Proof of Funds: Outstanding Loan/ Mortgage

[CMCB]

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

Hello.How did it go

 

[CMCB]

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.

Hello what was ur outcome

 

[CMCB]

I too have the same query. My salary account statement would show EMI payments for mortgage and car loans. However, i have sufficient balance maintained since last 6 months. Hope this would be fine? Seniors, pls guide.

Thanks

Hi.Just enquiring.Did you get PR with your outstanding loans?As I am in similar situation

 

[CMCB]

Need a little help with advice. Beginning of year 2017 (march) i did take a loan to help me save POF for immigration. I did not imagine this may not be valid POF. Anyway - its a 5 year loan with almost 1 year paid up by now (so obviously not something i grabbed just to show funds and pay right back).
My account since then, consequently has been held up very nicely at the amount we would need to show, but i havent been able to save much extra above that, so my funds (if loan is considered as negative balance) do not cover the POF we need to show as 4 people family.
Are we in the clear here?

How did it go.Did you get PR

 

[Arafat23]

Dear all:

I had submitted my profile (AOR on Sept 10, 2019) and have following queries regarding the proof of fund of my proposal. My family member is 3 including a kid.

Details of my Proof of Fund:

FDR 1: In Joint name of me and my spouse CAD 15,384.62
FDR 2: In the name of my SpouseC 16,923.08
Savings Certificate:In the name of my Spouse CAD 7,692.308
Bank Statement: In My name CAD 6,923.077
Total: CAD 46,923.07

Queries:
1. I have a personal loan of CAD15,384 lacs (current outstanding approximately CAD 5,384), EMIs of which are showing in my personal savings account. I had submitted the said bank statement as one of my proof of funds mentioned above. However I had not submitted any outstanding liability of that loan. Whether it will create any problem or not?

2. Majority of the proof of funds of mine are in the name of my spouse. However I had not submitted any consent letter from my spouse regarding the use of thouse fund. Whether this will create any problem or not?

Your prudent opinion may resolve any unforeseen future event. Waiting for your kind response.

 

[heysoumen]

Dear all:

I had submitted my profile (AOR on Sept 10, 2019) and have following queries regarding the proof of fund of my proposal. My family member is 3 including a kid.

Details of my Proof of Fund:

FDR 1: In Joint name of me and my spouse CAD 15,384.62
FDR 2: In the name of my SpouseC 16,923.08
Savings Certificate:In the name of my Spouse CAD 7,692.308
Bank Statement: In My name CAD 6,923.077
Total: CAD 46,923.07

Queries:
1. I have a personal loan of CAD15,384 lacs (current outstanding approximately CAD 5,384), EMIs of which are showing in my personal savings account. I had submitted the said bank statement as one of my proof of funds mentioned above. However I had not submitted any outstanding liability of that loan. Whether it will create any problem or not?

2. Majority of the proof of funds of mine are in the name of my spouse. However I had not submitted any consent letter from my spouse regarding the use of thouse fund. Whether this will create any problem or not?

Your prudent opinion may resolve any unforeseen future event. Waiting for your kind response.

Can u please update if u got approved or received PFL ?

 

[Nouvel Espoir]

Guys understand the loans

a.Loans are future liabilities and POF is present funds. [ If there is future liability, there is future earning also ]

b.you just need to show what you have today. The pending amount of loan and credit cards or Interest are to be deducted from POF.

c. It does not matter who and how will repay the loan. Most of the loans are Mortgage loans so nothing to worry. If you show personal loan then the EMi should be less then your present salary.

d. You must show or mention loans but it will not affect your POF. IF the loan or EMI is reflected in your statement it is not a matter to worry.

e. IF you have fixed deposits you do not require bank letter or average amount letter because it is only for regular accounts where there is possibility of withdrawal and deposits.

Suppose you need 13000 CAD to show. IF you have Fixed deposits of 6000 CAD then you have to show average balance of remaining 7000 CAD for six months and not the total 13000 CAD.

covering letter

1. FD 6000 CAD ( must be 6 months old )
2. Average balance 6 months 7000 CAD

TOTAl balance as on xx yy mm 13000 CAD

Just pay up your dues on credit card and and any bank installment/dues before you take out the statements. you can write a covering letter mentioning POF amount in CAD as of today, and putting a note about loans at the bottom.

