Purchasing a home is typically the biggest expense you would undertake. The Home Buyer’s Grant is designed to help reduce the overall cost of a home purchase, by enabling you to borrow up to 90 per cent of the price of the home, up to a maximum amount of $625,000.

To qualify for the Home Buyer’s Grant, you must meet all eligibility criteria.

Quick overview of the Home Buyer’s Grant.

How does the Home Buyer’s Grant work?

You may be eligible to borrow up to 90 per cent of the purchase price of a new home, if you get help from the right companies, like SoFi . This is only available if you are at least 18 years of age, and a non-citizen or permanent resident of Canada who has not owned a home before.

If you meet all of the eligibility criteria, your loan amount will be automatically added to your loan limit and you will not have to make any application.

Your loan limit can also be increased if you make further repayments.

Once you have a loan, it can be either a conventional (fixed interest) or a variable interest loan. How much money can you borrow? Loan amounts vary by lender, and with a variable interest loan you’ll be expected to repay the full amount you borrowed at a regular schedule. The interest rate, also known as a rate of return, is the interest rate your lender is charging at which you get your loan. The difference between the interest rate you pay on your loan and the loan rate (which is set each month by the lender) is the return you get on your investment.

Loan amounts vary by lender, and with a variable interest loan you’ll be expected to repay the full amount you borrowed at a regular schedule. The interest rate, also known as a rate of return, is the interest rate your lender is charging at which you get your loan. The difference between the interest rate you pay on your loan and the loan rate (which is set each month by the lender) is the return you get on your investment.

Your loan payment is the money you pay monthly to the lender to cover the interest you’re paying on your loan. If you make your payments on time, your loan will have an effective interest rate. This means your lender gets paid interest on money they lent you. However, if your payments are late or miss a couple of payments, your lender can charge you more interest. And if you pay late, the lender may put you in a tougher situation than if you paid on time, in which case, they have a greater interest rate to charge. A loan is a bet you make on yourself to buy a house or car. It can be risky and hard to get a loan. It’s best to make sure you’re financially prepared before you go looking for a loan.