New HSBC “Green Loan” Offers 100% Financing
HSBC Bermuda is offering a new Green Loan for homeowners to invest in solar energy systems, saying “customers will have access to 100% financing, our lowest available unsecured loan variable interest rate which is currently 6% and the longest available repayment term of up to 7 years.”
The Bank said, “HSBC Bermuda’s new Green Loan provides a simple and affordable way for homeowners to invest in solar energy systems and energy saving products.
“The Green Loan is the newest solar related investment option to be integrated into the Bermuda market and was designed specifically to give people the opportunity to make their homes more efficient through the installation of solar energy systems and energy saving devices.
“Customers will have access to 100% financing, our lowest available unsecured loan variable interest rate which is currently 6% and the longest available repayment term of up to 7 years.
“By offering a lower interest rate and longer term for the Green Loans, it is possible for some customers [depending on their individual circumstances], to match the monthly loan repayments to the savings in energy costs.
“The loan applications are assessed in the same manner as other standard HSBC loan applications, with the usual standard exclusions being applied, such as customers must be in full time employment and be able to afford the monthly payments.
“In most cases collateral will not be required to secure loans for those applications below $50,000.
“For information on solar energy systems and other energy saving products please contact your preferred solar company. Alternatively, visit the HSBC Harbourview Centre to view the Solar Panels displays.
“Additional information on the documentation required to apply for a Green Loan can be found at www.hsbc.bm/greenloans. You can also use our HSBC Loan Calculator found here to calculate what the monthly payments would be for any HSBC loan.”
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Category: All, Business, Environment, News
six percent is a lot – if they’d offered preferential interest rates that would make this a good deal.
Would love the bank to offer 100% for purchasing a home up to say $750K and then I could get the solar. can swing the down payment man.
What is interest on savings?
https://www.hsbc.bm/1/2/personal/accounts/term-deposit-savings-rates
About the same as most have of your posts i.e. 0
Solar is wonderful, however, with less than 50% of Bermudians actually owing their owns homes, this isn’t an option if you rent as most landlords don’t want to put any extra money into their rental homes. That leaves the other 50% that do own homes as your target market.