Home Loan Document - Proof of Fund

[jain_akhil1988]

Hi Everyone.
This query is regarding "HOME LOAN" declaration in POF section.
I have a joint home loan with my brother in LIC for 15 years. My monthly EMI gets transferred from ICICI (Salary account) to LIC. I am showing the 6 months statement from ICICI. In this case:
1. Do I need to still declare about the home loan?
2. If yes, what documents are needed from LIC and any format if you could please share?
3. Anything required from my brother's end?
4. Should I attach does documents in my POF pdf only at the end?
5. What needs to be mentioned in the LOE regarding this?

Thanks in Advance

 

[WarHammer]

Hi Everyone.
This query is regarding "HOME LOAN" declaration in POF section.
I have a joint home loan with my brother in LIC for 15 years. My monthly EMI gets transferred from ICICI (Salary account) to LIC. I am showing the 6 months statement from ICICI. In this case:
1. Do I need to still declare about the home loan?
2. If yes, what documents are needed from LIC and any format if you could please share?
3. Anything required from my brother's end?
4. Should I attach does documents in my POF pdf only at the end?
5. What needs to be mentioned in the LOE regarding this?

Thanks in Advance

You are complicating. As long as your account has the needed balance and you can demonstrate an average 6 months balance around the same amount, you are good to go.
You don’t have to mention home loan etc. you don’t even have to submit statements unless asked.

Note: Before someone comes barging in and quoting CIC rules, I know what am talking about and been through the process. Car or home loans are considered assets. For example if you have taken a pure cash loan from your bank, that is someone you need to disclose in POF.

 

[jain_akhil1988]

You are complicating. As long as your account has the needed balance and you can demonstrate an average 6 months balance around the same amount, you are good to go.
You don’t have to mention home loan etc. you don’t even have to submit statements unless asked.

Note: Before someone comes barging in and quoting CIC rules, I know what am talking about and been through the process. Car or home loans are considered assets. For example if you have taken a pure cash loan from your bank, that is someone you need to disclose in POF.

Thanks a lot for your reply...
My monthly EMI of rs. 23000 goes from this account for which I am showing the POF and account statement (It has enough balance as well). In this case I am just assuming that they might notice that where exactly this Rs.23,000 going every month.
Would not this be an alarm?
Please correct me if I am wrong somewhere.. Thanks in Advance.

 

[WarHammer]

Thanks a lot for your reply...
My monthly EMI of rs. 23000 goes from this account for which I am showing the POF and account statement (It has enough balance as well). In this case I am just assuming that they might notice that where exactly this Rs.23,000 going every month.
Would not this be an alarm?
Please correct me if I am wrong somewhere.. Thanks in Advance.

No it is not a problem. Again as I mentioned earlier, there is no necessity to submit transaction statements. Just the balance on a bank letter head or online statement of balance will suffice.

The bigger picture in this whole process is to separate the genuine candidates from the fake one's. As long as you have a proper job, documents as verification, POF won't even be an item of concern. It is assumed you have means of survival and won't depend on Canada's government to provide you with welfare on arrival.

 

[jain_akhil1988]

No it is not a problem. Again as I mentioned earlier, there is no necessity to submit transaction statements. Just the balance on a bank letter head or online statement of balance will suffice.

The bigger picture in this whole process is to separate the genuine candidates from the fake one's. As long as you have a proper job, documents as verification, POF won't even be an item of concern. It is assumed you have means of survival and won't depend on Canada's government to provide you with welfare on arrival.

Ohh OK OK..Got it..
Thanks a lot for this

 

[waverlypl]

You are complicating. As long as your account has the needed balance and you can demonstrate an average 6 months balance around the same amount, you are good to go.
You don’t have to mention home loan etc. you don’t even have to submit statements unless asked.

Note: Before someone comes barging in and quoting CIC rules, I know what am talking about and been through the process. Car or home loans are considered assets. For example if you have taken a pure cash loan from your bank, that is someone you need to disclose in POF.

Hi, I hope all is well.
Did you declare your home loan in your application? If you did, how did you explain this situation?. I'm currently having a home loan so I need some advice about this issue. Thank you.