Purchased House/Flat/Land as Proof of Fund

[swapnilaswale]

Hi,

I have applied for Canadian visa through a consultancy, however was informed latter that I have to show proof of fund.

Now, as I have just purchased house in Mumbai and is not having any savings in bank account (everything already spent over the flat), could you please suggest what am I suppose to do.

I am aware of the fact that I will need funding once I landed in Canada which can be arranged and hence I am not worried about it but as informed by case officers I will have to show bank deposits of around 7lac in my account as liquid fund which seems to be impossible for me or I have to borrow a loan again which will increase complications.

Request you to help me how to overcome the situation as I have already paid the processing amount and consultancy fees.

Thanks in advance!

 

[Maverickjo]

Hi,

I have applied for Canadian visa through a consultancy, however was informed latter that I have to show proof of fund.

Now, as I have just purchased house in Mumbai and is not having any savings in bank account (everything already spent over the flat), could you please suggest what am I suppose to do.

I am aware of the fact that I will need funding once I landed in Canada which can be arranged and hence I am not worried about it but as informed by case officers I will have to show bank deposits of around 7lac in my account as liquid fund which seems to be impossible for me or I have to borrow a loan again which will increase complications.

Request you to help me how to overcome the situation as I have already paid the processing amount and consultancy fees.

Thanks in advance!

What re you referring to here, Express Entry or Visit Visa? s we can answer u

 

[swapnilaswale]

I am referring to Express Entry and not Visit. I am planning to immigrate to Canada

 

[Maverickjo]

Then, in the Express Entry you have ONLY to state how much you want to bring with you to Canada (so only a number).

Nothing is needed or has to be uploaded at this stage.

After you create your profile and your are eligible (all will be stated in your MY CIC account) online portal , you have an account and you add all details about you and your family, work experience ...etc

Until you are invited (have ITA) not a single docs will have to be uploaded .. even your IELTS or ECA... only numbers and dates..

Well, this leads to the next question: Is your consultant Familiar with the New system?!

 

[chiyakam]

You will need to show amount required by CIC as per your family size in terms of FDs / balance in savings account at the time of filing your PR. Without these they may now be convinced about your ability to arrange funds, as they don't consider anything other than the liquid money for the application evaluation purpose.

 

[jes_ON]

Now, as I have just purchased house in Mumbai and is not having any savings in bank account (everything already spent over the flat), could you please suggest what am I suppose to do.

I am aware of the fact that I will need funding once I landed in Canada which can be arranged and hence I am not worried about it but as informed by case officers I will have to show bank deposits of around 7lac in my account as liquid fund which seems to be impossible for me or I have to borrow a loan again which will increase complications.

Well - you need proof of funds when you apply for permanent residence as a Federal Skilled Worker. This money cannot be borrowed, as CIC expects that you will spend it, not repay it. And the house cannot be used; funds must be liquid.

http://www.cic.gc.ca/english/immigrate/skilled/funds.asp

It is unfortunate that you just bought your house, and did not learn about the funds requirement sooner. The "simple" answer is "sell the house" but of course that is not simple at all.

Some people are able to get a "gift" (not a loan) from family. But you have to be able to document that it is indeed your family's money being gifted to you, as well as that your family considers it a gift (does not expect it to be repaid).

 

[niravk]

The best option for you is to borrow the required money from your family members and show it as a gift. Make a gift deed saying you are not obliged to return it back.

Also act fast, as any PNP application will require to submit the documents related to your financial self sufficiency - bank statements, FD, PPF etc.