Housing and rooftop solar loan
Borrow for rooftop solar alongside a new or existing housing loan, using the housing property as security.
Esta oportunidad está disponible actualmente en inglés.
Canara Bank finances the purchase and installation of rooftop solar panels as a component of your housing loan. The solar component is capped at ₹10 lakh, including any subsidy.
You must contribute at least 10% of the solar project cost for a system up to 3 kW. For a system above 3 kW and up to 10 kW, the bank requires at least 20% of the solar component. The housing component has its own contribution: for a new home or one up to ten years old, 10% for loans up to ₹30 lakh, 20% above ₹30 lakh and up to ₹75 lakh, and 25% above ₹75 lakh. A property more than ten years old, or a housing loan for repairs and renovation, requires 25% of the housing project cost. The housing scheme limits repair and renovation borrowing to ₹15 lakh and requires three years to have passed since housing-loan repayments began.
The money is a loan that you repay with interest in monthly instalments. Interest is calculated on the reducing outstanding balance. The solar repayment period is at most 20 years or the period allowed under your housing loan, whichever ends sooner. The housing property secures the solar borrowing, including where the solar loan is added later. Insurance is mandatory for the solar loan.
If you claim a rooftop solar subsidy through the national portal, it is credited to your loan account. It counts within the ₹10 lakh cap; it is not an extra bank payment on top of that limit.
The usual processing charge is 0.50% of the loan amount, with a minimum of ₹1,500 plus GST and a maximum of ₹10,000 plus GST. The bank advertises a 100% processing-charge waiver from 1 October to 31 December 2026.
Eligibility
- You must take a new Canara housing loan or already have one. The housing-loan eligibility conditions apply.
- The underlying housing scheme accepts resident Indians, non-resident Indians holding an Indian passport, persons of Indian origin holding a foreign passport, and Overseas Citizens of India.
- Salaried applicants need two years of regular continuous service in total, including at least six months in their current organisation. The solar document checklist also asks for proof of three years of confirmed service. Business and self-employed applicants must provide income-tax returns or assessment orders for three years.
- The main borrower normally enters before age 60 and must clear the liability before age 75. At age 60 or above, the borrower must apply jointly with an earning spouse or earning legal heirs.
- You must have rights to use the roof and enough roof area to meet Ministry of New and Renewable Energy requirements. The latest electricity bill must be in your name, and electricity bills must be paid regularly.
How to apply
- Estado
- Abierto continuamente
- Condiciones de la convocatoria
- Available with a new Canara housing loan or to existing Canara housing-loan borrowers.
Start through the bank’s Apply Online link for this product. Request the solar component with your new housing-loan application, or as an addition to your existing Canara housing loan.
Provide identity, address, age, income and property documents from the bank’s checklist. Salaried applicants supply six months of salary slips and salary-account statements; business applicants supply three years of financial accounts and tax records. Overseas applicants have additional passport, work-permit, salary and bank-account documents; a notarised power of attorney is required if someone else will complete the loan or mortgage formalities.
For the solar installation, provide your latest electricity bill, a technical feasibility report from the competent authority, a quotation from an empanelled vendor listed by a state nodal agency, electricity distribution company or the Ministry of New and Renewable Energy, and a stamped, executed agreement with a registered or empanelled installation vendor.