HSBC Canada Loans Review

HSBC Canada Loans Review

HSBC Canada Loans – If you need financing to buy your dream car, make home improvements or to get rid of your debts, you can apply for a HSBC Personal Loan.

HSBC Canada Loans

Borrow the amount you need quickly and easily with competitive interest rates to repay within 1 to 5 years. Also, HSBC Canada helps you to purchase your dreams house. Loans in Canada are making a home by offering different types of mortgages with competitive and affordable interest rates.

HSBC Canada Loan Types

HSBC Canada Personal LoansYou will be offered fixed or variable interest rate options. You can  decide whether you want to pay off the same interest over the life of the loan or be charging a new rate due to changing marketing conditions. You also get offer different payment options including weekly, bi-weekly or monthly payment choices. In addition, if you already are a HSBC Premier or HSBC Advance customer, you will receive preferential personal loan rates which allow you to save money.

HSBC Canada Home LoansIf you found eligible for a HSBC Bank mortgage, you will be offered two different types of rates: Five year variable rate closed term mortgage with 2.97% APR or five year fixed rate closed term mortgage with 2.72% APR. To gain the financial flexibility you deserve, all you need to do is to choose the right type of mortgage after comparing features.

Type of Home Loans

  • HSBC Traditional (Residential) Mortgage: If you are a first-time home buyer who has limited down payment options and building equity in your home seems to be the only solution to cover the lacking amount you need. Consider applying for a HSBC Traditional Mortgage. You have a chance to pay off your mortgage faster with two flexible early payment options. You can either prepay up to 20% of the total mortgage. Or increase your monthly payment amount up to 20% each year. Also, if you are a current HSBC Mastercard customer, you can use your reward points to reduce your mortgage amount.
  • HSBC Equity Power Mortgage: Allows you to receive up to 80% of the value of your home to cover your major purchases, renovation or travelling which helps you to simplify you borrowing needs. You can also use that amount to consolidate your multiple debts to have a lower interest.

HSBC Loan Application Process

You can apply for a HSBC Bank Canada loan either online or by visiting the nearest branch.

Firstly, you need to meet the minimum eligibility criteria including:

  • Being 18 or 19 years old or older (depending on your province of residence)
  • Being a Canadian resident.
  • Having a good credit report.
  • Meeting minimum annual income requirements.

Then, you need to submit the necessary documents including your personal details, gross annual income, etc. Joint loans require your co-applicant to complete the application as well.