Introduction of housing loan project for new immigrants in Canada

Canada is the most developed country in the world, so what projects can Canada choose for loans? I am here to sort out the introduction of the housing loan project for new immigrants in Canada, hoping to help you.

I. Overview

The new immigrant housing loan is only applicable to immigrants who have recently landed and obtained Canadian immigration status. New immigrants can check their Canadian resident green cards. If the back of the PR card shows that they have lived for less than five years and are not American citizens, they generally meet the status of new immigrants.

You don't need a Canadian credit record, and you don't need to provide proof of income. These are the advantages of mortgage for new immigrants. However, major banks will still conduct due diligence to approve loans. Therefore, adequate preparation and sufficient information will help applicants to pass the loan review quickly and effectively.

Loan amount: According to the current regulations of major banks on housing loans for new immigrants, the loan amount is generally at least 35%, up to 65% of the total housing price, and the housing loan amount cannot exceed 6.5438+0.5 million Canadian dollars.

Second, matters needing attention

1. To apply for a housing loan for new immigrants, it must be the applicant's own assets;

2. Payment shall be deposited in the main bank of Canada within 65,438+05 working days before the loan issuance date.

3. Before the loan, you need to provide the bank with proof of payment in place (such as a deposit certificate issued by a Canadian or domestic bank).

The mortgage for new immigrants is 30 years.

Types of houses that can apply for loans: ordinary detached houses, apartments and townhouses.

Note: when applying for a loan, the housing area of apartments in Greater Toronto and Vancouver should be not less than 550 square feet and not less than 49 square meters; When applying for apartment loans in other areas, the housing area shall not be less than 750 square feet and not less than 67 square meters.

New immigrant loans can also be used to buy second-hand houses or new properties built by regular builders. If a self-built house or a privately purchased house is not bought or sold through an intermediary or MLS platform, you cannot apply for a new immigrant loan for the time being.

In addition, the new immigrant loan allows immigrants to own two sets of self-occupied properties at the same time: one is the main self-occupied property; Another place can be a holiday property, or it can be purchased for the main members of the immediate family (children, parents and siblings).

If a person's two properties meet the requirements of new immigrant loans and are located in greater toronto area and Greater Vancouver, the total loan (including housing loans, ordinary loans and personal credit) generally does not exceed 2.5 million Canadian dollars. If the property is located in other parts of Canada, the total loan amount shall not exceed 6.5438+0.75 million Canadian dollars.