Proof of Funds: Outstanding Loan/ Mortgage

[sidganesh]

Thank you.

Do you think it makes sense to disclose that I have mortgage payments of X payable over the next Y years and that my income is sufficient to cover this obligation?

In case the officer scrutinises the bank statements and notices the monthly debit entries, there may be questions raised.

I want to be doubly sure that there is no risk of misrepresentation.

Thank you.

As mentioned earlier, loan is not considered on settlement fund, so I just submitted the bank letter with the current and average 12 months balance( this is what I could get from Chase bank.)

 

[thinkingtoapply]

Thank you.

Do you think it makes sense to disclose that I have mortgage payments of X payable over the next Y years and that my income is sufficient to cover this obligation?

In case the officer scrutinises the bank statements and notices the monthly debit entries, there may be questions raised.

I want to be doubly sure that there is no risk of misrepresentation.

Thank you.

I mentioned all loans that I had, in my application. FYI, I am at NA2 as of now.
Its logical to mention it otherwise it will be a misrepresentation on your part, as POF funds info clearly states to mention all accounts including debts/loans etc.
They dont consider assets in POF, similarly they wont consider loans taken for purchasing said assets eg: home loan or property loan.

Their only concern is, the loan should not be taken for purpose of showing POF

 

[sidganesh]

I mentioned all loans that I had, in my application. FYI, I am at NA2 as of now.
Its logical to mention it otherwise it will be a misrepresentation on your part, as POF funds info clearly states to mention all accounts including debts/loans etc.
They dont consider assets in POF, similarly they wont consider loans taken for purchasing said assets eg: home loan or property loan.

Their only concern is, the loan should not be taken for purpose of showing POF

Thanks thinkingtoapply. You should change your nick now that you've applied and are at NA2!

 

[thinkingtoapply]

Thanks thinkingtoapply. You should change your nick now that you've applied and are at NA2!

thought of that... but then thought let it be

 

[ranjangaur4]

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?

 

[sidganesh]

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?

My understanding from the forum is that they're looking only at liquidity and not net worth. So your loans would be assumed to be repaid over its term from future income and not your current funds. In other words, IMO you're good.

 

[ranjangaur4]

My understanding from the forum is that they're looking only at liquidity and not net worth. So your loans would be assumed to be repaid over its term from future income and not your current funds. In other words, IMO you're good.

Thank you for your reply! Any opinions help us set our minds at ease! Still need to improve my IELTS by just a little, but keeping fingers crossed everything works out.

 

[premchandar.au]

I have 3 bank accounts. All the POF funds are available in one of them as fds. In the another bank, i have a home loan debit ongoing. Is it required to get a bank statement letter from all the banks?

 

[sidganesh]

I have 3 bank accounts. All the POF funds are available in one of them as fds. In the another bank, i have a home loan debit ongoing. Is it required to get a bank statement letter from all the banks?

I know of someone who got his PR by not showing any of his accounts in India. He showed all the required PoF in his Canadian account. So as far as CIC was concerned the candidate had sufficient funds and did not bother about his liabilities in Canada or in India.

In my case, which is not very different from yours, I'm providing the letter for all the accounts and explaining my loan obligations in a cover letter just to be sure.

I think in your case, since all PoF is in FDs, there shouldn't be a problem. So it really is your call. If itsi not too much trouble, I'd still get the letters from all banks, if I were you.

 

[thinkingtoapply]

I have 3 bank accounts. All the POF funds are available in one of them as fds. In the another bank, i have a home loan debit ongoing. Is it required to get a bank statement letter from all the banks?

I've read in many threads that people dont mention other accounts and it works for them.
I had a similar case, I had all my funds in one account from sale of assets. But still I showed other accounts that had EMI deductions every month. I also mentioned in the LOE about all the property loans, Purpose of those loans, Took letters that showed outstanding loan amount from bank and how I am planning to disburse those loans by selling those properties once I move to Canada.

The reason was, I did not want them to find it themselves and then reject my case, as they have clearly mentioned that we should mention all loans and debts, even credit card debts.
At the most, It might delay my process from AOR to PPR as they might look into those deeply to see if there is any concern for them/misrepresentation etc

Still, Ur call.

 

[ds.pete]

I mentioned all loans that I had, in my application. FYI, I am at NA2 as of now.
Its logical to mention it otherwise it will be a misrepresentation on your part, as POF funds info clearly states to mention all accounts including debts/loans etc.
They dont consider assets in POF, similarly they wont consider loans taken for purchasing said assets eg: home loan or property loan.

Their only concern is, the loan should not be taken for purpose of showing POF

What documents did you use to show your loans/debt. I have one credit card and one auto loan. I was planning to just include the latest statements for them. Will it suffice? After all I'm just showing how much my outstanding balance is.

On a side note, do you think I need to show zero balance credit cards? I have about 8 of those!!!

 

[thinkingtoapply]

I just showed latest statements showing outstanding debts.

I dont think you need to show balance statements for those cards.

 

[junti]

can someone help me..

i have sufficient funds in bank1 and loans(home loan(joint account- no deductions from my accoutnt) and car loan(dedcution from b1)) in bank2 ...will my b1 certificate shows my loan details as debts as my EMI deducts from here? or do i need to take a bank certificate from my b2 only for loan deductions? im really confused as many banks involved in my case....how will CIC consider my account..more than sufficient funds but loan EMI deductions..

 

[thinkingtoapply]

can someone help me..

i have sufficient funds in bank1 and loans(home loan(joint account- no deductions from my accoutnt) and car loan(dedcution from b1)) in bank2 ...will my b1 certificate shows my loan details as debts as my EMI deducts from here? or do i need to take a bank certificate from my b2 only for loan deductions? im really confused as many banks involved in my case....how will CIC consider my account..more than sufficient funds but loan EMI deductions..

It did not really matter for me. I showed all my outstanding loans/debts including personal loan and home loan when I made my pof document. My existing loans were of a higher amount than my pof funds. Still it did not matter. Although I should mention that I also showed a certificate from my CA that showed my current assets which were of an amount higher than the loaned amount. And I mentioned in the POF LOE that I will be clearing off all my loans by selling these assets when I plan to move to Canada.
I already received PR

 

[junti]

It did not really matter for me. I showed all my outstanding loans/debts including personal loan and home loan when I made my pof document. My existing loans were of a higher amount than my pof funds. Still it did not matter. Although I should mention that I also showed a certificate from my CA that showed my current assets which were of an amount higher than the loaned amount. And I mentioned in the POF LOE that I will be clearing off all my loans by selling these assets when I plan to move to Canada.
I already received PR

great to know you received your PR..
Can you please tell me if i have to provide bank statements and certificates in which i only have loan account ? or only funds account documents are enough?