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Proof of Funds: Outstanding Loan/ Mortgage

A1554069

Star Member
May 2, 2018
52
1
Thanks Fahad but if we are both showing bank accounts, then only the primary applicant has to give credit history etc? Also as far as I know we don't need to show joint accounts.. even individual accounts in our names are considered cumulative in case of husband wife?
 

Fahadkazmi

Hero Member
May 28, 2018
285
86
Thanks Fahad but if we are both showing bank accounts, then only the primary applicant has to give credit history etc? Also as far as I know we don't need to show joint accounts.. even individual accounts in our names are considered cumulative in case of husband wife?
Joint account is not compulsory but If your funds are in individual accounts and you are showing both as cumulative to meet the IRCC required amount, than I believe you will have to submit the bank statements of both accounts and a letter stating that the amounts are free from any loan or debt.
If you have the required funds in your account only, than no need to show secondary applicants bank account.
 

A1554069

Star Member
May 2, 2018
52
1
Makes sense but what I'm trying to understand is that..a student loan is a concern for IRCC? It's paid by the bank directly to the uni and we pay monthly instalments from our bank account. So it's not money borrowed for POF purpose.
 

Fahadkazmi

Hero Member
May 28, 2018
285
86
Makes sense but what I'm trying to understand is that..a student loan is a concern for IRCC? It's paid by the bank directly to the uni and we pay monthly instalments from our bank account. So it's not money borrowed for POF purpose.
Monthly installments should not be a concern to IRCC as they are to be paid by the future income and not from the funds that are required for immigration purpose.
They just want to be sure that the funds been shown for immigration are free of any loans. And as per my understanding, in your case it is.
 

ron09

Full Member
Apr 8, 2018
35
7
Hi, I received a gift deed of 20k CAD from a family member. However, I still have a loan in my bank account amounting to 12k in CAD which I am paying every month (EMI). Will this be a problem if I submit it this way? I'm a single applicant. Please help.
 

A1554069

Star Member
May 2, 2018
52
1
Hey can someone tell me after submitting your PR documents and receiving acknowledgment how much time does it usually take to receive the visa and make a landing? 3-6 months? Which is also the processing time..tia
 

catalyst441

Hero Member
Sep 5, 2018
356
146
Hey can someone tell me after submitting your PR documents and receiving acknowledgment how much time does it usually take to receive the visa and make a landing? 3-6 months? Which is also the processing time..tia
The average time to get PPR is 6 months for 80% of the cases. Some lucky ones get it in a span of 2-4 months as well and then there are some very rare cases which fall in 20% and are put in Security Screening and can take upto 1-2 years as well.
 

nitin16782

Newbie
Jan 22, 2019
1
0
I have more than sufficient funds in my EPF account, but not much as cash in my savings bank account, Will this work as POF?
Also I have shares in my current organisation, which I plan to vest and show as POF, but they would not be in my account for more than 6 months (which I believe is a basic requirement), additionally, I will get some money through the sale of my car, which again will come as money into my savings bank account but will be less than 6 months old fund. Can someone pls help me get clarity on this.
 

Rajarshi Das

Member
Jan 8, 2018
14
6
Was going through all the comments while I was wondering if a personal loan can be a solution for POF. Well the answer is clearly a ' NO ' and as I accept this I was just having flashbacks of all the effort which is put in to; getting the required qualifications, IELTS score and work experience in the required field. So there is certainly a lot of value, credibility and worth a profile carries to get an ITA.

Now, is it justified enough to reject a PR application due to insufficient funds? again the answer is clearly 'YES' and I agree with it. There is a certain calculated fund which is required to sustain through the initial stages of immigration. I am also sure the amount for POF stipulated by Canada is based on needs which can not be ignored. As I understand the importance of POF, I am now looking into the acceptable sources of funds. Well there are quite a few which makes arranging funds flexible to a certain degree.

What I fail to understand is that why a potential applicant can not apply for personal loan to show the required funds when a

· Loan is taken at the risk of an applicant.

· Loan is also systematically paid off with future earnings.

· Loan is not black money.

· Loan will help applicants with high CRS score and low funds to access the PR.

· Loan will help Canada to encourage applicants with high skill but low funds to join their talent pool.

· Loan will ensure that an applicant fearlessly display his skills and knowledge without worrying about his financial standing.


One may argue


· The loan money might be taken for the sole purpose of getting a PR in hand and can be possibly repaid even before entering Canada

· The applicant might not get a suitable job on landing and hence face problem in paying back the loan money

· Etc, etc and etc.


All the above points will just be assumptions.

Where is the guarantee that POF shown through other accepted sources will really be taken to Canada and utilized?

If cut off in a particular draw is 440 CRS score , existing plan will allow a candidate with 440 CRS ‘with his own funds’ get a PR while a candidate with 556 CRS ‘without his own funds’ will get rejected.

