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HSBC’s First Green Mortgages in the UAE
HSBC has issued the first green mortgages in the UAE, heralding a significant moment for the country’s housing market, future homeowners, and sustainable finance. The three loans were approved for HSBC customers purchasing houses in The Sustainable City community in D
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Realty Plus
Published - Saturday, 15 May, 2021
HSBC has issued the first green mortgages in the UAE, heralding a significant moment for the country’s housing market, future homeowners, and sustainable finance. The three loans were approved for HSBC customers purchasing houses in The Sustainable City community in Dubai.
HSBC UAE’s green home loans offer an interest rate discount of 0.25 per cent for properties that meet certain sustainable criteria, and a 50 per cent discount on applicable arrangement fees.
Not only a first for the UAE, the green mortgages are also the first issued by HSBC globally, demonstrating the importance of the UAE to HSBC’s global strategy and underlining the bank’s commitment to environmental, social, and governance issues in the Emirates.
In January 2021, HSBC formed a dedicated Sustainable and Transition Finance Team (STFT) in the Middle East to help institutions, corporates and individuals transition to a more sustainable economy. HSBC saw a six-fold increase in 2020 over the previous year in sustainable and transition finance activity in the region. HSBC’s green mortgage product is applicable for properties that are either LEED-certified or if they meet similar requirements, and HSBC’s STFT reviews properties to validate eligibility on a case-by-case basis. As well as green mortgages, HSBC UAE’s Wealth & Personal Banking business offers other sustainable products including green car loans and sustainable investment fund options.
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