New to Canada mortgage programs
Several major Canadian lenders have "New to Canada" mortgage programs that modify the normal requirements:
RBC, TD, Scotiabank, and BMO all have programs that accept foreign credit history as a substitute for Canadian credit history. ICICI Bank Canada is particularly well-regarded in the Indian community — they understand Indian banking and employment history and can verify it quickly.
These programs typically require: 5% down payment (same as regular mortgages), 2 years of foreign credit bureau report, proof of employment in Canada (minimum 3-6 months depending on lender), and a Canadian bank account with 3+ months of history.
Why a mortgage broker beats going directly to a bank
A mortgage broker has access to dozens of lenders simultaneously and can find the one whose "New to Canada" criteria best matches your profile. Going directly to your bank means one set of criteria — if your profile doesn't fit, you get a straight no.
For new Indian immigrants in Toronto specifically, a broker who has worked with dozens of similar clients knows which lenders have the most flexible employment history requirements, which accept PGWP as valid immigration status, and which will consider Indian income in your GDS/TDS calculation.
Foreign income and GDS/TDS ratios
If you received income in India in the 1-2 years before arriving in Canada, some lenders will allow you to include that income in your gross debt service (GDS) ratio calculation. This can significantly improve your qualifying amount.
Note: your income must be documented (Indian payslips, Form 16, or bank statements showing salary credits) and converted to CAD. Not all lenders accept foreign income, but specialty brokers who work with immigrants know which ones do.