the rooftop space this loan requires. This makes the scheme suitable mainly for independent houses.
7.How much can I borrow under the housing loan component of the Canara Housing Cum Solar Loan?
The housing loan component of the Canara Housing Cum Solar Loan is calculated as a multiple of your gross annual income, and the exact multiple depends on which Canara Bank housing scheme variant you apply under. See the Quantum of Loan section above for the scheme-wise limits. Your final eligibility also depends on Canara Bank's internal credit assessment.
8.How much can I borrow under the solar loan component of the Canara Housing Cum Solar Loan?
The solar loan component of the Canara Housing Cum Solar Loan is capped at the lowest of a few limits linked to your housing loan eligibility, the equipment cost and Canara Bank's overall ceiling for this component. Refer to the Quantum of Loan section above for the current limits. The exact amount sanctioned depends on your solar system's cost and capacity.
9.Is there a margin requirement on the Canara Housing Cum Solar Loan?
Yes, the Canara Housing Cum Solar Loan requires you to contribute a margin, or down payment, towards the project cost for both the housing and solar components. The margin percentage varies with the loan amount, the age of the dwelling and the solar system's capacity. Check with Canara Bank for the margin applicable to your specific loan amount and property.
10.What security does the Canara Housing Cum Solar Loan require?
The Canara Housing Cum Solar Loan is secured by a mortgage on your house for the housing loan component. For the solar loan component, Canara Bank typically extends or continues the mortgage on the same housing loan property as security. No separate collateral is usually needed if you already hold a Canara Bank home loan.
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