EE: Home Loan and Liabilities

[SJR_Spencer]

Hi All,

I have a home loan for which I am paying the monthly instalments. Now, I can get the current value of the mortgage as a liability.
1. should I include the house as an asset?
2. Should I include the amount included in the POF as an asset?
3. What else can I include as assets?
4. What if I don't declare any assets and only have liabilities and POF?

Thanks,
SJR_Spencer.

 

[SJR_Spencer]

Any help would be much appreciated.

Thanks,
SJR_Spencer.

 

[Rohit0202]

Hi All,

I have a home loan for which I am paying the monthly instalments. Now, I can get the current value of the mortgage as a liability.
1. should I include the house as an asset?
2. Should I include the amount included in the POF as an asset?
3. What else can I include as assets?
4. What if I don't declare any assets and only have liabilities and POF?

Thanks,
SJR_Spencer.

Hi, Did you get any clarification on home loan part. I am in the same situation. Any help would be appreciated.

 

[SJR_Spencer]

Hi, Did you get any clarification on home loan part. I am in the same situation. Any help would be appreciated.

Hi Rohit - I submitted the application without showing the home loan document or the home as an asset. All I showed them was the amount in the bank as cash...

 

[Rohit0202]

Hi Rohit - I submitted the application without showing the home loan document or the home as an asset. All I showed them was the amount in the bank as cash...

Thanks for your reply!

Did you get your PR? when did u submit your documents?

 

[SJR_Spencer]

Thanks for your reply!

Did you get your PR? when did u submit your documents?

Hi there - I haven't received my PR as yet. My AOR is 24 Apr 2017 and I am currently at IP2 status.

 

[Rohit0202]

Hi there - I haven't received my PR as yet. My AOR is 24 Apr 2017 and I am currently at IP2 status.

Great!!

But the bank statements reflect EMI part. What about that bro? Is it still safe?

 

[SJR_Spencer]

Great!!

But the bank statements reflect EMI part. What about that bro? Is it still safe?

What I did was show how I transferred money into the account every month and how the necessary balance was untouched for the application.

 

[Rohit0202]

What I did was show how I transferred money into the account every month and how the necessary balance was untouched for the application.

So that means you showed your account from where your EMI was deducted.

My case is I have POF in CITI bank and loan in SBI. Loan EMI is getting deducted from SBI saving. What would you suggest? How should I show?

 

[SJR_Spencer]

Submit only the account where you can show that balance.. that's pretty much all you need.

 

[Rohit0202]

Submit only the account where you can show that balance.. that's pretty much all you need.

it is being asked to provide all the saving, investments and loans account details. So this one struck me. Did you mention all your different types of accounts or just the one with saving(Balance)?
You have been a great help to me. Thank u

 

[SJR_Spencer]

I only gave them bank accounts and FD details for the amount of money that covers their coverage rule. Nothing more, nothing less. You should be good I guess but there is another post "how to nail the source of funds" question. Read through that as well.

 

[adrlim]

Hi All,

I have a home loan for which I am paying the monthly instalments. Now, I can get the current value of the mortgage as a liability.
1. should I include the house as an asset?
2. Should I include the amount included in the POF as an asset?
3. What else can I include as assets?
4. What if I don't declare any assets and only have liabilities and POF?

Thanks,
SJR_Spencer.

Hi,

The actually ask you to get the bank to write a letter that states:
1. Date when bank account was opened
2. Balances for the last 6 months
3. If you have a credit card with the bank then state the latest outstanding

The amount you have when you total these up should have enough to meet the criteria that is set for your case.

Hope that helps.

 

[ravidgohil@gmail.com]

Hi All,

I have a home loan for which I am paying the monthly instalments. Now, I can get the current value of the mortgage as a liability.
1. should I include the house as an asset?
2. Should I include the amount included in the POF as an asset?
3. What else can I include as assets?
4. What if I don't declare any assets and only have liabilities and POF?

Thanks,
SJR_Spencer.

Your home loan is not your liability..