PM-Surya Ghar solar loan with a new home loan
Finance a residential rooftop solar system when taking a fresh home loan, with a solar loan of INR 50,000–600,000.
Tämän rahoitusmahdollisuuden kuvaus on toistaiseksi englanniksi.
Borrow for a grid-connected rooftop solar system of up to 10 kW for residential use when taking a fresh home loan from Bank of Baroda. The solar loan ranges from INR 50,000 to INR 600,000.
For a solar loan up to and including INR 200,000, you must contribute 10% of the project cost. Above INR 200,000 and up to INR 600,000, you must contribute 20% of the project cost. The maximum loan term is 120 months, subject to the age-related repayment limits below.
There is no processing fee or foreclosure charge for repaying the loan early. State stamp duty applies.
Eligibility
- You must be a resident individual, applying alone or jointly, with salaried income or income from business, a profession or agriculture. You must be taking a fresh Bank of Baroda home loan and have the residential property in your name, or terrace rights in your name if you live in a flat.
- The minimum age is 21 and the published maximum age is 75. For solar loans up to INR 200,000, applicants up to 65 must repay before turning 70. Applicants over 65 and up to 75 may be considered with a close relative as co-applicant; repayment must be within 10 years and before the applicant/co-applicant turns 75.
- For loans above INR 200,000, each applicant or co-applicant whose income is used to establish eligibility needs at least one year of salaried employment or two years in business or a profession. This work-history requirement does not apply to loans up to INR 200,000.
- Only household rooftop projects qualify. Industrial, commercial and other consumers, and government or semi-government organisations, are excluded.
- Your solar-system quotation must come from a vendor on the electricity distribution company’s approved list (a DISCOM-empanelled vendor).
How to apply
- Tila
- Jatkuva haku
- Hakukierroksen ehdot
- Available to individuals taking a fresh Bank of Baroda home loan together with a rooftop solar system.
Use the official scheme page to start your enquiry with Bank of Baroda. You can book an appointment with a branch head through the bank’s appointment service to discuss the fresh home loan and solar component together.
Prepare identity-verification documents for applicants and co-applicants, six months of bank statements, your latest electricity bill and the quotation from a solar vendor on your electricity distribution company’s approved list. The bank may require other documents.
No income documents are required for a solar loan up to INR 200,000. Above that amount, salaried applicants need the last three months’ salary slips and Form 16 or an income-tax return; non-salaried applicants need two years of income-tax returns. Agriculturists need a latest income certificate from the local competent revenue authority; the bank specifically requires this for applicants predominantly dependent on agriculture who do not have to file income-tax returns. That certificate requirement is waived for loans up to INR 200,000.