Hi, need help in filling out the personal net worth statement for nbpnp. we have 2 existing auto loans deducted on the principal account where his salary is credited. If we are to declare both on this form, assets less liabilities, the POF amount would not be sufficient. Is anyone having the same dilemma? some forum says they did not declare their auto or housing loans.
In my case, we have to declare our house loan because it is one of our proofs in common law relationship that we are living in the same house. What i did is put the house in assets with assumed market value then also in liability with the remaining amortization still left to pay for the house.
It is up to you if you want to declare the auto loan. In reality, you can sell the car/house and get money from it and add to your fund. But of couse you wont do that now because you’re still uncertain that your application will be approved.
One of the requirements also is a bank certification with 6 month transaction history. If you show that, they will see that that something is being deducted in your account with the same amount regularly. Anyone can assume you are paying a loan.
But in cic stage, you just have to show that you have liquid fund in your bank.
In my case again, the calculated personal net worth total is a litte less than the required fund. But in bank letter, we already have enough fund. But i also provided explanation letter that we can sell the house soon and this can add to the fund that we currently have.
Dont take my advice though as we still have to submit the application and we dont know if this is the correct approach in this one.