Long story short, I have about 40% of the required funds in FD. The 60% of the funds I have been expecting from someone who owes me might take longer. My parents are unable to pull the required funds from their current investments in the next 30 days, I received NOI from OINP. Here is what my father suggested.
1. That I take a loan for the remaining 60%.
2. Move the funds to my father's account.
3. He will then transfer it to me and provide the gift deed for the same.
4. Either one of us can repay the loan, me from the money I would get or my father with his money. (maybe irrelevant)
So my question now is
1. Is it okay to do this?
2. Is it illegal?
3. Will the Canadian Government or Province that offer PNP know this or any liability an applicant holds in home country (I have no liability BTW)? I don't see PAN or Aadhaar in required documents, so wonder if they will be able to do a CIBIL check.
P.S - The loan will be from a different bank from the one I will be issuing the proof of funds.
1. That I take a loan for the remaining 60%.
2. Move the funds to my father's account.
3. He will then transfer it to me and provide the gift deed for the same.
4. Either one of us can repay the loan, me from the money I would get or my father with his money. (maybe irrelevant)
So my question now is
1. Is it okay to do this?
2. Is it illegal?
3. Will the Canadian Government or Province that offer PNP know this or any liability an applicant holds in home country (I have no liability BTW)? I don't see PAN or Aadhaar in required documents, so wonder if they will be able to do a CIBIL check.
P.S - The loan will be from a different bank from the one I will be issuing the proof of funds.