Home Loans in Canada

Home loans in Canada have made people to buy Property in Canada in spite of the skyrocketing prices. Real estate is currently one of the fastest growing sectors in Camada. Banking sector is also registering profitable business since the last few decades, with the growth of real estate. Majority of the banks are also offering easy home loans at attractive rates to their customers in Canada.

Today, we find considerable Real Estate Investment in Canada, either in the field of Residential Property in Canada or Commercial Properties in Canada. Home Loans in Canada are disbursed by many Banks as Loan Banking because it is one of the most important function of the Financial Services in India.

Types Of Home Loans Available in Canada -

• Home Purchase Loans
• Home Improvement Loans
• Home Construction Loan
• Home Extension Loan
• Home Conversion Loan
• Land Purchase Loans
• Bridge Loans
• Balance Transfer Loans
• Refinance Loans
• Stamp Duty Loans

Home loans are available on fixed rate of interest as well as floating rate of interest in canada. In fixed rate home loans, the interest rate remains fixed over the life of the loan, irrespective of the interest rates in the open market. lending.

In floating rate home loans, the rate of interest changes according to a set formula as interest rates fluctuate in the open market.

The minimum age limit for the person in canada for applying a home loan is 21 years. For the Government employees and those working at public limited companies in canada, the maximum age limit for applying for home loan is 60 years, while for salaried individuals, it is 58 years and for the self employed people, the maximum age limit is 65 years.

The applicant should have a stable source of income, at the time of availing the home loan in canada and should have a saving history as well.