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Can Canadian PR buy house in other countries?

muba

Star Member
Jun 19, 2014
110
4
Toronto, Ontario
Is it possible to buy a home in Bahrain being here in Canada. Will any of the Canadian banks provide mortgage to purchase a property in Bahrain?
 

steaky

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Nov 11, 2008
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Regarding to your mortgage question, why don't you just borrow money (through personal loans or line of credit) to finance your property in Bahrain?
 
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scylla

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Is it possible to buy a home in Bahrain being here in Canada. Will any of the Canadian banks provide mortgage to purchase a property in Bahrain?
Speak with your bank. There are ways of doing this but it's not as straight forward as a mortgage for a property in Canada. Essentially the bank will want to have an asset in Canada (i.e. property in Canada) to secure the loan against in order for you to fund the purchase of the property outside of Canada. Again, speak with your bank or with a mortgage broker.
 
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muba

Star Member
Jun 19, 2014
110
4
Toronto, Ontario
Regarding to your mortgage question, why don't you just borrow money (through personal loans or line of credit) to finance your property in Bahrain?
Yes I explored that option, but loc you won’t be gettin a huge amount (approx $200K) and if you go for pl the interest rate would be huge... so that’s the reason I am checking if Canadian banks provide mortgage....
 

muba

Star Member
Jun 19, 2014
110
4
Toronto, Ontario
Speak with your bank. There are ways of doing this but it's not as straight forward as a mortgage for a property in Canada. Essentially the bank will want to have an asset in Canada (i.e. property in Canada) to secure the loan against in order for you to fund the purchase of the property outside of Canada. Again, speak with your bank or with a mortgage broker.
Thanks Scylla. I will talk to my bank to see what they say. I do own a residence here in Canada however there is no equity built in my home...
 

scylla

VIP Member
Jun 8, 2010
92,541
20,360
Toronto
Category........
Visa Office......
Buffalo
Job Offer........
Pre-Assessed..
App. Filed.......
28-05-2010
AOR Received.
19-08-2010
File Transfer...
28-06-2010
Passport Req..
01-10-2010
VISA ISSUED...
05-10-2010
LANDED..........
05-10-2010
Thanks Scylla. I will talk to my bank to see what they say. I do own a residence here in Canada however there is no equity built in my home...
In that case I'm not sure this will work. The bank needs equity that is in Canada against which to secure your loan.

Anyway - talk to your bank. That's the best move and there may be other options.
 

steaky

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Nov 11, 2008
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Yes I explored that option, but loc you won’t be gettin a huge amount (approx $200K) and if you go for pl the interest rate would be huge... so that’s the reason I am checking if Canadian banks provide mortgage....
Shop around. One can easily get more than 200K....
 

muba

Star Member
Jun 19, 2014
110
4
Toronto, Ontario
Shop around. One can easily get more than 200K....
Hi Steaky, Really are there options to get more than $200K? I am in GTA. Could you Please let me know the names of some of the fin institute that gives more than $200k. I will definitely go and talk to them. I have a good credit score too more than 730...
 

steaky

VIP Member
Nov 11, 2008
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Job Offer........
Pre-Assessed..
Hi Steaky, Really are there options to get more than $200K? I am in GTA. Could you Please let me know the names of some of the fin institute that gives more than $200k. I will definitely go and talk to them. I have a good credit score too more than 730...
I use HSBC.