ASSET/LIABILITY/FUNDS

[d_l_p]

Hi members,

I have a car loan of 6 lacks.Should i show it on liability? If not shown, will that affect my application?
please help

 

[RomanSPb]

Hi members,

I have a car loan of 6 lacks.Should i show it on liability? If not shown, will that affect my application?
please help

It will be fair to indicate all your liabilities there. Car value is your asset, car loan is your liability. If it is partially paid, then it will contribute to your total balance. On the other hand, it is also not a big deal if you do not mention it in your application since a) vehicles are not supposed to be assets here at all, at least as far as I remember from IMM 7000 Guide and b) CIC will not find out you have it in possession anyways

 

[d_l_p]

It will be fair to indicate all your liabilities there. Car value is your asset, car loan is your liability. If it is partially paid, then it will contribute to your total balance. On the other hand, it is also not a big deal if you do not mention it in your application since a) vehicles are not supposed to be assets here at all, at least as far as I remember from IMM 7000 Guide and b) CIC will not find out you have it in possession anyways

Thank you very much