How do we buy properties outside Canada with mortgage within Canada?
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I'm finding people are buying properties in USA or even in India with mortgages from Canadian banks.
How do we do that?.
The reason being that the property is outside Canada and how will the financial institution secure the property against the loan given to us.
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Sunny Leone a true Canadian DESI now back in India !.
We bought property in India taking a Bank Loan based on Home Equity. You dont need to tell the bank what you will be doing with the money, actually. Just give a reason like renovation, etc.
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Yeh Hindustan Hamara Hai
Thanks for the prompt response.
Any other options/loopholes ?.
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Sunny Leone a true Canadian DESI now back in India !.
Quote:
Originally posted by Vandematram
I'm finding people are buying properties in USA or even in India with mortgages from Canadian banks.
.....
Are you sure it is a mortgage from a Canadian bank? It could be something like a personal loan rather than a mortgage.
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Give free food http://www.thehungersite.com ||
Location: Western Hemisphere
Posted on: 28-12-10 11:45:35
As prior posters have noted, it's more likely through Home Equity or a personal loan.
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Dimple2001
RBC has branches in USA and Canada.From my earlier discussions with RBC,USA out of North Carolina they are willing to extend credit for purchases based on my Canadian credit.(this happened about 2 months back)
I think RBC & Scotia Bank both have big presence in India.
From my personal experience CIBC has been very good to me when it came to unsecured loans though I never needed / used their services.
