Hi -
I have received ITA on Jan ’17 and i really help and advice from the experts on the dilemma regarding POF.
I work in bank, where I have a loan (personal unsecured loan, current outstanding of CAD 9,100) which was used for purchasing a car, which is also registered in my name. The instalment is deducted in monthly basis and the same is reflected in my salary slip and account statement.
To meet my POF requirement, i have made a Fixed Deposit of CAD 19,800 with other bank (just because the rate of interest is higher) whereas the requirement is CAD 18,825 for 3 persons. The Fixed Deposit was made in April 2016, so it meets the fund requirement and ageing.
When i submit my salary slip and account statement, the loan will be revealed and i am anxious if there be any impact of my loan on the POF calculations.
In this situation, I can submit balance confirmation certificate from my bank which only mention current account balance (balance will be CAD 1,300) + my account statement for six months (which will show instalment deduction) + Fixed Deposit statement from other bank (for CAD 19,600). I can also write a forwarding letter mentioning these funds (Current account balance and fixed deposit) are unencumbered. Here, I am assuming current account balance can be part of POF, otherwise i can exclude it as well.
Will this be acceptable? Will the VISA officers ask for clarifications later, in case they have any confusion? I can share the loan details and the asset (e.g. the valuation of the car) and prove the value of the asset (car) is more than the value of the liability (loan). But, will the Visa officer revert and ask for further evidence in case of any confusion or just reject on the ground of loan.
I would really appreciate your advice on this issue please.
Regards
CRS - 457
I have received ITA on Jan ’17 and i really help and advice from the experts on the dilemma regarding POF.
I work in bank, where I have a loan (personal unsecured loan, current outstanding of CAD 9,100) which was used for purchasing a car, which is also registered in my name. The instalment is deducted in monthly basis and the same is reflected in my salary slip and account statement.
To meet my POF requirement, i have made a Fixed Deposit of CAD 19,800 with other bank (just because the rate of interest is higher) whereas the requirement is CAD 18,825 for 3 persons. The Fixed Deposit was made in April 2016, so it meets the fund requirement and ageing.
When i submit my salary slip and account statement, the loan will be revealed and i am anxious if there be any impact of my loan on the POF calculations.
In this situation, I can submit balance confirmation certificate from my bank which only mention current account balance (balance will be CAD 1,300) + my account statement for six months (which will show instalment deduction) + Fixed Deposit statement from other bank (for CAD 19,600). I can also write a forwarding letter mentioning these funds (Current account balance and fixed deposit) are unencumbered. Here, I am assuming current account balance can be part of POF, otherwise i can exclude it as well.
Will this be acceptable? Will the VISA officers ask for clarifications later, in case they have any confusion? I can share the loan details and the asset (e.g. the valuation of the car) and prove the value of the asset (car) is more than the value of the liability (loan). But, will the Visa officer revert and ask for further evidence in case of any confusion or just reject on the ground of loan.
I would really appreciate your advice on this issue please.
Regards
CRS - 457