Absa and Balwin launch green home loan
Absa Eco Home Loan will be available to people wanting environmentally friendly houses
SA’s largest sectional title developer Balwin Properties and Absa bank have launched SA’s first green home loan, Absa Eco Home Loan.
The loan will be offered to people opting for environmentally friendly houses that, among other things, are built with material not harmful to the planet, and use solar electricity and energy-efficient lights.
Balwin CEO Steve Brookes said there has been an increase in the number of customers that were keen to give back to the environment when purchasing houses.
Brookes said South Africans were becoming environmentally conscious.
“Over the years we have introduced several innovations to make our developments more energy efficient, helping our customers manage their carbon footprint while reducing the burden of the cost of energy. Now our customers can apply for an Absa Eco Home Loan, an added benefit of purchasing an EDGE certified, Balwin Properties home,” said Brookes.
In June 2019 Balwin Properties announced it had registered more than 16,000 units across seven of its built-to-sell and three of its green developments rated as EDGE certified by the Green Building Council SA.
Brookes said the idea of a green home loan was inspired by the International Finance Corporation’s (IFC) Green Bond, for investment in private sector projects that support renewable energy and energy efficiency.
“I was impressed by how much they have achieved in driving climate-smart investment and saw an opportunity to extend this philosophy to our customers,” he said.
Absa Home Loans managing executive Geoff Lee said the bank had “recognised that sustainable living is a priority for our customers and so it must be a priority for us.”
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