Retail Banks

Maybank Singapore Launches Green Home And Renovation Loans

To inculcate homeowners with an eco-conscious mindset, Maybank Singapore has introduced two new green loans for home mortgage and home renovation that will help kick-start customers’ green living journey as they stand to be rewarded with financial savings. The loans are applicable for both private and HDB properties.

These green financing products are part of Maybank’s five-year “M25” plan, where sustainability is one of the bank’s strategic priorities. The introduction of the green loans for retail customers also helps contribute to Singapore Green Plan 2030, which aims to achieve net zero emissions as a nation as soon as possible.

Customers who e-sign the Maybank Green Pledge 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*. They may choose either a two-year fixed rate home loan package or the SORA-pegged floating rate home loan package. For example, if a borrower takes out a green home loan amount of SGD 1 million with a payback tenure of 30 years, he may possibly save approximately SDG 1,000 for the first two years in his mortgage payments.

Those looking to renovate their homes may also take the Maybank Green Pledge before signing up for the Green Renovation Loan online and receive S$50 worth of shopping vouchers*. The bank expects over 500 sign-ups yearly as the application process is hassle-free and the rates are competitive, namely 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 1 and 5 years.

 

Mr Alvin Lee, Maybank's Head of Group Wealth Management and Community Financial Services Singapore, said, “One of the key sustainability commitments under Maybank Group’s five-year business plan is to mobilise RM50 billion (USD 12 billion) in sustainable finance by 2025. 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. 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.”