Proof of Funds: Outstanding Loan/ Mortgage

[usijan]

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 ?

Hi!

Would it be fine, not to include the car loan?

I have a similar situation and my bank has issued me a liability letter which shows my A/c bal, my credit card outstanding and the car loan.

What surprised me was that the bank has put the total limit of credit card + amount outstanding on the credit card, kind of duplication!

Has anyone faced a similar situation with their banks?

Thank you!

 

[applicant_2016]

Hi!

Would it be fine, not to include the car loan?

I have a similar situation and my bank has issued me a liability letter which shows my A/c bal, my credit card outstanding and the car loan.

What surprised me was that the bank has put the total limit of credit card + amount outstanding on the credit card, kind of duplication!

Has anyone faced a similar situation with their banks?

Thank you!

Honestly I am not sure if we are really supposed to include the car loan because at the end of the day though the car loan is a liability but you can sell off your car to cover that or most of it whereas a credit card debt is a real debt without any sort of asset to back it up. Correct ? Also, my bank has the option of including the a/c's to be mentioned on the balance letter and there is an option to chose or not chose the auto loan.

However I have not submitted my eAPR yet and I guess this will be an open point for me till the very end. Have you been able to find something on this ?

 

[usijan]

Honestly I am not sure if we are really supposed to include the car loan because at the end of the day though the car loan is a liability but you can sell off your car to cover that or most of it whereas a credit card debt is a real debt without any sort of asset to back it up. Correct ? Also, my bank has the option of including the a/c's to be mentioned on the balance letter and there is an option to chose or not chose the auto loan.

However I have not submitted my eAPR yet and I guess this will be an open point for me till the very end. Have you been able to find something on this ?

Well my bank did not give that option to include or exclude the car loan so its there in my bank letter. And I agree that the car loan should not be considered for the reason you have mentioned, what surprised infact shocked me was the inclusion of unutilised credit card limit in my liability letter by the bank!

 

[Bhargavg2002]

Guys,

Anyone with the brokerage account/Investment account ? I have my funds in stocks which I can liquidate anytime to make into cash.

Now the issue is that I am not sure whether my brokerage gives out something like bank certificate mentioning the balance and etc.

Another questions is that " do I have to get liability certificate for each credit card? that I own? "

Thanks in advance,
Bhargav Gajji

 

[Angel_Canada]

Can anyone who has successfully received a PR advice me as to how to go about the proof of funds when I have a home loan and the instalments are being debited to the salary account which I want to show. Does only the bank letter stating that there is no lien on the funds, work as the loan has not been granted by that bank? What are my options? Kindly suggest..

This is a perplexing situation..

 

[Bhargavg2002]

Can anyone who has successfully received a PR advice me as to how to go about the proof of funds when I have a home loan and the instalments are being debited to the salary account which I want to show. Does only the bank letter stating that there is no lien on the funds, work as the loan has not been granted by that bank? What are my options? Kindly suggest..

This is a perplexing situation..

Hi,

The answer I found so far is this, the review board is will review your settlement funds which are your assets in cash. That means you don't have to deduct for the mortgage or car loan. These loans are considered to be paid with your current job, and with future job. But, the officer may be interested to know the source of fund if the bank statement shows 6 months average or 12 months average, which is less than your current balance. As this indicates recent transfer of money to the account. So, in the Letter of explanation , give details about where the funds are coming from. This is what I did my application, which I submitted on 10th Dec. I will update once I get status.

 

[Angel_Canada]

Hi,

The answer I found so far is this, the review board is will review your settlement funds which are your assets in cash. That means you don't have to deduct for the mortgage or car loan. These loans are considered to be paid with your current job, and with future job. But, the officer may be interested to know the source of fund if the bank statement shows 6 months average or 12 months average, which is less than your current balance. As this indicates recent transfer of money to the account. So, in the Letter of explanation , give details about where the funds are coming from. This is what I did my application, which I submitted on 10th Dec. I will update once I get status.

Thank you so much for your reply, Sir. Did you submit the bank statements as well and declare your loan?

 

[Bhargavg2002]

Thank you so much for your reply, Sir. Did you submit the bank statements as well and declare your loan?

I got the bank statement from the bank where I had funds, also it is the only bank which gives a letter with stamp and signature. As mentioned in the earlier mail, as long as this is the sufficient and legitimate source of funds, one bank statement should be fine.

Don't get confuse with declaration at arrival vs funds for application.

At the arrival you have to declare all sources of future income( which will require to declare all assets you have which can provide future source of income: house, gold, machinery and cash return pending etc.)

