Introduction to Green Mortgage by Scotiabank
Scotiabank Mexico has introduced the “Green Mortgage” (Hipoteca Green) to facilitate access for its clients to more sustainable homes that incorporate eco-friendly technologies and renewable energy solutions. This financial product aims to promote long-term savings and reduced environmental impact.
What types of homes can the Green Mortgage be used for?
Paulina Prieto Higuera, Head Digital and Product Solutions at Scotiabank Mexico, explained in an interview with El Economista that the Green Mortgage is available for both new and used homes with eco-friendly features. Unlike other banks, Scotiabank caters to both segments:
- New homes: Financing is provided for properties with EDGE and LEED certifications.
- Used homes: Scotiabank partners with Solfium, a company specializing in solar panel manufacturing, to add green attributes to these properties.
Prieto Higuera emphasized that the Green Mortgage is not exclusive to new homes, allowing clients to purchase a used home that may be better located or larger.
Growth and Impact of Green Mortgage
As of now, Scotiabank Mexico has granted over 500 Green Mortgages, with the goal of continued growth. There are 233,274 sustainable homes in Mexico that meet energy efficiency criteria. The Green Mortgage aims to increase the number of environmentally friendly homes in the country.
According to UNAM, common housing produces 77% of waste, consumes 63% of LP gas burned, and uses 25% of the electricity generated in Mexico. Implementing sustainable solutions like solar panels and water-saving devices offers additional benefits to homes.
How to Apply for the Green Mortgage
To apply for the Green Mortgage, clients must submit a signed application, valid INE identification, proof of income, and residence verification. Once approved for a used home loan, clients are also authorized for an additional line of credit to purchase solar panels, water-saving devices, and more.
Key Questions and Answers
- What is the Green Mortgage? It’s a financial product by Scotiabank Mexico that helps clients access more sustainable homes with eco-friendly technologies and renewable energy solutions.
- Which types of homes can the Green Mortgage be used for? It applies to both new and used homes with eco-friendly features, including certifications like EDGE and LEED for new homes and partnerships with companies like Solfium for used homes.
- How many Green Mortgages has Scotiabank granted? As of now, Scotiabank Mexico has granted over 500 Green Mortgages, with plans for further growth.
- What is the impact of sustainable homes on the environment? Sustainable housing reduces waste, conserves energy, and lowers greenhouse gas emissions.
- How do I apply for the Green Mortgage? Submit a signed application, valid INE identification, proof of income, and residence verification. Once approved for a used home loan, you can also access additional credit for eco-friendly upgrades.
