Maybank Singapore has launched two new green loans for retail customers’ home mortgage and home renovation on Oct 6.
The loans are part of the bank’s five-year “M25” plan, where sustainability is one of its strategic priorities.
The loans are said to help contribute to Singapore’s Green Plan 2030 and to help kick-start the bank’s customers’ green living journey.
The loans are also applicable for both private and HDB properties.
Under the loans, customers who sign the Maybank Green Pledge electronically and apply for the Green Home Loan online will receive a preferential pricing of 0.05% discount off the prevailing package interest rate for the first two years.
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This rate is currently valid till Jan 14, 2022.
Under this loan, customers may choose either a two-year fixed rate home loan package or the SORA-pegged floating rate home loan package.
For instance, if a borrower takes up a green home loan amount of $1 million with a payback tenure of 30 years, he may possibly save approximately $1,000 for the first two years in his mortgage payments.
Those looking to give their homes an uplift may also take the Maybank Green Pledge before signing up for Maybank’s Green Renovation Loan online.
Those who do so by Jan 14, 2022, will receive $50 worth of shopping vouchers.
According to a statement released by Maybank, it expects over 500 sign-ups yearly due to the fuss-free application process.
The rates are also said to be competitive at 2.88% per annum for existing Maybank home loan customers and from 4.1% per annum for new customers who apply for a loan tenure between one and five years.
“One of the key sustainability commitments under Maybank Group’s five-year business plan is to mobilise RM50 billion ($16.23 billion) in sustainable finance by 2025,” says Alvin Lee, Maybank's head of group wealth management and community financial services Singapore.
“Beyond achieving this goal, more importantly as a financier, we wish to instil a green conscious mindset in our customers to combat the negativities of climate change together. The promises set out in our Green Pledge will act as a strong reminder to transform their actions such as lowering the usage of water and electricity as well as minimising waste,” he adds.
“Building a resilient future starts from home – when our borrowers set a good example at home, the next generation will also learn from them and benefit from a virtuous cycle of environmental protection.”