Repaying your loan

While the first five years is interest and payment free, you may make additional payments or repay the loan in full at any time with no penalty.

At the beginning of the sixth year, interest will start accruing and you will begin making principal and interest payments, amortized over the remaining 20 years.

The BC HOME Partnership loan is due and payable in full upon any of the following:

Default on the first mortgage or the BC HOME Partnership loan. Transfer of the home or change of ownership (including addition of a person to title). The home is no longer your principal residence in the first five years.

If you need to repay your loan in full, please have your legal counsel fax a payout statement request to our office at fax: 604-439-4729. Once the loan has been repaid in full, BC Housing will discharge the mortgage from the title of the property.

What if I want to start making payments now?

If you wish to start optional early repayment please complete and submit the Pre-Authorized Debit Agreement form. The form must be received prior to the 15th of the month to be effective the following month.

You can make a lump sum payment or set up a monthly recurring pre-authorized debit from your bank account. If you start early repayment, it is your responsibility to ensure that your bank account is in good standing with sufficient funds to cover the authorized PAD on the first day of each month. If a payment is returned unpaid due to Non-Sufficient Funds (NSF), early repayment will be automatically cancelled without notice. If you wish to continue early repayment, you will need to submit a new form.

Once the loan has been repaid in full, BC Housing will discharge the mortgage from the title of the property.

BC HOME Partnership FAQ