Vancouver Campus Only
Eligibility for the Prescribed Interest Rate Loan (PIRL) is limited to full-time tenured and tenure-track faculty (including grant tenured and grant tenure-track faculty). Given the limited supply of available funds that can be dedicated to the Program and the expectation that the demand for the Program, at least initially, will likely exceed the available supply of loan funds, the allocation of these loans shall be guided by and clearly reflect UBC’s strategic goals and priorities in recruitment and retention.
- Full-time tenured faculty members (Associate or Full Professors in the research stream; Senior Instructor or Professor of Teaching in the teaching stream); AND
- Full-time tenure-track faculty members (Assistant Professor in the research stream; Instructor I in the teaching stream);
are both eligible to apply for PIRL; however, the priority will be given to the tenured faculty and those of highest strategic consideration in the recruitment or retention cases for that year through an adjudication process overseen by the Provost Office.
Other requirements and purchase highlights:
- The Borrower (Borrower & spouse, if applicable) will need to qualify for a First Mortgage loan amount through a financial institution of their choice to be eligible for this program, unless they have sufficient funds to complete the purchase without a First mortgage loan;
- UBC will be the lender of the PIRL; UBC will take a 2nd mortgage secured by the property.
- UBC will require that your minimum equity in the purchased home be 5% which means that 5% of the purchase price of the home must be your own funds, and not be borrowed funds.
- There is no maximum home purchase price; however, the property must be either a newly constructed or resale unit in Metro Vancouver.
- The home must be the principal residence of the Borrower.
- The Borrower cannot own any other property in Metro Vancouver whilst the PIRL remains outstanding; however they can own a property outside of Metro Vancouver.
- Borrowers will not be entitled to refinance their home unless:
- the refinancing is for the purpose of repaying the PIRL in full; or
- the purchaser is refinancing or renewing their First Mortgage where the mortgage amount is less than or equal to the then outstanding First Mortgage balance.
- Any other financing related to the property is subject to UBC’s approval.
The detailed Eligibility and Allocation guidelines to guide loan program access, as amended from time to time are available here.