Posted on: 22-05-06 15:34:41
Hello,
I am planning to sponsor my brother-in-law for his higher studies in Australia. For this we are required to produce documents which include a sponsorship declaration on "Canadian stamp paper" showing proof of funds (we are PR holders of Canada, brother in law is in India.) He may never actually be using this fund since he is taking a loan from an Indian bank. This is just a formality document required for the visa process. Wondering would this have any impact on our home purchase (planning to buy a home in the next couple of months)?
Any other do's and don't that I need to be aware of....
Thanks in advance.
Quote:
Originally posted by arcrave
Hello,
I am planning to sponsor my brother-in-law for his higher studies in Australia. For this we are required to produce documents which include a sponsorship declaration on \"Canadian stamp paper\" showing proof of funds (we are PR holders of Canada, brother in law is in India.) He may never actually be using this fund since he is taking a loan from an Indian bank. This is just a formality document required for the visa process. Wondering would this have any impact on our home purchase (planning to buy a home in the next couple of months)?
Any other do's and don't that I need to be aware of....
Thanks in advance.
It would not have any impect on your home buying in Canada as that document is required by Australian authorities for making sure that your brother in law would have funds to continue his studies there.
On a side note if you are planning to buy a house in near future, it would be advisable to get your self pre-approved for mortgage and lock the rate as the rates could be moving up wards.
Good Luck.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
