The prescribed interest rate loan provides approved faculty members a one-time loan to assist with the purchase of a principal residence anywhere in Metro Vancouver.
Loan terms and eligibility
The prescribed interest rate loan option is a one-time loan with the following terms:
- Once participation is approved, the loan doesn't need to be used right away. It may be activated or used anytime within 10 years of participation approval or appointment date, whichever is later.
- Once activated and program funds are advanced for a home purchase, the loan is repayable in 15 years from that point, with no principal payments until the 15-year term expires, or at end of employment with UBC, whichever comes first.
- The faculty member must pay annual interest equal to the Canada Revenue Agency (CRA) prescribed interest rate;
- The one-time loan is for the purpose of supplementing the purchase of a principal residence (it also must be their only residence) in Metro Vancouver.
Procedures and applications
Procedure for deans and department heads
Deans and department heads that wish to apply on behalf of potential faculty members being recruited must use the recruiter’s application form and instructions. All applications are received and considered for approval on an ongoing basis, so there are no application deadlines.
Procedure for current faculty members
All applications are received and considered for approval on an ongoing basis so there are no application deadlines.
Visit the Taxable benefits and home assistance page.