Thank you so much for the clear explanation!
For the home loan, would "adding a note about the loan at the bottom of the LOE" be enough? Or do I have to provide a stamped letter from the bank? Due to the lockdown, I won't be able to obtain the letter from the bank.

 

[Nouvel Espoir]

Sir, my funds are completely legitimate and clean. Where I am being confused is that If I only share the bank letter, it will not state any loan instalment which has been debited from my bank account. But If at a later stage I am required to submit the bank statement, that will clearly show loan instalments already debited to my account. Therefore, my problem is whether should I submit only the bank letter or the bank statement as well with it? Because if I submit my bank statements, then I might have to arrange for other documents stating my loan too. My question is did you declare your loan, if yes, what were the documents that you submitted? What is the recommended way. Thank you so much for your precious time..Regards!

Hi Angel,

I have the same question. What did you finally do? Did you submit any document for declaring your home loan?

Thanks in advance!

 

[donovon]

Hi all,

I have received ITA on 25th Jan 2017.

As per CIC (http://www.cic.gc.ca/english/resources/tools/perm/express/intake-complete.asp) I have to provide an official letter(s) from one or more financial institutions that lists all current bank and investment accounts as well as outstanding debts, such as credit card debts and loans.

I have a outstanding housing loan with a bank (say, primary bank) , with which I also have my running saving account for about 11 years. I have saving account with other two banks (say, secondary bank) also.

If I have to get a letter from my primary bank, they would also mention the loan accounts outstanding with them.

Has anyone got a PR visa, who had shown their loan details in the submission. If yes, is there any additional requirements of funds? (apart from around $16000, required for 2 persons)

Hi bro any updates

 

[ron09]

Hi All,

I just want to share my experience about this as I know that it is really a very confusing and stressful issue. I had more than $15,000 (in cad) outstanding loan balance reflecting in my bank account and bank certificate when I submitted my PR application. I asked my sister to gift me a sum of about $12,000 (properly documented gift deed) which I combined with my savings of about $7,000, so I only had $19,000 pof (single applicant). I have explained everything in a letter especially on how I plan to pay my outstanding debts without touching my pof. I told them that I currently have a job and in the next 6 months, I am sure that I will clear off the debts and the pof will not be touched as that is intended for my immigration plans. I did not get any questions about it, I received my PPR!

So, I suggest if you have any outstanding loans, do not be discouraged or stressed about it. Just explain it properly to them especially on how you plan to clear it off and that your pof is not actually from that debt.

Thank you, and good luck!

 

[donovon]

Hi All,

I just want to share my experience about this as I know that it is really a very confusing and stressful issue. I had more than $15,000 (in cad) outstanding loan balance reflecting in my bank account and bank certificate when I submitted my PR application. I asked my sister to gift me a sum of about $12,000 (properly documented gift deed) which I combined with my savings of about $7,000, so I only had $19,000 pof (single applicant). I have explained everything in a letter especially on how I plan to pay my outstanding debts without touching my pof. I told them that I currently have a job and in the next 6 months, I am sure that I will clear off the debts and the pof will not be touched as that is intended for my immigration plans. I did not get any questions about it, I received my PPR!

So, I suggest if you have any outstanding loans, do not be discouraged or stressed about it. Just explain it properly to them especially on how you plan to clear it off and that your pof is not actually from that debt.

Thank you, and good luck!

Thanks bro for the help ! would you please kindly share the gift deed format. Many Thanks

 

[Jaspreet13]

Hi I have a education loan of around 20000 dollars so if my father issues a gift deed then how much should be the amount that I need to show as proof of funds

 

[anotherone11]

Not entirely related but I had a housing loan when I was applying. I transferred money to a different account and took letters from them. Ideally having a housing loan won't affect your application but I didn't want to take any risk.

 

[gurpreets88]

Not entirely related but I had a housing loan when I was applying. I transferred money to a different account and took letters from them. Ideally having a housing loan won't affect your application but I didn't want to take any risk.

Hey!
How did you declare your home loan? I have a home loan but that's from a different account and the POF I'm showing is from a different account however, the EMI is deducted from the POF account only. I've around 17k in my savings account.

Do I mention my repayment plan? Do I need to upload any home loan document as well? Can you please share the list of documents you uploaded in terms of home loan and POF?