SBI preparing to link housing loan with installation of rooftop solar power unit
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SBI approved housing loans worth Rs 6.3 lakh crore in June. The bank owes $2.3 billion in foreign currency loans to multilateral agencies such as the World Bank, the Asian Development Bank and Germany’s KfW.
Mumbai State Bank of India (SBI) plans to make installation of rooftop solar power units mandatory in allotment of loans for residential projects financed from long-term climate action funds raised from multilateral agencies. SBI approved housing loans worth Rs 6.3 lakh crore in June. The bank owes $2.3 billion in foreign currency loans to multilateral agencies such as the World Bank, the Asian Development Bank and Germany’s KfW.3
“We are planning to make it mandatory for builders to install rooftop solar power units if the residential project is financed from our green fund,” said Ashwini Kumar Tiwari, managing director (risk, compliance and stressed assets), SBI. “In fact, we are planning to make it an integrated deal for home loan applicants going forward,” Tiwari told reporters on the last day of the Global SME Summit organized by SIDBI here. These loans come with 10-year or 20-year tenures creating foreign exchange risk for the borrowing banks.
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