SBI Home Loan Rules: State Bank of India has made rooftop solar installation mandatory in home loan plans for residential projects. That is, if you have taken your loan under SBI Green Finance Home Loan Scheme, then it will be necessary for you to install a solar energy system on the rooftop of your house. Without this, loan approval will not be available.
What is SBI Green Finance
SBI Green Finance Loan is given by SBI to those people who include environmental protection measures in their home. This motivates people to plant trees or use green energy sources in their homes. Under this, you can get the lowest interest rate for years.
Under this scheme, people taking loans have to take solar energy related measures, water harvesting measures, construction of bio-toilets, solar lights, planting trees on rooftops and climate control measures in their homes. In return for this, the bank gives concession in loan interest rates.
It is being financed by the World Bank since 2016 to promote the use of solar energy. For this, money is given to the world’s leading companies. Its direct objective is to connect customers with clean climate campaigns by providing loans. According to media reports, SBI has approved loans worth more than Rs 6.3 lakh crore till June.
what is home loan
Home loan is a type of financial responsible loan which an individual or family takes for the purchase, construction, or construction of their home or for quick financing of the house. This loan is provided by commercial banks, financial institutions or loan distributors. In this, the property of the lender is mortgaged.