If you’re an SBI customer, this news is important for you. State Bank of India (SBI) is gearing up for a major transformation in its green funding home loans.
In simple terms, they’re making it mandatory to have solar panels on the roofs of houses in certain housing projects.
Mandatory Solar Panels
SBI intends to require builders to install rooftop solar panels on houses in these projects.
If you opt for a home loan under the green funding scheme, the cost of these solar panels will be part of the loan package.
Impressive Loan Figures
To put things in perspective, SBI approved a staggering Rs 6.3 lakh crore in home loans in June.
The bank also has substantial foreign currency loans amounting to $2.3 billion from organizations like the World Bank, the Asian Development Bank, and Germany’s KfW.
What SBI Officials Have to Say
According to SBI official Ashwini Kumar Tiwari, their plan is to make it mandatory for builders to incorporate rooftop solar panels.
They are also considering including these panels as part of a bundled deal for home loan applicants. These loans typically have tenures of 10 to 20 years.
Green Funding Explained
SBI’s Green Fund aims to promote activities that directly contribute to a cleaner environment.
This includes initiatives like tree planting, constructing bio-toilets, and installing solar lights, lamps, and panels.
The ‘Solar Rooftop’ funding, initiated by the World Bank in 2016, provides funds to major banks worldwide, with the goal of connecting customers to the clean climate movement through loans.
In essence, SBI’s move towards mandatory solar panels in housing projects is a significant step towards a more sustainable future.