The purpose of this scheme is to finance new rooftop solar power system at residential house.
ELIGIBILITY
- Individual applicants, singly or jointly with:
- Parents
- Spouse
- Earning children (married or unmarried)
- Earning daughter-in-law
- Conditions:
a. CIC score of 680 (CIBIL TU) or equivalent, including -1/0/Nil/No hit
b. Applicant/co-applicant must own residential property with rooftop rights
c. Sufficient roof area as per MNRE guidelines
d. Latest electricity bill confirming ownership of residential property
e. Maximum age of applicant: 75 years
f. Applicant must have a savings account
PURPOSE AND LOAN AMOUNT
- Installation of new rooftop solar power system at residential property (max capacity: 10 kW)
- Maximum loan amount: ₹6 Lakhs (depending on system capacity) ₹50,000 to ₹70,000 per kW
- Up to 3 kW: Maximum loan amount: ₹2.00 Lakhs
- More than 3 kW and up to 10 kW: Maximum loan amount: ₹6.00 Lakhs
MARGIN
- Up to 3 kW: 10%
- More than 3 kW and up to 10 kW: 20%
REPAYMENT PERIOD
- Maximum: 10 years (inclusive of moratorium period)
- 6-month moratorium from the date of disbursement
- Interest to be paid as accrued
SCHEME CODE
- Scheme Code: “TLGPL”
SECURITY
- Hypothecation of purchased equipment
- Up to 3 kW: No third-party guarantee required
- More than 3 kW and up to 10 kW: Third-party guarantee required with net means at least equal to loan amount
PNB SCORE
- Minimum PNB Score: 50
INSURANCE
- Up to 3 kW: Insurance not mandatory
- More than 3 kW and up to 10 kW: Asset must be insured for total installation cost; insurance cost borne by customers
SUBSIDY
- MNRE subsidy for solar rooftop system installation:
- Up to 3 kW:
- 1 kW: ₹30,000
- 2 kW: ₹60,000
- 3 kW: ₹78,000
- More than 3 kW and up to 10 kW: Capped at ₹78,000
- Borrowers must provide loan account number for subsidy credit
- All other terms and conditions of Housing Loan Scheme for Public remain unchanged.