The home loan will come with features and benefits that will appeal to customers looking to live green, the parties said on Thursday.
Balwin CEO Steve Brookes, during the launch event held at The Reid residential complex, in Sandton, said the idea of a green home loan was inspired by the International Finance Corporation’s (IFC’s) Green Bond.
He called this “the loan of the future”.
“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. My team and I set out to find a like-minded, innovative partner with the right technical expertise and delivery capabilities to develop such a product – Absa became an obvious choice,” he said.
“The Absa Eco Home Loan is testament to our commitment to create products and offerings that are centred on what the customer and the future of residential property needs. We recognise that sustainable living is a priority for our customers and so it must be a priority for us,” commented Absa home loans managing executive Geoff Lee.
EDGE certification for new homes is implemented in South Africa by the Green Building Council South Africa (GBCSA), in partnership with IFC. The EDGE certification can be achieved once a home achieves a 20% reduction across energy consumption, water use and embodied energy in materials.
Brookes said it had become an imperative for the company to help its customers reduce energy costs while electricity tariffs continue to rise in South Africa.