Proof of funds

[Uvr]

I have a loan of 6 lacs inr. While showing proof of funds for PR, do I need to mention the loan too? Will the loan adversely affect my application?

 

[dankboi]

I have a loan of 6 lacs inr. While showing proof of funds for PR, do I need to mention the loan too? Will the loan adversely affect my application?

As per IRCC, you are also required to show the list of liabilities from the bank and which include loans, credit card debts or similar.
In such cases, any loans against asset do not have any impact on the IRCC requirement of POF. Hence house loan, car loan etc do not have any negative impact.
With regards to consumer loan/debt like personal loan/credit cards – It is ideal (not mandatory) to have the amount of debt covered when providing POF. This means that if such debt is $1000 and your POF requirement is $12300, then the ideal available balance would be $13300 or more. However unless this loan amount is big and covers a large portion of the POF, it “may” be disregarded by IRCC when considering POF. Indeed IRCC does take a holistic approach to previous debts and liabilities and it is best to address this in your LOE explaining how you plan to settle your liabilities without it affecting your POF