I have done such mortgage deals before and I can confirm that as long as the borrower has the required down payment and Canadian income, foreign property liability should not be an issue.
Canadian mortgage with Indian home loan
- Thread starter santyrogers
- Start date
It's their house-hold income between OP and his spouse. If they work in IT or other professional jobs or it's a job transfer from a US office, that's possible.
The question is not related to their income tho...
Canadian (or foreign) employment income, business income, income from inheritance, etc. Not all newcomers to Canada are low income (or destitute). And depending where OP lives, a pre-tax, dual-income household of $230k CDN may not be significantly higher than the median.
Financial institutions will check various factors before giving a loan which includes repayment capacities, stable job, and liabilities, etc
Yes, during income verification its typically assessed on your world income and debt. Please consult a professional mortgage with complete documentation for personalized advice to your situation.
Are you guys nuts? Why would you disclose your global income/debt to the bank? Keep quiet instead? Just disclose your Canadian income to the Canadian bank to keep it simple. They don't need to know about your business offshore, especially if it affects your serviceability. I didn't disclose any of my overseas assets or debts when getting my financing done. If they ask, just say that your overseas transfers to India are remittances for your parents and you can stop them at any time - don't tell them its for a mortgage.
The only person that needs to know about o/s property is CRA, and that's only under certain conditions.
The only person that needs to know about o/s property is CRA, and that's only under certain conditions.
Hi Santy,
I am exactly in the same situation right now. I spoke to the India Bank Credit team and they are sure it will reflect on my credit report here. If you moved forward with your process, please let me know if the Indian home loan shows up on your Canadian Credit report. This will be of great help.
Thanks
What a stupid question. What's next, does my Canadian money show in my NRI or NRO bank account in Canadian dollars?
Honestly, you guys are beyond ridiculous. WHY are you disclosing your Indian assets to Canadian banks, and Canadian assets to Indian banks? Do you want a house or not??????? There are some things in life you don't need to tell anyone, like the time you got drunk and slept with someone who isn't your wife, or in this case, that you're cheating on your Indian house with a Canadian house.
Like, learn to not offer unnecessary information. What you guys are doing is like going to a job interview. Everything is going well, and then you decide to voluntary disclose: "Hey btw I do cocaine." Like, why would you say that?
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But what if the Canadian bank ask for your tax return, then you would be disclosing your o/s assets (if the cost more than 100k) to the Canadian bank. There are times if you need to be honest with others.
If what was not disclosed comes to light later, it could be material misrepresentation, or even fraud, depending on what question was asked and what information was requested. In general though, one should give only as much information as was requested and nothing more. But if a question directly asks for information and the person withholds that information or misrepesents it, then there's a non-trivial risk that it will come out and all the consequences that it entails.
You have no clue what you're talking about, okay? This isn't an immigration application. I want you to read my post carefully again 10 times. My logic is all there.
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You may coat your opinion with humor or seem street smart but what you're advocating here is mortgage fraud.