Home purchase loan
The portion of a debt contracted by an individual for one of the following purposes:
- to purchase a dwelling or a share of the capital stock of a housing cooperative, where the individual purchases such a share for the sole purpose of obtaining the right to live in a dwelling owned by the cooperative (the dwelling must be occupied either by an individual by virtue of whose office or employment the debt is contracted, or a person related to such an individual, or a specified shareholder of the corporation by virtue of whose services the debt is contracted, or a person related to the shareholder);
- to repay a debt contracted to purchase such a dwelling or share;
- to repay a home purchase loan.