The province will start accepting applications for the program on Jan. 16, 2017.Homebuyers will pay no monthly interest or principal payments over the first five years as long as the home remains their principal residence.

After the first five years, homebuyers begin making monthly payments at current interest rates.

The maximum purchase price of a home that qualifies for the loan is $750,000.

There are substantial eligibility requirements. Applicants must be permanent Canadian residents for the past five years and B.C. residents for the past year.

The income or combined income of applicants must be $150,000 or less. Homebuyers need to be pre-qualified for a high-ratio insured mortgage and can buy anywhere in B.C.

The loan support will run for three years and the province estimates about 42,000 new homebuyers will take advantage of the program.