DBS to offer green renovation loan for eco-friendly homes

SINGAPORE – Property owners looking to have a more eco-friendly home may be able to take up a green renovation loan from DBS.

The bank said the rate of 2.68 per cent a year is the industry’s lowest for such a loan, adding that the average market rate is about 3.88 per cent.

The loan is part of the DBS Green Solutions package announced on Sunday (April 25) that offers consumers options to integrate green practices in their daily lives, including transport, payments and purchases.

Customers seeking a green renovation loan can switch to green electricity retailers such as Geneco or Sunseap, or install green energy sources.

They should also fulfil the requirements of the bank’s green renovation checklist, developed in collaboration with the Singapore Green Building Council. The checklist can be found on the DBS website.

Customers will also get rebates if they install green energy infrastructure such as solar panels and electric vehicle chargers with DBS partners iSwitch and Keppel Electric.

OCBC Bank offers a similar eco-care renovation loan launched last month (March) with a rate of 3.98 per cent per annum, according to the OCBC website. More details can be found there.

Mr Jeremy Soo, DBS’s head of the consumer banking group (Singapore), said: “With the introduction of DBS Green Solutions, we hope that choosing to go green becomes second nature to consumers.”

The package is designed to address most aspects of consumers’ everyday lifestyle needs, he added, noting that the offerings are more affordable, better for the environment and “transitioning to them is effortless”.

Holders of the DBS Live Fresh credit card, which is made from 85.5 per cent recycled plastic, can also reap rewards for going green.

They can get an additional 5 per cent cashback when they patronise selected eco-friendly and sustainable businesses from May 1, including eateries and retailers, as well as social enterprises supported by DBS Foundation.

All DBS or POSB cardholders can also use BlueSG, Singapore’s first electric vehicle car sharing platform, and get their first-month subscription fees waived, as well as 30 minutes of free rental usage.

Customers looking to buy new or used electric or hybrid cars can apply for green car loan at a 1.68 per cent a year, which DBS said is also one of the lowest in the industry.

The bank will donate a tree planting towards NParks’ “OneMillionTrees” movement for each customer who takes up the loan.