Loan for roof top solar installation | Union Roof top Solar Scheme

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UNION ROOF TOP SOLAR SCHEME

Union Roof Top Solar Scheme(URTS)

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 25 KW plant to individual having existing independent house.
The scheme will be operational on pan India basis.

Parameter

URTS-Composite

URTS- Standalone

URTS-PM Suryaghar: Muft Bijli Yojna

Purpose

Installation of Roof Top Solar

Installation of Roof Top Solar up to 3kw

Project Size

Above 3 kw to 25 kw

Up to 3 kw

Maximum loan

Up to Rs 15 lakhs

Up to Rs 2.0 lakhs

Eligible Entities/Borrowers

a. Existing Home Loan borrowers
b. Applicant having CIC score 680 & above (NTB also eligible)
c. Staff members of our bank are eligible for availing loan under the scheme on terms as applicable to general public.
d. Having sufficient area as mandated by MNRE
e. Latest electricity bill.

a. Individuals who have not availed home loans.
b. Borrowers who have availed home loan with other banks (subject to submission of NOC from Bank).
c. Staff members of our bank are eligible for availing loan under the scheme on terms as applicable to general public.
d. Applicant having CIC score 680 & above (NTB also eligible)
e. Having sufficient area as mandated by MNRE
f. Latest electricity bill.

a. Existing Home Loan borrowers
b. Individuals who have not availed home loans
c. Individuals who have availed home loan with other banks (subject to submission of NOC from Bank).
d. Staff members of our bank are eligible for availing loan under the scheme on terms as applicable to general public.
e. Applicant having CIC score 680 & above (NTB also eligible)
f. Having sufficient area as mandated by MNRE from time to time.
g. Latest electricity bill.

ROI

As applicable under Union Home

CIC Score	Floating ROI
750 & Above	EBLR + 1.00% pa
Below 750	EBLR + 1.50% pa

EBLR-2.25 %

(presently 7% pa)

Quantum of Finance

The maximum quantum of loan per individual is 80 % of Project Cost (as per MNRE approved dealer).

The maximum quantum of loan per individual is 90 % of Project Cost (as per MNRE approved dealer).

Margin

20 % of project cost (Equipment & installation).

10 % of project cost (Equipment & installation).

Repayment Period

Maximum 10 years

Moratorium

6 months

Subsidy

Subsidy amount- Rs. 78000/-

To be claimed by borrower (Loan account number to be provided for credit of subsidy amount in loan account)

Subsidy amount- Rs. 78000/-

To be claimed by borrower (Loan account number to be provided for credit of subsidy amount in loan account)

1KW- Rs. 30000/-
2KW- Rs. 60000/-
3KW- Rs. 78000/-

To be claimed by borrower (Loan account number to be provided for credit of subsidy amount in loan account)

Security

Hypothecation of Roof Top Solar and general lien over the title deed of property offer in existing home loan.

Hypothecation of Roof Top Solar

Net Annual income

As per income document

No requirement.

Processing charge

0.50% of loan amount plus GST

NIL

Disbursement

Disbursement to be made directly to vendor/EPC contractor after submission of all the required feasibility reports as mandated by MNRE.

Disbursement of loan amount+ borrower margin

(subsidy to be claimed by borrower/vendor quoting the loan account)

Disbursement to be made directly to vendor/EPC contractor after submission of all the required feasibility reports as mandated by MNRE.

Disbursement of loan amount+ borrower margin

(subsidy to be claimed by borrower/vendor quoting the loan account)

Disbursement to be made directly to vendor/EPC contractor after submission of all the required feasibility reports as mandated by MNRE.

Disbursement of loan amount+ borrower margin

(subsidy to be claimed by borrower/vendor quoting the loan account)

Other covenants

Will be sourced through Jan Samarth Portal only
Available for customer induced journey as well as assisted journey.

Will be sourced through Jan Samarth Portal only
Available for customer induced journey as well as assisted journey.

Will be sourced through Jan Samarth Portal only
Available for customer induced journey as well as assisted journey.

In principle offer

Digital in-principle Sanction to be given based on self-declaration by the applicant. Final Sanction to be based on verification of relevant documents and assessment by the respective Banks.

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 in their name.
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.
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 applicants 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.
Note: For URTS-PM Surya Ghar: Muft Bijli Yojna this clause is not applicable.
The applicant should have minimum retail score of 50 as per Investment Grade or Scoring Chart.
Inclusion of HUF as an applicant / co-applicant to the loan, where the income of the HUF is to be considered or the HUF is owner/co-owner of the property will form deviation and to be approved by CRLC-I. If permitted, all major coparceners have to stand as guarantors to the loan in their individual capacity.

Note:
Loan under the scheme shall be only for individuals and not for housing societies and for purpose of commercial use.

In case home loan account with other bank, NOC to be obtained from existing lender prior to sanction/disbursement of solar loan

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.

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Union Roof Top Solar Scheme(URTS)

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