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Proof of Funds: Outstanding Loan/ Mortgage

RPS92

Star Member
May 26, 2018
125
57
Category........
FSW
Visa Office......
Ottawa
App. Filed.......
03-06-2018
AOR Received.
21-08-2018
Med's Done....
12-09-18
Passport Req..
29-01-2019
VISA ISSUED...
31-01-2019
Hi all,
Please I need some advice urgently here! In my bank account I had more than sufficient funds as stated for settling by CIC but in one month I transferred a huge amount to my father's account for investment which he returned to me the next month. How do I explain this in my POF case? Should I get an affidavit or a gift deed? The money was earned by my salary savings for which I have payslips and tax returns. Should I also submit an LOE for this?
1 Can you use it ? yes.. but if caught, it can lead to refusal of ur pr application. (How can you be caught? they can raise an ADR for ur fathers 6 months statement if they doubt this. That will show the loan)
2 Yes, it is considered as loan/debt/borrowed money.
 

thinkingtoapply

Star Member
Sep 13, 2017
113
24
India
Category........
FSW
Visa Office......
NDVO
NOC Code......
3113
Hi all,
Please I need some advice urgently here! In my bank account I had more than sufficient funds as stated for settling by CIC but in one month I transferred a huge amount to my father's account for investment which he returned to me the next month. How do I explain this in my POF case? Should I get an affidavit or a gift deed? The money was earned by my salary savings for which I have payslips and tax returns. Should I also submit an LOE for this?
Just mentioning in LOE should suffice. If that money can be proven urs, u dont need a gift deed
 

RPS92

Star Member
May 26, 2018
125
57
Category........
FSW
Visa Office......
Ottawa
App. Filed.......
03-06-2018
AOR Received.
21-08-2018
Med's Done....
12-09-18
Passport Req..
29-01-2019
VISA ISSUED...
31-01-2019
Just mentioning in LOE should suffice. If that money can be proven urs, u dont need a gift deed
Thank you, I however got an affidavit from my Father so I will put it along with the statement,
 

thinkingtoapply

Star Member
Sep 13, 2017
113
24
India
Category........
FSW
Visa Office......
NDVO
NOC Code......
3113
Thank you, I however got an affidavit from my Father so I will put it along with the statement,
But wont that create a question that: why the money went from your account to his account and then he is returning the same money back to you and you are showing that it was his money that he is gifting you?
 

RPS92

Star Member
May 26, 2018
125
57
Category........
FSW
Visa Office......
Ottawa
App. Filed.......
03-06-2018
AOR Received.
21-08-2018
Med's Done....
12-09-18
Passport Req..
29-01-2019
VISA ISSUED...
31-01-2019
But wont that create a question that: why the money went from your account to his account and then he is returning the same money back to you and you are showing that it was his money that he is gifting you?
The affidavit states that my dad acknowledges that he has “borrowed” the money from me and then returned it back to me stating he has no claim to that money at all. I am showing my payslips and IT returns stating that I acquired this money from my salary! My father doesn’t mention he is gifting money etc. He has stated that it was a load he took from me and returned the money to me.
 

subho10

Newbie
Jul 27, 2018
3
0
Hi I wanted to check if PF and PPF are considered for PoF. Also are Mutual Funds holdings considered?
 

john4321

Member
Oct 16, 2017
13
2
Hi All,
I Have one question,
I had my education loan in india.
I applied ITA- PR as CEC.
But i did't mentioned about my loan in india anywhere is it gona be a problem?
kinda of worried

Thanks in advance.
 

salluasgar

Newbie
Sep 11, 2018
1
0
Hi,

The answer I found so far is this, the review board is will review your settlement funds which are your assets in cash. That means you don't have to deduct for the mortgage or car loan. These loans are considered to be paid with your current job, and with future job. But, the officer may be interested to know the source of fund if the bank statement shows 6 months average or 12 months average, which is less than your current balance. As this indicates recent transfer of money to the account. So, in the Letter of explanation , give details about where the funds are coming from. This is what I did my application, which I submitted on 10th Dec. I will update once I get status.
Hi. Can I show Fixed assets on my name which I purchased out of earnings and it is much above the minimum Proof of funds too be shown even after minusing the liabilities I have.
Also, can I show funds invested in Mutual funds which are liquidated?
Since I am thinking of showing assets and investments in mutual funds do I still need to wait for 6 months balance or can i request for the letter and attach assets documents even without waiting for 6 months to get over.

Please confirm and I hope u have understood my situation?
 

mrphillipz

Full Member
Sep 30, 2015
26
0
Hi,

The answer I found so far is this, the review board is will review your settlement funds which are your assets in cash. That means you don't have to deduct for the mortgage or car loan. These loans are considered to be paid with your current job, and with future job. But, the officer may be interested to know the source of fund if the bank statement shows 6 months average or 12 months average, which is less than your current balance. As this indicates recent transfer of money to the account. So, in the Letter of explanation , give details about where the funds are coming from. This is what I did my application, which I submitted on 10th Dec. I will update once I get status.

How did this go?
 

CandaianDream

Member
Feb 25, 2018
13
0
Guys need help. My profile was rejected as it was incomplete. My PCC was not for the entire duration. I will be entering the pool again and hope to get ITA in Oct 1st week. Can i apply again with the same POF letters, which i used a month earlier in my first application in Sep 2018. The letters were taken from Banks in last week of Aug. Will it be an issue if I share letters which are actually before the date of my ITA?
 

CandaianDream

Member
Feb 25, 2018
13
0
Also another doubt I have is, is it mandatory to mention Average Monthly Balance? My banks are not printing this amount as they say they do not mantain this. What should I do?
 

Fahadkazmi

Hero Member
May 28, 2018
285
86
Hi everyone! Need Help
I have the required funds in my account, source of income is my salary. Account opened 2 years ago
But I have a car loan with same bank for which I pay the installments every month. Do I need to show present Liability letter for the car loan?
Kindly let me know
 

Ramzil000

Newbie
Nov 8, 2018
1
1
I have POF in one account and loan in another account. If I am not showing my loan in another account, will they come to know about it?
 
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A1554069

Star Member
May 2, 2018
52
1
Hey my spouse (secondary applicant) is paying monthly instalments for a student loan to a local bank for his MBA. Does this need to be shown in his POF and is it even a concern? It's not a personal loan..the bank paid his fees directly to the uni. TIA
 

Fahadkazmi

Hero Member
May 28, 2018
285
86
Hey my spouse (secondary applicant) is paying monthly instalments for a student loan to a local bank for his MBA. Does this need to be shown in his POF and is it even a concern? It's not a personal loan..the bank paid his fees directly to the uni. TIA
POF is only for primary applicant and the amount should cover the entire family.
Secondary applicants do not have to submit any sort of bank documents.