• Friday, September 30, 2022

Business

SBI UK bats for energy-efficient real estate

A branch of the State Bank of India in King Street, London, the UK. (iStock Image)

By: Sattwik Biswal

STATE BANK OF INDIA (UK) Ltd has launched a range of green mortgage products for applicants who are purchasing or re-mortgaging property that has an ‘A’ or a ‘B’ EPC rating.

With an urgent need to increase the current rate of energy efficient building renovation from 1 to 3 per cent per year to meet targets set out in the Paris Agreement, such initiatives are key in incentivising low-emission housing and therefore mitigating the impact of climate change.

The product will be available for all qualifying SBI UK mortgage applicants, including Ltd Co’s, SPV’s, HMO’s and Ex-Pats.

SBI UK this year is celebrating its centenary, as the bank reaches 100 years of operation in the UK, and has expanded to 12 retail branches across the country.

SBI UK’s executive director Sanjay Pandey says: “Everyone at SBI (UK) Ltd recognises that we all need to be making changes to the way we live and work to support protecting the environment. The introduction of Green Mortgages is one of the many steps the Bank is taking towards the same.

“SBI (UK) hopes that by rewarding our customers for their energy efficient homes and encouraging them to consider environmental impact when making new property purchases, we can play our part in reducing our carbon emissions.”

Green Standard Products: 3 & 5yr fixed rates from 2.40%

Green Specialist Products: 2 & 5yr fixed rates from 2.44%

Green HMO Products: 2 & 5yr fixed rates from 2.70%

Green Ex-Pat Products: 2 & 5yr fixed rates from 2.89%.

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