Looking to build your dream home while embracing sustainability? The Canara Bank Housing Cum Solar Loan offers the perfect blend of home financing and solar energy support. Let’s explore its interest rates, EMIs, eligibility criteria, processing fees, and the documents you’ll need to get started.
Canara Bank Housing Cum Solar Loan Highlights
| Category | Details |
|---|---|
| Interest Rate | Starting from 8.75% p.a. |
| Moratorium Period | Up to 24 Months |
| Loan Tenure | Up to 20 Years |
| Processing Fee | 0.50% of the loan amount (Min ₹1,500 – Max ₹10,000) +GST |
Check Out: Canara Bank Home Loan
Canara Bank Housing Cum Solar Loan Interest Rates 2025
Canara Bank’s Housing Cum Solar Loan interest rates are structured based on the applicant’s Credit Risk Grade (CRG). The effective interest rates are as follows:
| Credit Risk Grade (CRG) | Effective Interest Rate (per annum) |
|---|---|
| CRG-PRIME | 8.75% |
| CRG 1 | 8.75% |
| CRG 2 | 8.75% |
| CRG 3 | 8.75% |
| CRG 4 | 8.75% |
These rates are linked to the Repo Linked Lending Rate (RLLR), which is currently 8.75%.
For more detailed information, please visit the official Canara Bank Housing Cum Solar Loan page.
Canara Bank Housing Cum Solar Loan Eligibility Criteria
Before applying for a Housing Cum Solar Loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by Canara Bank.
| Eligibility Criteria | Details |
|---|---|
| Applicant Type | Individuals with existing housing loans or those applying for a housing loan along with a solar loan. |
| Loan Quantum | – Housing Loan: Up to ₹75 lakh – Solar Loan: Based on the cost of the solar installation. |
| Margin Requirement | – New House/Flat & Old House/Flat (Up to 10 Years Old): 10% to 25% depending on loan amount. – Old House/Flat (>10 Years Old): 25% margin. |
| Repayment Tenure | Maximum of 20 years or as per the housing loan tenure, whichever is earlier. |
| Security | Mortgage of the house/flat for the housing loan; extension of mortgage for the solar loan. |
| Processing Charges | 0.50% of the loan amount (minimum ₹1,500 + GST, maximum ₹10,000 + GST). Note: 50% waiver on processing charges from 01.04.2025 to 30.06.2025. |
| Repayment Mode | Equated Monthly Installments (EMIs). |
| Additional Conditions | For solar loans sanctioned subsequent to housing loans, continued mortgage of the existing housing loan property is required. |
For more detailed information and the most up-to-date terms, please refer to Canara Bank’s official website.
Check Out: Canara Bank Home Loan Eligibility Calculator
Canara Bank Housing Cum Solar Loan Processing Fees
| Applicant Type | Processing Fee |
|---|---|
| Individuals & Non-Individuals | 0.50% of the loan amount, with a minimum of ₹1,500 plus GST and a maximum of ₹10,000 plus GST. |
Note: Canara Bank is celebrating a Retail Loan Festival with a 50% waiver on processing charges from April 1 to June 30, 2025.
For more detailed information, please visit the official Canara Bank Housing Cum Solar Loan page.
