1. PURPOSE:

• Loan is provided for installation of Grid connected RTS (Roof Top Solar) for residential purpose only.
• Setting up of Grid connected Roof Top Solar system up to 10 KW plant to individual having existing independent house and have not availed loan with any other bank/FI against the said house.
• The scheme will be operation on pan India basis.

2. ELIGIBLE ENTITIES/BORROWERS:

• Resident Indian Citizens and Non – resident Indians (NRIs)[ Persons of Indian Origin (PIOs) and Overseas Citizenship of India (OCI) are to be treated as NRI] as eligible under Home Loan scheme will be eligible under URTS scheme also.
• They must be having independent house and don’t have loan with any other banks against the said house.
• Singly or jointly with other eligible family members. Family members are as per home loan scheme guidelines.
• All the proposed co-owners of the property for which loan is being applied, have to necessarily join as applicant to the loan in case property is taken as collateral security.
• For new home loan customer, URTS can be sanctioned along with the sanction of Home Loan. However, the disbursement of URTS loan, will be done only after completion / possession of the property and perfection of the security.
• For existing Home Loan applicant to avail the URTS, he/ she should have a satisfactory track record of repayment of Home loan EMI and there should not be any overdue in the Home loan A/c. i.e. the account should not have been classified under SMA category during the last 6 months period.

3. AGE:

• Minimum entry age of the applicant should be 18 years.
• Maximum permissible age at end of repayment for both salaried and non-salaried class of borrowers is 75 years.
• Thus, individuals having regular source of income after 60 years can be considered for repayment beyond 60 years of age.
• The maximum age and tenure norms are to be considered only in respect of those applicants, whose income is being considered for the purpose of repayment of loan.
• For example: Father and son are joint applicants to a loan, where only the son’s income is being considered to arrive at the repayment capacity/ eligible loan amount. In such a case only the son’s age needs to be considered for arriving at the maximum possible repayment tenure.

4. QUANTUM OF LOAN:

The maximum quantum of loan per individual is 75% of Project Cost (as per MNRE approved dealer) or Rs.10.00 lakh whichever is lower subject to repayment capacity of borrower.

5. MARGIN:

5% of project cost will be contributed by borrower under this scheme.

6. SUBSIDY:

40% subsidy of the project cost for installation of Roof Top Solar of 3 KW And  20% subsidy for beyond 3 KW and upto 10 KW.

Note: Capital subsidy if any provided by MNRE may be taken as part of Margin.

7. RATE OF INTEREST:

• Note: if applied along with home loan then-
• 5 bps concessions will be applicable for women borrowers subject to minimum floor of EBLR across all categories mentioned above except CRE Home loans.
• The above benefit of 5 bps concession will be applicable, only if the house is singly / jointly owned by female borrower.

8. MORATORIUM :

Maximum  period of 6 month or time taken by Discom for installation whichever is less under this scheme only.

9. REPAYMENT PERIOD:

20 Years in EMI or repayment period stipulated under housing loan whichever is earlier.

• During the moratorium period, customer may choose to service interest or may start repaying EMIs as per Sanction. However, for loans extended to individuals engaged in agriculture or allied activities, Equated Quarterly Installment (EQI) instead of EMI may be permitted provided in all such cases, interest will be charged on a monthly basis, as the case with other retail lending schemes.
• After the moratorium period, if any, borrower has to start repaying the loan by way of EMI/EQI as fixed on the original loan amount. Servicing of interest during moratorium period is made mandatory.
• If the borrower makes a lump-sum payment from his own verifiable sources, then EMI/EQI can be reworked on the lower outstanding and remaining tenure. This will not amount to restructuring.
• The borrower may also opt other payments method like Step-Up Repayment Method, Balloon Repayment Method, Flexible Loan Installment Plan (FLIP) Method and bullet method as like as home loan home loan repayments method.

10. SECURITY:

• Primary Security: Hypothecation of roof top Solar/ Assets created out of Bank finance.
• Collateral Security: (Applicable for Loan above Rs.1.00 Lakh under this scheme)

Mortgage of existing house for our loan customer.

OR

Assignment/lien of LIC Surrender Value, NSC, FD etc. or Mortgage of House which cover 100% of Loan Value for other than our housing loan customer.

11. GUARANTEE:

• The co-applicant / guarantor of the Home Loan will continue if housing loan taken along with URTS loan & it’s sanctioned limit is above Rs.1.00 lakh.
• In case of inclusion of HUF as an applicant/ Co-applicant (under deviation), all major coparceners have to stand as guarantors in their individual capacity
• In case of NRI, guarantee of one/ two local resident Indian (other than spouse), acceptable to the bank to be obtained. However, in case where a resident co-applicant (other than spouse) is available for the loan facility, guarantee need not be sought.

12. INSURANCE

• The URTS should be insured by the borrower with usual bank clause.
• Total insurance should be at-least 110% of the loan amount.

**Conditions Apply**

**Contact our nearest Branch for more details**