LOCAL financial institutions should proactively adopt green mortgages as a distinct product offering to promote climate action, a local property company has urged.
A green mortgage is a preferential lending scheme offered by a bank or lender to a buyer who can demonstrate that the property they are borrowing for meets certain environmental criteria.
This could include a newly built home with an environmentally-friendly green roof or solar panels.
According to Integrated Properties, green mortgages can incentivise customers with rewards such as cashback or favourable interest rates.
These incentives not only assist banks in fostering customer loyalty and expanding their market share but also cater to the emerging segment of environmentally conscious consumers seeking sustainable practices within their homes, such as retrofitting with solar systems.
Mike E Juru, Chief Executive Officer for Integrated Properties,
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