Proof of funds - Outstanding loan at bank

[shreekant]

I've always got a mixed response to this. There are people who were successfully nominated by provinces for showing PF as PoF. Well, in my case, I am producing the notarized PF statement, an acknowledgement by my ex-employer on the PF withdrawal status and a letter of explanation about it.

Hey narayanf1,

Did they accept the PF statements as POF?
Did you got it stamped from the PF office?

Shrikant

 

[Stanlee]

Hey narayanf1,

Did they accept the PF statements as POF?
Did you got it stamped from the PF office?

Shrikant

Check this thread to know more about PF as POF http://www.canadavisa.com/canada-immigration-discussion-board/procedure-to-get-pf-balance-certificate-and-ac-statement-from-pf-office-india-t412640.0.html

 

[narayanf1]

Hey narayanf1,

Did they accept the PF statements as POF?
Did you got it stamped from the PF office?

Shrikant

I wouldn't know until they open up my application for processing. I have received AoR though. Anyway, I got the PF withdrawn and converted the amount to a FD.

 

[zpat978]

I wouldn't know until they open up my application for processing. I have received AoR though. Anyway, I got the PF withdrawn and converted the amount to a FD.

I am in the same boat, have requested letter from EPF that pf can be withdrawn immediately at the time on immigration to out of country.

Saw ur signature see that you submitted file in JAN and gor AOR in July? It took you six months to get only to AOR stage?

 

[awais174]

I showed my statement of 'retirement saving mutual fund' which can be liquidated anytime.
ONIP accepted that and I got nominated. I intend to do the same with CIC.

 

[Kapustka]

I showed my statement of 'retirement saving mutual fund' which can be liquidated anytime.
ONIP accepted that and I got nominated. I intend to do the same with CIC.

Hey,
I've read on multiple threads here that mutual funds- retirement savings or otherwise, are not accepted as PoF. Have you enquired about this through some official channel and do you have confirmation? Also, was your statement signed/stamped and which country is this from, if I may ask?

 

[Stanlee]

I showed my statement of 'retirement saving mutual fund' which can be liquidated anytime.
ONIP accepted that and I got nominated. I intend to do the same with CIC.

Financial instruments where the fund value is volatile are generally not accepted by CIC as proof of funds.

 

[DrPnk]

You aren't required to disclose all debts/loans to CIC. The only debt/loan that merits CIC's attention is also the debt/loan that will also get you refused automatically - a debt/loan expressly taken for the purposes of POF. If you haven't done that, there is no need to disclose any other consumer loans that you might have taken at that bank or any other bank/non-bank institution. All CIC cares about is whether you have exclusive access to the required funds and that those funds aren't borrowed - they have no further interest in your personal finances.

All the best!

I have above threshold amount in my account since 2 months.
My spouse has some significant in her. But I am not a joint account holder as it's a salary account.
Now does the balance need to b above the cut off for 6 months or if it's for last month or so it's fine
And it has increased just by deposit of my salary and practice.

 

[sidpune]

I have above threshold amount in my account since 2 months.
My spouse has some significant in her. But I am not a joint account holder as it's a salary account.
Now does the balance need to b above the cut off for 6 months or if it's for last month or so it's fine
And it has increased just by deposit of my salary and practice.

I have the same question, can the fund be there in the account for less than 6 months i.e. I got my ITA today and now i'll arrange for the funds and will be depositing through a gift deed from my parents, so will it be a problem if I arrange for the POF after ITA and the amount being present for less than 6 months ?

 

[Kohinoor]

You aren't required to disclose all debts/loans to CIC. The only debt/loan that merits CIC's attention is also the debt/loan that will also get you refused automatically - a debt/loan expressly taken for the purposes of POF. If you haven't done that, there is no need to disclose any other consumer loans that you might have taken at that bank or any other bank/non-bank institution. All CIC cares about is whether you have exclusive access to the required funds and that those funds aren't borrowed - they have no further interest in your personal finances.

