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Canadian mortgage with Indian home loan

santyrogers

Full Member
Jun 19, 2020
30
1
Hi All,

Currently I am in Canada with PR status.
Me and my wife are currently working with a gross income of around ~230K dollars p.a.

Like everyone else, we wish to buy a house in Canada down the lane. By next year we will save for the down payment as well.

Before that I like to buy a house in India. For that I’m planning to take a housing loan in India for around 70lakh INR (Rs. 20Lakh initial).If I take that,I will be paying around Rs. 55000 /month (that is roughly around $1000 CAD)

Will this housing loan of Rs. 70 lakh ($120K CAD) affects my Canadian mortgage eligibility in the future?

kindly advice.

Thanks.
 
 

canuck78

VIP Member
Jun 18, 2017
44,648
10,564
Hi All,

Currently I am in Canada with PR status.
Me and my wife are currently working with a gross income of around ~230K dollars p.a.

Like everyone else, we wish to buy a house in Canada down the lane. By next year we will save for the down payment as well.

Before that I like to buy a house in India. For that I’m planning to take a housing loan in India for around 70lakh INR (Rs. 20Lakh initial).If I take that,I will be paying around Rs. 55000 /month (that is roughly around $1000 CAD)

Will this housing loan of Rs. 70 lakh ($120K CAD) affects my Canadian mortgage eligibility in the future?

kindly advice.

Thanks.
Yes your Indian loan will be a factor in calculating how much of a mortgage you qualify for. Depending on the amount of downpayment you have and the average price of home you are looking at you will need to evaluate whether you should wait and purchase an Indian home after the Canadian to maximize how much of a mortgage you can get in Canada.
 

rmacraj

Newbie
Feb 13, 2020
8
0
Hi All,

Currently I am in Canada with PR status.
Me and my wife are currently working with a gross income of around ~230K dollars p.a.

Like everyone else, we wish to buy a house in Canada down the lane. By next year we will save for the down payment as well.

Before that I like to buy a house in India. For that I’m planning to take a housing loan in India for around 70lakh INR (Rs. 20Lakh initial).If I take that,I will be paying around Rs. 55000 /month (that is roughly around $1000 CAD)

Will this housing loan of Rs. 70 lakh ($120K CAD) affects my Canadian mortgage eligibility in the future?

kindly advice.

Thanks.
If you intend to make the monthly payment/transfer of around $1000 CAD from your Canadian bank accounts, that would definitely affect your future Canadian mortgage eligibility/qualification.
 
 

EdnoCaspery

Newbie
Sep 22, 2022
2
0
I think that everything will be fine. you just have to obtain a stable salary and find a good mortgage option. I stress the last one again, because this is very important
 

steaky

VIP Member
Nov 11, 2008
12,559
1,179
Job Offer........
Pre-Assessed..
I think that everything will be fine. you just have to obtain a stable salary and find a good mortgage option. I stress the last one again, because this is very important
Even unstable income will be fine.
 

canuck78

VIP Member
Jun 18, 2017
44,648
10,564
I think that everything will be fine. you just have to obtain a stable salary and find a good mortgage option. I stress the last one again, because this is very important
The question is whether it will have an impact and it will have an impact on the amount of mortgage the couple will qualify for.
 

EdnoCaspery

Newbie
Sep 22, 2022
2
0
I think that everything will be fine. you just have to obtain a stable salary and find a good mortgage option. I stress the last one again, because this is very important
Unlike with regular loans, mortgages sometimes may differ a lot. That means you will have to pay less or more depending on the company and the house, which is obvious, but sometimes people don't think much about it. I suggest consulting the advisor if it is possible, or read about it on the internet, on sites like navibanker, which is free. That will prevent you from misunderstandings in the contract and help you find the best option
 
 

steaky

VIP Member
Nov 11, 2008
12,559
1,179
Job Offer........
Pre-Assessed..
Unlike with regular loans, mortgages sometimes may differ a lot. That means you will have to pay less or more depending on the company and the house, which is obvious, but sometimes people don't think much about it. I suggest consulting the advisor if it is possible, or read about it on the internet, on sites like navibanker, which is free. That will prevent you from misunderstandings in the contract and help you find the best option
You don't need to read anything else other than the mortgage legal document. Your solicitor will also explain the document. So no need to hire another advisor.