“HSBC” issues the first green mortgage loans in the UAE – Local Economy

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HSBC Bank announced the issuance of the first green mortgage loans in the UAE, noting in a statement yesterday that this establishes an important and advanced qualitative shift in the residential real estate market in the country, for future residential real estate owners, and for sustainable financing.

According to the bank, the three mortgage loans have been approved for HSBC customers to buy their residential homes in the Sustainable City complex in Dubai, at a time when the bank provides green housing loans at a reduced interest rate of 0.25% for properties that meet Estidama standards. Specific requirements, in addition to a 50% discount on common loan arrangement fees.

Daniel Robinson, Head of Wealth Management and Personal Banking Services at HSBC UAE, said: “Sustainable development is now more important than ever before, and it is imperative that banks support the dealers by providing green financing facilities at interest rates. Competition, thus encouraging more sustainable behaviors. ”

He added: “The issuance of the first green mortgage loans in the UAE is an important qualitative leap for the residential real estate and financial markets in the country, and it also highlights the extent to which green financing facilities attract individuals who are looking to make more sustainable decisions, taking into account the positive aspects of this. Type of financing ». He pointed out that the bank has developed a number of products that support long-term sustainable development goals in the country, noting that it contributes to supporting the efforts of the UAE in its quest for a sustainable future. For his part, Chairman of the Board of Directors of Diamond Real Estate Development Company, the developer of the Sustainable City, Faris Saeed, said: “We are proud in The Sustainable City that we are the first real estate project in the region to provide an opportunity to benefit from a green mortgage loan from HSBC,” stressing the application of the highest standards. Socio-environmental and economic sustainability in designing these cities, by committing to a carbon-free future. It is noteworthy that, given the fact that green mortgage loans are the first of their kind in the UAE, they are the first of their kind issued by HSBC at the global level, which indicates the importance of the UAE to the bank’s global strategy, and affirms the bank’s commitment to environmental and social issues. And governance in the UAE. The HSBC Green Mortgage Loan product applies to LEED certified properties, or if they meet similar requirements, as the bank’s sustainable and transitional financing team reviews properties for eligibility on a case-by-case basis.

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