Individual Mortgage Program

Through the Penticton Indian Band, the Individual Mortgage Program will provide support for homeownership and for major renovation loan assistance for eligible band members, as follows:

Homeownership Loans – Band members interested in homeownership may request approval from Penticton Indian Band to apply to an approved bank for a mortgage loan to obtain funds to build or purchase a home in the Penticton Indian Band.

Renovation Loans Homeowners who are interested in carrying out repairs/renovations with costs greater than $10,000.00 and have a Certificate of Possession on a property located in Penticton Indian Band may request approval from Penticton Indian Band to apply to the approved Bank for a loan to obtain funds to renovate a home in the Penticton Indian Band.


Penticton Indian Band guarantees up to $200,000 of the loan through a Penticton Indian Band Loan Guarantee. The band member will make payments to the approved Bank to repay the loan and is responsible for maintenance, repairs, insurance and all other costs associated with the home. Penticton Indian Band will guarantee funding through this program for only one primary residence for each band member.


Any Penticton Indian Band member 19 years of age or older is eligible. The band member must be able to meet the bank loan eligibility requirements. The band member must be able to confirm access to/ownership of a building lot, or an existing home when applying for a renovation loan, and be able to transfer ownership to the Penticton Indian Band until the Bank mortgage loan is paid in full. Applicants cannot be in arrears on any payments or user charges to Penticton Indian Band.


Renovation work will be approved only on the band members’ principal residence; any renovation work carried out prior to loan approval is not eligible. Eligible renovations include those required to bring the home to minimum standards of health and safety. This includes, but is not limited to, heating, structural, electrical, plumbing and fire safety.


Band members will complete application forms and provide supporting documentation as required by the approved Bank and by the Penticton Indian Band program policy. They will sign mortgage loan security with the bank and must honour the terms of the Bank loan security and the Penticton Indian Band Individual Mortgage Program policy.


Penticton Indian Band is responsible to review and approve all applications for assistance and will provide counselling and education to assist members in understanding and carrying out their responsibilities regarding the loan security and program policies.

For more information on this program, please contact the Penticton Indian Band housing department.