Proof of Funds: Outstanding Loan/ Mortgage

[ani8886]

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)

 

[Adil Khan123]

Any one please??? I have same query1

 

[jackdawn]

As far as i understand. A home loan should not effect ur POF criteria. They will check sufficient funds maintained in ur account for a period of six months irrespective of ur liabilities. I read some where in the forum that they dont calculate POF as assets minus liabilities since u pay a loan from future income. More over ur home loan is a secured loan and should not be a problem

 

[ani8886]

As far as i understand. A home loan should not effect ur POF criteria. They will check sufficient funds maintained in ur account for a period of six months irrespective of ur liabilities. I read some where in the forum that they dont calculate POF as assets minus liabilities since u pay a loan from future income. More over ur home loan is a secured loan and should not be a problem

Thanks a lot

Any idea whether I need to show the home loan account in the PoF?

 

[sunchaser]

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

 

[redicalbilal]

Hi,
I also need one clarity, If I have not maintained the required Funds over the past 6 months consistently, while my closing balance is meeting the requirements. Will this be acceptable by CIC?

 

[xpressentry]

I think CIC wants you to list your debt to ensure that the PoF is your own money and not borrowed money. It would be quite easy for people to take a personal loan of the PoF requirement and pass it off as their own and then pay off the loan once the COPR is granted.

 

[Wolverine17]

Hi,
I also need one clarity, If I have not maintained the required Funds over the past 6 months consistently, while my closing balance is meeting the requirements. Will this be acceptable by CIC?

If there is a huge diff in your balance an explanation will be required

 

[Wolverine17]

I think CIC wants you to list your debt to ensure that the PoF is your own money and not borrowed money. It would be quite easy for people to take a personal loan of the PoF requirement and pass it off as their own and then pay off the loan once the COPR is granted.

I dont think that they care that much as far as you show them that you have the required pof

 

[xpressentry]

I dont think that they care that much as far as you show them that you have the required pof

You need to declare the source of funds. If you can borrow from a bank then you can borrow from family or friends.

 

[bestofluck]

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.

 

[applicant_2016]

Hello All,
Any inputs/feedback on this ? I am in a similar situation - have enough funds to show but also have a car loan in the same bank where I have the money. I have about 20000 CAD in a/c but also a car loan of about 34000 CAD EMI for which I pay every month. Every looks good except the loan part - I am not sure how CIC considers it.

Anyone who has gone through similar situation - please advise.

Thank you in advance.

 

[Rohit0202]

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 Ani8886,

I am the same situation as you were. I have received ITA. I have sufficient funds in my saving account but I too have home loan. How you showed you home loan? Have you included 6 months bank statements? Was there any problem on home loan?

 

[anshujha]

Hello All,
Any inputs/feedback on this ? I am in a similar situation - have enough funds to show but also have a car loan in the same bank where I have the money. I have about 20000 CAD in a/c but also a car loan of about 34000 CAD EMI for which I pay every month. Every looks good except the loan part - I am not sure how CIC considers it.

Anyone who has gone through similar situation - please advise.

Thank you in advance.

Hi,
Have you figured out this car loan issue yet?

Thanks,
Anusha

 

[applicant_2016]

Hi,
Have you figured out this car loan issue yet?

Thanks,
Anusha

Nope, I have not. But what I am going to do is just submit the funds information - not mention auto loan at all.

Have you thought of anything ?