- Loan to individuals for installation of Grid connected Roof Top Solar Photovoltaic (PV) System on the roof top of house as a part of Home Loan OR without Housing Loan.
- Loans for Housing Loan permitted for purchase/construction of flats not permitted under this scheme.
- Loan for the purchase of Solar Equipment can also be sanctioned to applicants who are having subsisting Housing Loans with us.
- Loan for the purchase of Solar Equipment can also be sanctioned to applicants against the mortgage of residential/house property which is having free rooftop to install the Solar Equipment even without Housing Loan.
- Salaried individuals confirmed in the service with a minimum service of 3 years.
- Individuals engaged in business/professionals and self-employed persons. Such applicants should have been in the business/profession for a minimum period of 3 years.
- The age of the borrowers should be less than 60 years at the time of availing the loan.
- Persons 60 years and above are also eligible subject to certain stipulations.
- Should be having free rooftop to install the Solar Equipment.
- NTH (Net Take Home) to be 25%.
HOUSING LOAN COMPONENT-
- General Housing Finance Scheme : 4 times of Gross Annual Income
- Housing Loan Scheme for NRIs : 4 times of Gross Annual Income
- Housing Loan to Agriculturists : 4 times of average annual income
- YUVA AWAS RIN Scheme : 6 years gross salary
SOLAR LOAN COMPONENT
20% of eligible quantum under Housing Loan Component
80% of the Cost of the Solar system
Rs. 10.00 Lacs
Whichever is less.
|Amount of Housing Loans||New House / Flat||Old House / Flat|
|Upto 10 years old||> 10 years old|
|Upto Rs. 30.00 Lacs||10%||20%||25%|
|Above Rs. 30.00 Lacs & upto Rs.75.00 Lacs||20%||20%||25%|
|Above Rs. 75.00 Lacs||25%||25%||25%|
*In case of Housing Loan for Repairs & Renovation uniform Margin of 25% on project cost irrespective of the Housing Loan amount.
*Under Yuva Awas Rin (CAN YAR)Scheme – If borrower opted for 36 months repayment holiday for both pre-EMI interest as well as principal amount: 40% Margin irrespective of the loan amount.
- Solar Loan Component: 20% of the Project Cost
- Mortgage of House.
- Hypothecation of Assets created out of loan i.e. Solar Equipment.
- Maximum 20 Years in EMIs OR the repayment period stipulated under Housing Loan, whichever is earlier.
- Nominal processing fee of 0.50% (Min Rs.1500/- and Max. Rs.10,000/-) is charged.
- As a part of retail festival offer, Processing Charges are waived for Housing loans sanctioned up to 31.03.2018 and disbursed on or before 30.04.2018
Eligible as per Scheme
- 30% of benchmark cost in general States
- 70% of the benchmark Cost in special category States i.e. North Eastern States including Sikkim, Uttarakhand, Himachal Pradesh, J&K, Lakshadweep, Andaman and Nicobar Islands.
(To be released by MNRE subject to availability of Funds)