Personal loan affects to getting PR?

[Gowtham decker]

Hi,

I am planning to take personal loan to show proof funds while moving to Canada with my family. Once I moved there then I will pay my monthly dues from Canada to India.

I'm totally unaware and unsure they way I'm doing is right or it will affect to get PR.

Please advise or guide me the right way..

 

[SRayhan87]

Hi,

I am planning to take personal loan to show proof funds while moving to Canada with my family. Once I moved there then I will pay my monthly dues from Canada to India.

I'm totally unaware and unsure they way I'm doing is right or it will affect to get PR.

Please advise or guide me the right way..

You can take a personal loan from other bank accounts but not from that account which you're going to show your POF. Then withdraw all the money in cash put it into your father account then again transfer that money to your POF account from your father account after that make a gift deed then submit.

 

[Gowtham decker]

Thank you so much SRayhan87.

I really worried when I'm planning this way because arranging money to showing proof of fund not at all possible upto 5 years.

Thank God this will works..

Special thanks again, for clarifying my doubt..

 

[canuck78]

Thank you so much SRayhan87.

I really worried when I'm planning this way because arranging money to showing proof of fund not at all possible upto 5 years.

Thank God this will works..

Special thanks again, for clarifying my doubt..

That is misleading. If you are caught not declaring a loan in the financial disclosure section and saying that you have POF based on your own savings or gift you could be denied.

 

[dotslash227]

Hi,

I am planning to take personal loan to show proof funds while moving to Canada with my family. Once I moved there then I will pay my monthly dues from Canada to India.

I'm totally unaware and unsure they way I'm doing is right or it will affect to get PR.

Please advise or guide me the right way..

Funds shown as POF should not encumbered by any loan. If they are, it's net worth will be calculated and a decision will be made by the IRCC accordingly.

Your father or a relative can take a loan as a 'personal loan' and may gift you that tha loaned amount as gift, however, you need to check with your jurisdiction law's if such transactions with loaned money are legal or not. I am of view that loans taken as personal loans or business loans, cannot be gifted to someone else, however, please clarify this with a bank.