{"id":2238,"date":"2020-09-08T16:29:19","date_gmt":"2020-09-08T20:29:19","guid":{"rendered":"https:\/\/www.yorku.ca\/financedev\/?page_id=2238"},"modified":"2026-02-02T18:40:03","modified_gmt":"2026-02-02T23:40:03","slug":"housing-loan-program","status":"publish","type":"page","link":"https:\/\/www.yorku.ca\/finance\/how-to-services\/housing-loan-program\/","title":{"rendered":"快播视频 Housing Loan Program"},"content":{"rendered":"\n

Program Description <\/h2>\n\n\n\n

The Housing Loan Program offers a benefit to employees of the University who are purchasing a home.  The benefit applies to the full-time faculty or CPM staff member who has a down payment of at least 10% of the appraised value of a home but does not have the preferred down payment of 20%.  The program allows for favorable interest rates on a portion of the overall financing and may assist an employee to qualify for a conventional mortgage thereby eliminating the requirement to pay Canada Mortgage and Housing Corporation insurance premiums.  This program is sponsored jointly by Finance and Human Resources.<\/p>\n\n\n\n

Eligibility Criteria<\/h2>\n\n\n\n
    \n
  1. the employee must have a minimum down payment toward the property of 10% of the appraised value;<\/li>\n\n\n\n
  2. the property must be used as the employee\u2019s primary residence situated within a distance close enough to the University to enable the employee to carry out the duties and responsibilities of their employment;<\/li>\n\n\n\n
  3. the employee must meet the eligibility criteria of the financial institution providing the mortgage;<\/li>\n\n\n\n
  4. the employee must finance their mortgage and the loan through the Bank of Montreal York Lanes Branch;<\/li>\n<\/ol>\n\n\n\n

    How it Works<\/h2>\n\n\n\n

    The financial institution provides a loan repayable on demand (\"demand loan\") to the employee for the difference between what the employee has as a down payment for the property in excess of 10% of the appraised value up to the 20% threshold required for a conventional mortgage. The demand loan is paid separately from the mortgage. Payment terms on the demand loan are negotiated with the financial institution subject to a maximum 20-year amortization period. The interest rate on the demand loan is variable and is set at the bank\u2019s prime lending rate + 1%.\u00a0 The maximum demand loan as of Jan 1, 2026 is $243,000 and will be adjusted by the Toronto Consumer Price Index in January of each year.<\/p>\n\n\n\n

    Advantages<\/h2>\n\n\n\n

    The Housing Loan Program enables eligible employees to make a down payment equal to 20% of the appraised value, which eliminates the requirement for eligible employees to pay the insurance premiums associated with a high ratio mortgage required by the lender and the Canada Mortgage and Housing Corporation, which can be in the range of 0.6% to 4.0% of the total sum borrowed. By way of example, on a mortgage of $500,000.00 this translates to a savings of between $3,000 to $20,000 for the employee.<\/p>\n\n\n\n

    Currently, Bank of Montreal participates in this program by offering preferential interest rates to 快播视频 employees at its York Lanes branch. Rates may vary with personal credit and type of arrangement.<\/p>\n\n\n\n

    Contact Information<\/h2>\n\n\n\n

    For further information or an application please contact the Office of the Comptroller:<\/p>\n\n\n\n

    Susan Sidiropoulos, Assistant Comptroller at ssidirop@yorku.ca<\/a>.<\/p>\n\n\n\n

    <\/div>\n","protected":false},"excerpt":{"rendered":"

    Program Description The Housing Loan Program offers a benefit to employees of the University who are purchasing a home.  The benefit applies to the full-time faculty or CPM staff member who has a down payment of at least 10% of the appraised value of a home but does not have the preferred down payment of […]<\/p>\n","protected":false},"author":74,"featured_media":0,"parent":5,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"secondary-page.php","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"tags":[68,9,36,91,70,69],"class_list":["post-2238","page","type-page","status-publish","hentry","tag-faculty","tag-finance","tag-housing-loan","tag-housing-loan-program","tag-keele","tag-staff"],"yoast_head":"\nHousing Loan Program | Treasury<\/title>\n<meta name=\"description\" content=\"The Housing Loan Program offers a benefit to employees of the University who are 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