India’s Green Homes Qualify for Lower Mortgage Rates
Homes that are certified as energy-efficient in India will qualify for lower home loan rates following an agreement between the nation’s Indian Green Building Council (IGBC) and National Housing Bank (NHB). As reported by BusinessToday.com, the memorandum of understanding was designed primarily to enhance and promote the adoption of energy efficient and green homes concept in India.
This gives homebuyers in that nation a compelling reason to seek energy-efficient homes. Should such a policy be adopted in the U.S., it could save average homeowners many thousands of dollars over the life of a mortgage. For example, for a $300,000 home with an interest rate one-quarter percent lower, a homeowner will pay more than $15,000 less over the life of a 30-year mortgage.