Proof of fund

[omomarzizo]

Could I talk a loan from my bank
For the proof of fund
Is it ok or no

 

[anarsoul]

No.

 

[Stanlee]

Could I talk a loan from my bank
For the proof of fund
Is it ok or no

No, you cannot take a loan or show borrowed funds as proof of funds for migrating to Canada. The reason why CIC asks for 6 months bank statements is to ensure that the applicant has not taken a loan or borrowed money to meet the funds requitement.

 

[Venkat1901]

No, you cannot take a loan or show borrowed funds as proof of funds for migrating to Canada. The reason why CIC asks for 6 months bank statements is to ensure that the applicant has not taken a loan or borrowed money to meet the funds requitement.

Stanlee,

I have Housing loan and car loan and funds in the same bank account. did the loans impact my PR process and i said i have money invested in stocks and MF, can i sell them and show as POF when they requested for POF with MF statement and stocks statement attached.

Thanks,
Vijay Jata.

 

[Stanlee]

Stanlee,

I have Housing loan and car loan and funds in the same bank account. did the loans impact my PR process and i said i have money invested in stocks and MF, can i sell them and show as POF when they requested for POF with MF statement and stocks statement attached.

Thanks,
Vijay Jata.

No, CIC is not concerned with car loan or home loan. They are more concerned with the applicant having availed a loan to meet POF requirements. CIC wants to know that the POF that you are declaring originated from legitimate source - salary, savings, investments etc.

In case of home loan or car loan, these are secured loan, in the event of a default the lender has a charge on your assets (mortgage, hypothecation etc). So you need not be worried about your loans impacting your application negatively.

Yes, you can liquidate your investments in stocks and mutual funds and get the proceeds transferred to your bank account. To prove that the funds originated from your own investments, show mutual fund statement and stock holding proofs before liquidating the same along with proof of redemption. You. An submit these with a Letter of Explanation.

 

[sanjsin9]

No, CIC is not concerned with car loan or home loan. They are more concerned with the applicant having availed a loan to meet POF requirements. CIC wants to know that the POF that you are declaring originated from legitimate source - salary, savings, investments etc.

In case of home loan or car loan, these are secured loan, in the event of a default the lender has a charge on your assets (mortgage, hypothecation etc). So you need not be worried about your loans impacting your application negatively.

Yes, you can liquidate your investments in stocks and mutual funds and get the proceeds transferred to your bank account. To prove that the funds originated from your own investments, show mutual fund statement and stock holding proofs before liquidating the same along with proof of redemption. You. An submit these with a Letter of Explanation.

stanlee , one question here

i have money saved in my locker and that was not deposited in my bank account

if i deposit in my account now for ex: 7 lakhs , and maintain it for 3-6 months , do i need to show the source of this money and a LOE/gift deed as well ?

 

[istari]

stanlee , one question here

i have money saved in my locker and that was not deposited in my bank account

if i deposit in my account now for ex: 7 lakhs , and maintain it for 3-6 months , do i need to show the source of this money and a LOE/gift deed as well ?

If the money is in your account for 6 months, no.

 

[jes_ON]

and i said i have money invested in stocks and MF, can i sell them and show as POF when they requested for POF with MF statement and stocks statement attached.

Yes you can, but you don't actually need to sell the stocks/MF - as long as your financial investments are convertible (easy to sell), you can include those statements with your bank statement as proof of funds - there's no rule that it all has to be in one account. (Simplifies things only, which is why a lot of people do it).

 

[Venkat1901]

No, CIC is not concerned with car loan or home loan. They are more concerned with the applicant having availed a loan to meet POF requirements. CIC wants to know that the POF that you are declaring originated from legitimate source - salary, savings, investments etc.

In case of home loan or car loan, these are secured loan, in the event of a default the lender has a charge on your assets (mortgage, hypothecation etc). So you need not be worried about your loans impacting your application negatively.

Yes, you can liquidate your investments in stocks and mutual funds and get the proceeds transferred to your bank account. To prove that the funds originated from your own investments, show mutual fund statement and stock holding proofs before liquidating the same along with proof of redemption. You. An submit these with a Letter of Explanation.

Thanks Stanlee

 

[omomarzizo]

Another inquiry
If I that money loan remains more than the six months needed
then after that can I apply
I think I will not get nomination that fast