B.C. offers five-year, interest-free down-payment loans to first-time buyers
SURREY, B.C. — British Columbia wants to help first-time homebuyers scrape together more money for their down payments with five-year interest-free and payment-free loans, but critics say the plan could increase home prices.
Premier Christy Clark said Thursday the government will provide 25-year loans for down payments to a maximum of $37,500 on funds matched by buyers.
The program that starts next month applies to homes with a maximum value of $750,000 and the interest-free portion of the loan will last for the first five years, with the repayment schedule at current interest rates over the remaining 20 years.