I feel it might be mutually beneficial for both Canada and the PR applicant if funds through personal loans are accepted as POF without assumptions which can stop a potential and a willing candidate from accessing the PR.

Just wanted to take this off my chest.
 
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Amreeta

Star Member
Jan 5, 2019
73
8
Was going through all the comments while I was wondering if a personal loan can be a solution for POF. Well the answer is clearly a ' NO ' and as I accept this I was just having flashbacks of all the effort which is put in to; getting the required qualifications, IELTS score and work experience in the required field. So there is certainly a lot of value, credibility and worth a profile carries to get an ITA.

Now, is it justified enough to reject a PR application due to insufficient funds? again the answer is clearly 'YES' and I agree with it. There is a certain calculated fund which is required to sustain through the initial stages of immigration. I am also sure the amount for POF stipulated by Canada is based on needs which can not be ignored. As I understand the importance of POF, I am now looking into the acceptable sources of funds. Well there are quite a few which makes arranging funds flexible to a certain degree.

What I fail to understand is that why a potential applicant can not apply for personal loan to show the required funds when a

· Loan is taken at the risk of an applicant.

· Loan is also systematically paid off with future earnings.

· Loan is not black money.

· Loan will help applicants with high CRS score and low funds to access the PR.

· Loan will help Canada to encourage applicants with high skill but low funds to join their talent pool.

· Loan will ensure that an applicant fearlessly display his skills and knowledge without worrying about his financial standing.


One may argue


· The loan money might be taken for the sole purpose of getting a PR in hand and can be possibly repaid even before entering Canada

· The applicant might not get a suitable job on landing and hence face problem in paying back the loan money

· Etc, etc and etc.


All the above points will just be assumptions.

Where is the guarantee that POF shown through other accepted sources will really be taken to Canada and utilized?

If cut off in a particular draw is 440 CRS score , existing plan will allow a candidate with 440 CRS ‘with his own funds’ get a PR while a candidate with 556 CRS ‘without his own funds’ will get rejected.

I feel it might be mutually beneficial for both Canada and the PR applicant if funds through personal loans are accepted as POF without assumptions which can stop a potential and a willing candidate from accessing the PR.

Just wanted to take this off my chest.
You echo the thought of many many people who has score more than 470 or 480 but funds are less.
 

Rathod Dilip

Star Member
Jul 27, 2017
124
3
I have home loan of 32 lakh and I have CPF balance of 18 Lakh. Can I show CPF as proof of funds along with showing liabilities of Home loan. I want to be honest. Please guide
 
Feb 26, 2019
7
0
Hi,

I received correspondence today that I have a negative credit worth. This is despite me showing 25,000 CAD as proof of funds. 12,500 CAD was from my funds back home and 12500 is in my savings account here. But I had to also declared a student line of credit of 80000 CAD from my bank here in Canada as I am currently a student in Canada since the last 2 years.

They have given me 30 days to provide fresh proof of funds otherwise I will be rejected.
Do you recommend I only show proof of funds greater than 12500 CAD from my bank in India? Or would I still have to show my accounts here in my canadian bank ( that will also include the loan amount)

Will really appreciate someone's help in this matter as time is urgent.
 

mohammadsaad

Newbie
Apr 28, 2019
4
0
Hi,

I received correspondence today that I have a negative credit worth. This is despite me showing 25,000 CAD as proof of funds. 12,500 CAD was from my funds back home and 12500 is in my savings account here. But I had to also declared a student line of credit of 80000 CAD from my bank here in Canada as I am currently a student in Canada since the last 2 years.

They have given me 30 days to provide fresh proof of funds otherwise I will be rejected.
Do you recommend I only show proof of funds greater than 12500 CAD from my bank in India? Or would I still have to show my accounts here in my canadian bank ( that will also include the loan amount)

Will really appreciate someone's help in this matter as time is urgent.
that show they are deducting the loan from availble liquid funds.
are you paying instalments on your loan?
 

Avid_Reader

Newbie
May 25, 2019
5
0
Hi,

I received correspondence today that I have a negative credit worth. This is despite me showing 25,000 CAD as proof of funds. 12,500 CAD was from my funds back home and 12500 is in my savings account here. But I had to also declared a student line of credit of 80000 CAD from my bank here in Canada as I am currently a student in Canada since the last 2 years.

They have given me 30 days to provide fresh proof of funds otherwise I will be rejected.
Do you recommend I only show proof of funds greater than 12500 CAD from my bank in India? Or would I still have to show my accounts here in my canadian bank ( that will also include the loan amount)

Will really appreciate someone's help in this matter as time is urgent.
Do you have Mortgaged loan, It can shown as your asset value, even if it is against the asset of your co-borrower? Did you get this resolved. Please reply, i have similar situation
 
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