All the best!

Are you sure? Because my ITA expires in 6 days and I just remembered today that I have 3 other bank accounts in 3 different banks that have been inactive for years. There is no debt or credit card issued in those accounts. And it has almost zero balance. I only took bank statements from the current bank I use for my POF. PLEASE ADVICE ME. I AM GOING OUT OF MY MIND!

 

[ankitsalu]

I have received ITA.

I have sufficient funds in my saving account, however, I too have home loan. My last 6 months bank statement reflects the EMI from HDFC which is showing the home loan EMI details.

Guys - please help and let me know if need to show home loan papers to CIC. I am afriad that if i don't show and they see the EMI in my bank statement then they might reject as I have not disclosed about the Home loan...

Or if i show then also they may reject as i have about 15 lacs pending which i still need to pay off to bank.

Please help and suggest?

 

[Dreamboy2017]

Attention Experts,

If someone does not have required PoF in full, He takes partial amount from a Bank as Loan and make FD in another Bank. He only shows the FD accounts with that Bank, Can it be a cause of concern?

 

[skiffyz]

Hello

I want to apply for Canada migration and seek your help regarding a few stuff. I am a single applicant and require to show around BDT 8.5 lacs as funds for Canada PR. I have an FDR worth BDT 8 lacs under my name. I have got the money from my father. I have already got an Affidavit done where it is stated that he has given me the money as gift.

The problem is with an extra BDT 1 lac which I have deposited in my account very recently. The extra BDT 1 lac is my saving from my salary. I used to withdraw a small sum of money every month from the bank (where my salary is transferred) and keep at home. Only recently I have deposited around BDT 1 lac at the bank where I have my FDR. In this instance, how can I show the source of the BDT 1 lac?

I have downloaded the bank statement and highlighted all the withdrawals from my bank over the last 1 year. The amount is exactly 1 lac. Will it be sufficient if I highlight those transactions in the bank statement and attach with my eAPR? Should I also attach a Letter of Explanation to explain this?

I look forward to your help.

 

[SIRU020]

You aren't required to disclose all debts/loans to CIC. The only debt/loan that merits CIC's attention is also the debt/loan that will also get you refused automatically - a debt/loan expressly taken for the purposes of POF. If you haven't done that, there is no need to disclose any other consumer loans that you might have taken at that bank or any other bank/non-bank institution. All CIC cares about is whether you have exclusive access to the required funds and that those funds aren't borrowed - they have no further interest in your personal finances.

All the best!

Hello Asivad,

I am about to submit my E apr soon, I have a little query regarding POF and a personal loan. I actually have my POF in a savings account in one bank, I was gifted almost the whole amount by my mother earlier this year in July. I have a gift deed as well for it.

However I have a personal loan in my salary account at another bank with ongoing installments paid every month, I am afraid this will affect my PR application What is your opinion, should I submit documents for the salary account as well and mention the debt or I can submit documents for POF only from the bank I have my savings in? Will this be misrepresentation of my file in any way?

My employment letter mentions my salary and all details accorrdingly.

Thanks to advise.

 

[fbdtotnt]

I have received ITA.

I have sufficient funds in my saving account, however, I too have home loan. My last 6 months bank statement reflects the EMI from HDFC which is showing the home loan EMI details.

Guys - please help and let me know if need to show home loan papers to CIC. I am afriad that if i don't show and they see the EMI in my bank statement then they might reject as I have not disclosed about the Home loan...

Or if i show then also they may reject as i have about 15 lacs pending which i still need to pay off to bank.

Please help and suggest?

I would advise you to persuade the HDFC bank to issue a letter, with average 6 months balance and that way you will not be required to furnish your 6 months statements.
The bank staff may give all kind of reasons to not give you that kind of letter, but you'll need to stand firm and let them know that you need it and many people have already got it from your bank