OCBC Bank launches Singapore’s very first eco-friendly retail financial loans for residential home purchases and renovation.
Singapore, 31 March 2021 – OCBC Bank released the country’s very first ‘Eco-Care’ Home and Renovation Loans which use Constructing and Development Authority’s (BCA) Tropical Dwelling Energy Efficiency Evaluation (THEEA) as the conditions to identify an applicant’s eligibility. This is the initial time that the THEEA is utilised as a pre-requisite to implement for a house or renovation bank loan in Singapore. These two ‘Eco-Care’ financial loans reward suitable household-proprietors with lower interest fees, giving them the impetus and incentive to consider additional concrete steps to make their houses extra eco-helpful.
In buy to qualify for preferential costs underneath the newly-launched ‘Eco-Care’ Property and Renovation Loans, borrowers of both equally community and non-public household properties are essential to pass THEEA – an on the web self-assessment resource predicting homes’ electricity usage with a “Pass” or Fail” score.
To go the assessment, clients have to have to display their intention to have an eco-friendly strategy to furnishing their houses with greener alternatives throughout three classes – property style and design (e.g. use of photo voltaic window movie), strength-economical appliances (e.g. air-conditioning, fridges and televisions with at the very least 3 or 4 ticks for energy efficiency) and clever residence characteristics that support regulate electricity intake (e.g. sensible thermostat for air-con handle).
In addition, to aid household-owners make their homes more eco-helpful, customers of the ‘Eco-Care’ Dwelling and Renovation Financial loans are eligible for Sunseap Electrical power photo voltaic strength designs, which present a one particular-time $80 invoice rebate.
Ongoing incentives to continue to be Green
To inspire debtors of the ‘Eco-Care’ Household and Renovation Loans to keep green, OCBC Financial institution will reward those who endure and go another THEEA assessment by obtaining an energy use beneath the countrywide typical for their house dimensions, soon after they have moved in. Prospects who reach this level of strength utilization will be presented reward details, recognised as OCBC$, which can be made use of to redeem a vast array of benefits on the Bank’s STACK marketplace.
STACK is OCBC Bank’s multi-associate loyalty system which accumulates, converts and utilises benefits details and air miles across the unique companions and retailers with simplicity and pace, by using an on line monitoring dashboard. A new ‘Eco-Care’ collection of rewards was extra to the platform previously this month.
Household-proprietors making use of for the OCBC ‘Eco-Care’ Loans can choose the THEEA on OCBC Bank’s ‘Eco-Care’ House and Renovation Loans software webpage.
Mr Sunny Quek, Head of Shopper Economical Expert services Singapore, OCBC Financial institution, says, “As 1 of the marketplace leaders in home and renovation loans, being able to start the Singapore’s very first series of eco-helpful property and renovation loans is a key phase to encouraging prospects be proactive when it comes to preserving electrical power in their new homes. BCA’s Tropical Residence Electrical power Efficiency Evaluation Instrument is instrumental in supporting us set jointly a sturdy framework to conduct energy assessment all through the mortgage software, and to confirm the results via true strength intake in just the future 12 months. Jointly with our present ‘Eco-Care loans for solar panels and electric cars which have been released earlier this calendar year, these two new merchandise more improve our suite of sustainability purchaser financial loans.”
Mr Cheng Tai Fatt, Handling Director of Constructed Ecosystem Investigation and Innovation Institute (BERII), BCA, explained: “We are delighted that OCBC Lender has decided to use BCA’s electricity analysis equipment to foster a additional sustainable Singapore. THEEA will be practical in predicting and improving upon energy intake in homes for a lot of homeowners. This collaboration also supports the Singapore Environmentally friendly Creating Masterplan (SGBMP), which is a collaborative work involving industry stakeholders and the wider neighborhood in pushing for eco-friendly buildings. BCA welcomes like-minded partners to function in direction of our collective intention of furnishing a sustainable and liveable Created Setting for all.”
Participating in our portion for a foreseeable future low-carbon planet
OCBC Bank’s new ‘Eco-Care’ suite of loans for shoppers is one of the lots of techniques in the Bank’s local climate motion approach, which is targeted on using strategic motion to lessen or retailer CO2. Making up some 80 for every cent of the greenhouse gases, CO2 is causing extreme all-natural disasters and temperature shifts about the world.
Before this yr, OCBC Bank released each the electric automobile and photo voltaic panel financial loans to make the financing of green alternatives a lot more obtainable to individuals. As section of the nation’s Long-Expression Minimal Emissions Enhancement Strategy, quadrupling solar energy generation by 2025 is a single of the important pillars and OCBC Bank’s consumer financial loan for residential solar panels is aimed at facilitating the nation to attain its concentrate on.
The Lender has currently started its journey of transitioning to a sustainable entire world. In 2019, OCBC Lender became the initially Asian financial institution to cease financing new coal-fired crops.
It also supported the planting of trees to retail store CO2. The OCBC Arboretum, a landmark job at the Singapore Botanic Gardens, conserves and studies 200 species of 2,000 dipterocarp trees that can shop as much as 80 million kg of CO2 over their lifetimes.
On the business front, OCBC Lender has stepped up to do even far more, acquiring pledged to improve its sustainable finance portfolio to S$25 billion – soon after reaching the S$10 billion-by-2022 aim, two yrs in advance of time. The Bank has funded projects in the location that harness the wind and capture the sun’s rays to create clean vitality. These tasks assortment from wind and solar farms to electric autos, hybrid buses and photo voltaic panel installations.
In December 2020, OCBC Lender adopted the Equator Principles, an internationally-recognised threat management framework adopted by financial establishments around the globe which will information how the Bank establishes, assesses and manages environmental and social challenges in jobs. OCBC Bank’s voluntary adoption of the Equator Principles is an extension of its Dependable Funding framework which the Lender has put in location because 2017.