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Is mortgage considered a debt

hma1987

Member
Aug 27, 2017
15
1
Hi.

I've bought a house on a mortgage (secured by that house) and have a clean history so far. Is it considered a debt when it says I should have no serious debt to be eligible for akilled worker?

Thanks.
 
Last edited:

dadofethan

Full Member
Oct 6, 2020
33
10
Category........
PNP
NOC Code......
2171
AOR Received.
26-11-2020
Med's Done....
06-01-2021
Yes mortgage debt is fine.
Hi would like your opinion on this matter.

How does IRCC calculate PoF vs outstanding debt specifically a house loan? I have funds above the minimum required. I am also currently employed which covers my monthly amortization for the house but still have 6 years on the mortgage. Will they hold the entire remaining house loan amount against my funds? Please explain formula immigration officer will use.

Also how does IRCC find out about debt if you don't declare it (Both loan and credit card debt) ?
I heard of people getting rejected due to not declaring it to IRCC. Example: I know someone who had unpaid credit card debt but was still able to immigrate last 2015. But I also know another person who also had outstanding credit card debt and didn't declare it in his IRCC application and got rejected by IRCC last 2019
 

johnnycyrille

Star Member
Aug 3, 2018
105
22
Hi would like your opinion on this matter.

How does IRCC calculate PoF vs outstanding debt specifically a house loan? I have funds above the minimum required. I am also currently employed which covers my monthly amortization for the house but still have 6 years on the mortgage. Will they hold the entire remaining house loan amount against my funds? Please explain formula immigration officer will use.

Also how does IRCC find out about debt if you don't declare it (Both loan and credit card debt) ?
I heard of people getting rejected due to not declaring it to IRCC. Example: I know someone who had unpaid credit card debt but was still able to immigrate last 2015. But I also know another person who also had outstanding credit card debt and didn't declare it in his IRCC application and got rejected by IRCC last 2019
They won't hold anything related to the house because it is consider an asset and not like a personal loan that should be deducted from your gross funds amount.

Concerning the credit card, they can detect any outstanding amount when you submit a statement. Unless you highlight the issue there's a big probability they can't discover because of confidentiality.
 
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dadofethan

Full Member
Oct 6, 2020
33
10
Category........
PNP
NOC Code......
2171
AOR Received.
26-11-2020
Med's Done....
06-01-2021
They won't hold anything related to the house because it is consider an asset and not like a personal loan that should be deducted from your gross funds amount.

Concerning the credit card, they can detect any outstanding amount when you submit a statement. Unless you highlight the issue there's a big probability they can't discover because of confidentiality.
Thanks! To further clarify, i know I'm to submit past 6 months banks statement right. So i don't have to submit credit card statement? But i submit mortgage just to be transparent right? My issue is: i have pending debt from another bank, different from my savings account. Will they be able to detect the debt from another bank (bank B) if i only submit savings from bank A?
 

mr.preetsingh

VIP Member
Oct 26, 2017
5,985
1,180
Canada
Category........
FSW
NOC Code......
2171
App. Filed.......
14-04-2018
Doc's Request.
NA
Nomination.....
NA
AOR Received.
14-04-2018
IELTS Request
NA
File Transfer...
NA
Med's Request
Upfront
Med's Done....
07-04-2018
Interview........
NA
Passport Req..
19-06-2018
VISA ISSUED...
25-06-2018
LANDED..........
06-09-2018
Thanks! To further clarify, i know I'm to submit past 6 months banks statement right. So i don't have to submit credit card statement? But i submit mortgage just to be transparent right? My issue is: i have pending debt from another bank, different from my savings account. Will they be able to detect the debt from another bank (bank B) if i only submit savings from bank A?
Just submit the POF document which is a balance certificate from the bank where you have kept funds for PR.
 
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