Regarding Proof of fund

[Snehan]

Dear members,

- I have a recent bank loan (taken 4 months ago for 3 years) and the amount i need to show as my proof of fund is almost same as my bank loan amount. Does the loan amount have any impact on my proof of fund ? Do i need to show more bank balance ?

- Is it ok to make a FDR for 6 months as a proof of fund ? or better to keep cash in bank ?

Pls help..

 

[future_canadian]

Does your loan encumber your liquid assets? In other words what happens if you fail to pay your loan? Can the bank take your cash away, or is the loan unsecured?

Settlement funds must be liquid and unencumbered. It doesn't matter if you have a bank loan if they can't take your cash. For example:

Liquid assets = 50k
Bank loan = 50k

If the bank can't touch your cash if you don't pay the loan, your settlement funds are still 50k! BUT if you fail to pay your loan and the bank CAN take your cash instead, your settlement funds are 0!

Any form of liquid and unencumbered funds cound as settlement funds. Cash, fixed deposits, stocks, mutual funds, bonds, etc. as long as you can withdraw them whenever you like. It's up to you how to keep them.

 

[Snehan]

Thanks a lot for replying...

Its a personal loan taken from the bank in favor of my salary account. Each month the bank deducts the installment from my salary credits automatically and will not be able to touch my settlement fund which i am going to create soon as a FDR in another bank.

Btw bro, how old the FDR has to be ? Is it fine to make the FDR a month before sending the application ? And is it ok if the FDR matures in 6 months ? Can i show the POF later on in another form (e.g bank solvency) if they ask for proof again ?

 

[future_canadian]

Thanks a lot for replying...

Its a personal loan taken from the bank in favor of my salary account. Each month the bank deducts the installment from my salary credits automatically and will not be able to touch my settlement fund which i am going to create soon as a FDR in another bank.

Btw bro, how old the FDR has to be ? Is it fine to make the FDR a month before sending the application ? And is it ok if the FDR matures in 6 months ? Can i show the POF later on in another form (e.g bank solvency) if they ask for proof again ?

Yes the FD can be any duration and you can show funds in different places if you are asked to provide updated proof.

 

[Snehan]

Yes the FD can be any duration and you can show funds in different places if you are asked to provide updated proof.

Great... thanks a lot Bro....

 

[sadeelhaneef]

Could you please advise on the length of bank statement, is it must be for 6 months or little bit less can also work... my application is ready and my statement length is around 5 months and 20 days, should I proceed with my application wait to complete the six months...

Many thanks

 

[Snehan]

Could you please advise on the length of bank statement, is it must be for 6 months or little bit less can also work... my application is ready and my statement length is around 5 months and 20 days, should I proceed with my application wait to complete the six months...

Many thanks

So far i know, you can proceed with Bank Solvency certificate only that shows your current balance in the account. Bank statement (which is not mandatory to provide while applying) can be showed later on if they ask for it. You can show FD as well which will not require the bank statement.

Other members might share their knowledge on this......

 

[sadeelhaneef]

Dear Snehan,

Many thanks for your reply....I will acquire a bank certificate and proceed with my case.

Thanks bro

 

[sadeelhaneef]

Dear Sneha,

I did ask my bank to provide me a bank certificate but they refused and said they don't issue any such letters, they had given me a bank statement which is showing required amount for 5 months... what you would like advise please...

tc

 

[future_canadian]

All you really need is a bank or other account statement showing that you have the money.

 

[sadeelhaneef]

Alright.... many thanks buddy...

tc

 

[AnithaC]

Additional documents to FSW application

Hi Friends,

I'm new to this forum and 6thAugust applicant. Realized from this forum that Xth certificate from India is not accepted as birth certificate. I was looking for the thread which details with the steps for sending additional documents and couldn't find the main one. Seniors could you please re-post the steps and any risks in sending additional documents which might push my application date to new docs received date? I saw this point mentioned in a thread, is there a case where this happened?

Thank u very much.

 

[VOST15]

hello everyone,
i have received my crdential evaluation report and ready to apply for PERMANENT RESIDENT under Federal Skilled Worker Program.
As per the grid i need to show $14,720 (2persons) as proof of funds.
Please revert at what stage is it required. Do i need to send the proof of funds along with the application or do i need to show at the time of filing PR?

If i show funds at this stage, in a FIXED DEPOSIT, can i not withdraw funds till my application is under processing?

 

[chakri8385]

hello everyone,
i have received my crdential evaluation report and ready to apply for PERMANENT RESIDENT under Federal Skilled Worker Program.
As per the grid i need to show $14,720 (2persons) as proof of funds.
Please revert at what stage is it required. Do i need to send the proof of funds along with the application or do i need to show at the time of filing PR?

If i show funds at this stage, in a FIXED DEPOSIT, can i not withdraw funds till my application is under processing?

You would need to send the POF along with the application.

Better thing to do is not to withdraw. When they ask for POF at a later stage again, they might check for consistency of funds maintained. If any bulk amounts deposited just before sending POF would create suspicion and might deter your chances

 

[chakri8385]

All you really need is a bank or other account statement showing that you have the money.

I have a statement from Bank but it doesn't show funds in Canadian Dollars.
Can I convert the currency to CAD using xe.com and mention it in the cover letter ??
Or should this conversion come from Bank only ??