Proof of funds query

[nayansuryasharma]

Hi,
I've gotten an ITA in the latest EE draw and my score is 481. Congratulations to all those who got an ITA in this round.
I have a few queries regarding the proof of funds for which I seek help from this group. I have listed my queries as follows:

1. Concern 1: I have a fixed deposit of around ₹10.8Lacs in my name which is not a tax-saver FD i.e. I can liquidate the amount, so is that is good enough proof for having adequate funds? I have additional ₹7Lacs in savings and non-tax-saver mutual funds/stocks
2. Concern 2: I have an ongoing education loan with a pending amount of ~₹16Lacs, the EMI for the same comes around ₹22k/month. So how do I show this debt in a way that it doesn't spoil my chances of getting the PR.
3. Concern 3: I will be taking a home loan in the coming month along with my elder brother and mother, the loan amount would be ₹1.4Cr and the EMI (~₹1,10,000/month) will be shared between me and my brother. Should I submit the application documents before taking the loan or do I go ahead and take the loan and show it in my application?

I have thought of some possible solutions for this situation as well, but I wanted your opinion on it.

1. Option 1: In total my monthly liability for EMIs comes to about ₹22k for the education loan and ₹55k (50% loan liability) for the home loan, In total ₹77k/month. So if I show liquid funds of around ~₹10L (₹77k*12 months) in addition to the 10L FD+₹7L savings would this suffice as a proof of funds where I can show that'll I'll be able to service the debt for a buffer period of 1 year?
2. Option 2: In another scenario, even if I consider 100% loan liability for home loan my monthly debt liability comes to ₹132K (₹22K+₹110K) i.e. ~₹16L. So if I'm able to show funds of ~₹30-35L would that suffice as proof of funds?

Assumption 1: These calculations are aiming to showcase to the immigration officer that I'll be able to sustain myself and service my debt for a period of 1 year while in Canada.
Assumption 2: The additional funds for debt servicing will be acquired through amounts received in gift deeds from my mother.
Request all to please share their thoughts on this with me.
Thanks in advance!

 

[iSaidGoodDay]

Hi,
I've gotten an ITA in the latest EE draw and my score is 481. Congratulations to all those who got an ITA in this round.
I have a few queries regarding the proof of funds for which I seek help from this group. I have listed my queries as follows:

1. Concern 1: I have a fixed deposit of around ₹10.8Lacs in my name which is not a tax-saver FD i.e. I can liquidate the amount, so is that is good enough proof for having adequate funds? I have additional ₹7Lacs in savings and non-tax-saver mutual funds/stocks
2. Concern 2: I have an ongoing education loan with a pending amount of ~₹16Lacs, the EMI for the same comes around ₹22k/month. So how do I show this debt in a way that it doesn't spoil my chances of getting the PR.
3. Concern 3: I will be taking a home loan in the coming month along with my elder brother and mother, the loan amount would be ₹1.4Cr and the EMI (~₹1,10,000/month) will be shared between me and my brother. Should I submit the application documents before taking the loan or do I go ahead and take the loan and show it in my application?

I have thought of some possible solutions for this situation as well, but I wanted your opinion on it.

1. Option 1: In total my monthly liability for EMIs comes to about ₹22k for the education loan and ₹55k (50% loan liability) for the home loan, In total ₹77k/month. So if I show liquid funds of around ~₹10L (₹77k*12 months) in addition to the 10L FD+₹7L savings would this suffice as a proof of funds where I can show that'll I'll be able to service the debt for a buffer period of 1 year?
2. Option 2: In another scenario, even if I consider 100% loan liability for home loan my monthly debt liability comes to ₹132K (₹22K+₹110K) i.e. ~₹16L. So if I'm able to show funds of ~₹30-35L would that suffice as proof of funds?

Assumption 1: These calculations are aiming to showcase to the immigration officer that I'll be able to sustain myself and service my debt for a period of 1 year while in Canada.
Assumption 2: The additional funds for debt servicing will be acquired through amounts received in gift deeds from my mother.
Request all to please share their thoughts on this with me.
Thanks in advance!

FFS, please use $(CAD) here instead, this is an international forum. People outside of India will have a hard time dealing with the amounts you've listed

Concern 1: The more info you ask an officer to validate, the more time your application will take to process. If liquidating POF is an option, do it. There's no point in not liquidating them now as you'd need those funds for Canada.

Concern 2: Don't try to hide anything in your POF letter. They usually have a banking codified language (I forgot what mine said), but it will give the debt. Banks are most likely to give you their standard format (HDFC does), and that'll indicate debt.

People have home loans while moving to Canada, so unlikely that your application would be rejected based on it. POF is viewed from the perspective that this is your OWN money, not someone else's money. Debts are going to be indicated on POF letter. Read more threads like these here: https://www.canadavisa.com/canada-immigration-discussion-board/threads/proof-of-funds-outstanding-loan-mortgage.472926/