Question 1: Can foreigners borrow money from Canadian banks to buy a house? How much can I borrow?
Yes, Canadian residents can usually borrow 70% of the house price easily, and non-Canadian residents can borrow 60%-65%. The loan can be amortized in 20-25 years, and the current loan interest rate is much lower than that in China. Loans have nothing to do with the age of the house, and basically have nothing to do with the age of the buyers, which also reflects the confidence of Canadian banks in housing prices to some extent.
Question 2: What are the special requirements for foreigners to apply for housing mortgage loans compared with local residents?
There is no substantial difference with the locals, and the procedures are similar. The difference is that foreigners do not enjoy the preferential treatment of "self-housing" enjoyed by domestic residents, and part of the profits of all houses invested by foreigners must be paid VAT when they are sold and realized. However, it is worth noting that when foreigners apply for mortgage loans in Canada, they need to open a full-featured account in the Bank of Canada in order to pay the monthly mortgage. Foreign residents can apply for loans in Canada without a credit record.
Question 3: What should I do if I sign a house sales contract but can't get a bank loan?
Most people need to apply for a bank loan to buy a house, and many people negotiate loans with the bank after signing a house purchase contract, so there may be cases where they can't repay the loan after signing the contract. In this case, how to terminate the contract and avoid the liability for breach of contract? The buyer must add a conditional clause in the purchase contract, which allows the buyer to apply for a loan within a few days. If the required loan amount or interest rate standard is not reached, the buyer has the right to terminate the contract and return all the down payment to the buyer, and both parties will not hold each other accountable.
Question 4: Do you need a real estate agent to buy a house?
You don't have to find a real estate agent to buy a house in China. As long as you are sure, you can pay directly to the real estate company. It's different in Canada. It's not a lot of buying and selling new houses, but second-hand houses. On the other hand, buying a house
The procedures include the preliminary investigation, the negotiation in the process of buying a house, and the signing of the contract in the later period. If there is no responsible and experienced real estate agent to escort me, I am afraid I will lose my heart.
You must live in a satisfactory house.
(The above answers were posted on 2017-11-30. Please refer to the actual purchase policy. )
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