Canara Bank Housing Cum Solar Loan Other Fees and Charges
Here are the Other Fees and Charges applicable to the Canara Bank Housing Cum Solar Loan:
| Charge Type | Details |
|---|---|
| Processing Charges | 0.50% of the loan amount Minimum: ₹1,500 + GST Maximum: ₹10,000 + GST |
| Retail Loan Festival Offer | 50% waiver on processing charges from April 1 to June 30, 2025 |
| Security | Equitable Mortgage of the property for both housing and solar loan components |
| Insurance | Mandatory property insurance against fire, floods, earthquakes, etc. |
| Subsidy | Eligible for Central Financial Assistance (CFA) via (https://solarrooftop.gov.in) |
| Additional Requirements | – Applicant must have rooftop rights for solar installation. – Latest electricity bill in applicant’s name with regular payment history. |
Read More: Canara Bank Home Loan Processing Fees and Other Charges
Canara Bank Housing Cum Solar Loan Documents Required
The list of Documents required for the Canara Bank Housing Cum Solar Loan:
| Document Type | Details |
|---|---|
| Loan Application Form | Duly filled application form with passport-sized photographs of the applicant and co-applicant. |
| Identity Proof | PAN Card, Aadhaar Card, Passport, Voter ID, or Driving License. |
| Address Proof | Aadhaar Card, Passport, Voter ID, Driving License, Utility Bills (Electricity, Telephone), or Rent Agreement. |
| Age Proof | Birth Certificate, School Leaving Certificate, Passport, or PAN Card. |
| Income Proof (Salaried) | Latest salary slips, Form 16, and bank statements for the last 6 months. |
| Income Proof (Self-Employed) | Income Tax Returns for the last 3 years, Profit & Loss Account, Balance Sheet, and bank statements for the last 6 months. |
| Property Documents | Title deeds of the property, link documents for the last 13 years, Encumbrance Certificate, and approved building plan. |
| Solar Installation Documents | Quotation or proforma invoice from the approved vendor for the rooftop solar photovoltaic system. |
| Other Documents | Passport-sized photographs, processing fee cheque, and any other documents as required by the bank. |
For the most accurate and updated information, please refer to Canara Bank’s official website.
Read More: Canara Bank Home Loan Documents Required
How to Apply to Canara Bank Housing Cum Solar Loan?
Time needed: 2 minutes
Here’s a short guide to apply for the Canara Bank Housing Cum Solar Loan online:
- Visit Website:
Go to Canara Bank Housing Cum Solar Loan Website.
- Check Eligibility:
Review loan features, eligibility, and document requirements.
- Prepare Documents:
Keep ID proof, income proof, property docs, and solar-related documents ready.
- Download Form:
Get the application form from the Download Center.
- Submit to Branch:
Fill and submit the form with documents at the nearest Canara Bank branch.
- Follow Up:
Bank will process, verify, and communicate approval.
For subsidy, apply via solarrooftop.gov.in.
Also Read: Online vs Offline Home Loan Application in India: Which is Better?
Canara Bank Home Loan: Other Products
Canara Bank offers multiple home loan schemes, each with its own interest rate structure and features.
| Home Loan Scheme | Interest Rate |
|---|---|
| Canara Bank Housing Loan | 8.75% p.a. onwards |
| Canara Bank Housing Cum Solar Loan | 8.75% p.a. onwards |
| Canara Bank Kuteer Loan | 8.75% p.a. onwards |
| Canara Bank Housing loan to Agriculturists | 8.75% p.a. onwards |
| Canara Bank Home Loan for NRIs | 8.75% p.a. onwards |
| Canara Bank Approved Housing Projects | 8.75% p.a. onwards |
Source: Canara Bank Official Website – Interest Rate Circular
Check Out: Canara Bank Home Loan Interest Rates 2025
Compare Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.00% p.a. onwards | 8.00% p.a. onwards | 8.00% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% onwards | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Conclusion
The Canara Bank Housing Cum Solar Loan is a smart dual-benefit scheme supporting home ownership and sustainable solar energy. With flexible terms and subsidy options, it’s ideal for eco-conscious homeowners.
For personalized assistance with your home loan, consider scheduling a free consultation call with Credit Dharma today.
Frequently Asked Questions
It’s a dual-purpose loan that allows individuals to finance both the purchase/construction of a home and the installation of a rooftop solar photovoltaic (PV) system.
Resident Indians, NRIs, PIOs, and OCIs aged between 21 and 60 years. Salaried individuals should have a minimum of 3 years of service, and self-employed individuals should have at least 3 years in their current business/profession.
The maximum repayment period is 20 years or as per the housing loan tenure, whichever is earlier.
Yes, a processing fee of 0.50% of the loan amount is applicable, with a minimum of ₹1,500 and a maximum of ₹10,000, plus GST. However, there’s a 50% waiver on processing charges from April 1 to June 30, 2025, during the Retail Loan Festival.
You can apply by visiting the official Canara Bank website and navigating to the Housing Cum Solar Loan section. Alternatively, you can visit the nearest Canara Bank branch with the required documents to initiate the application process.
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