NOTE: THIS IS WHAT I COULD FIND IN MY SEARCH AND DO NOT CONSIDER THIS AS LEGAL ADVICE OR THE SOURCE FROM CANADA IMMIGRATION. BUT, I FOLLOWED THIS PROCESS TRUTHFULLY AND WILL UPDATE THE SCENARIO IF IT CHANGES.

 

[Angel_Canada]

I got the bank statement from the bank where I had funds, also it is the only bank which gives a letter with stamp and signature. As mentioned in the earlier mail, as long as this is the sufficient and legitimate source of funds, one bank statement should be fine.

Don't get confuse with declaration at arrival vs funds for application.

At the arrival you have to declare all sources of future income( which will require to declare all assets you have which can provide future source of income: house, gold, machinery and cash return pending etc.)

NOTE: THIS IS WHAT I COULD FIND IN MY SEARCH AND DO NOT CONSIDER THIS AS LEGAL ADVICE OR THE SOURCE FROM CANADA IMMIGRATION. BUT, I FOLLOWED THIS PROCESS TRUTHFULLY AND WILL UPDATE THE SCENARIO IF IT CHANGES.

Sir, my funds are completely legitimate and clean. Where I am being confused is that If I only share the bank letter, it will not state any loan instalment which has been debited from my bank account. But If at a later stage I am required to submit the bank statement, that will clearly show loan instalments already debited to my account. Therefore, my problem is whether should I submit only the bank letter or the bank statement as well with it? Because if I submit my bank statements, then I might have to arrange for other documents stating my loan too. My question is did you declare your loan, if yes, what were the documents that you submitted? What is the recommended way. Thank you so much for your precious time..Regards!

 

[Bhargavg2002]

Sir, my funds are completely legitimate and clean. Where I am being confused is that If I only share the bank letter, it will not state any loan instalment which has been debited from my bank account. But If at a later stage I am required to submit the bank statement, that will clearly show loan instalments already debited to my account. Therefore, my problem is whether should I submit only the bank letter or the bank statement as well with it? Because if I submit my bank statements, then I might have to arrange for other documents stating my loan too. My question is did you declare your loan, if yes, what were the documents that you submitted? What is the recommended way. Thank you so much for your precious time..Regards!

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.)

 

[Zen_1987]

Hi all,

I am planning to take a loan against gold which I will convert it in FD of approximately 15200 CAD as a POF.

My doubt is, is it okay if I will show FD of full amount which is borrowed through gold loan?

In addition, I would like to know, when do I need to show POF.

Thanks in advance.

 

[thinkingtoapply]

Hi all,

I am planning to take a loan against gold which I will convert it in FD of approximately 15200 CAD as a POF.

My doubt is, is it okay if I will show FD of full amount which is borrowed through gold loan?

In addition, I would like to know, when do I need to show POF.

Thanks in advance.

Hi Zen,
I would say its a bad idea to take a loan against gold to show as POF. Loan taken for POF purposes is not acceptable.

Instead a better idea would be to sell that gold, get a receipt of sale and get the money from the jeweler online or by cheque directly to your account.

You can show this POF even 1 day before you submit your file and it wont be a problem because its from the sale of your own assets.

 

[Zen_1987]

Hi Zen,
I would say its a bad idea to take a loan against gold to show as POF. Loan taken for POF purposes is not acceptable.

Instead a better idea would be to sell that gold, get a receipt of sale and get the money from the jeweler online or by cheque directly to your account.

You can show this POF even 1 day before you submit your file and it wont be a problem because its from the sale of your own assets.

Thanks you very much for the quick reply.
Can't I show FD as a proof of Funds which I borrowed from the gold loan?
I know I'm repeating something but It will make you more clear so that I can get a more clear reply from you.
Thanks again my friend.

 

[thinkingtoapply]

Thanks you very much for the quick reply.
Can't I show FD as a proof of Funds which I borrowed from the gold loan?
I know I'm repeating something but It will make you more clear so that I can get a more clear reply from you.
Thanks again my friend.

No, you cant. Money shown for POF should be yours. Not borrowed.

It can be from your income from your job/business.
You can sell any asset that you have to get that in ur account.
Your family members can gift you that money and you can attach a gift deed to prove that its gifted money and now its urs to use.
Hope that clears your doubt

 

[Zen_1987]

No, you cant. Money shown for POF should be yours. Not borrowed.

It can be from your income from your job/business.
You can sell any asset that you have to get that in ur account.
Your family members can gift you that money and you can attach a gift deed to prove that its gifted money and now its urs to use.
Hope that clears your doubt

Thanks brother.
It'll help me a lot.