I wanted to ask that, we are applying for immigration to Canada. We have our house which fulfill funds declare requirements but that belongs to my father in law and we leave in joint family so my question is can we mortgage the same house can show the amount in funds.
Waiting for reply.
You could have used that house evaluation if your father-in-law would immigrate with you to Canada.
Otherwise jointly owed (or otherwise does not belong solely to you legally) property cannot be used as POF.
* Bank account(s): a proof from a bank or a financial institution confirming that you have on deposit in your name the above-mentioned amount in Canadian funds or equivalent (we only accept bank statements confirming accounts held in Canada, in any other Western country or in a local branches of banks headquartered in a Western country (Citibank, Raiffeisen Bank, etc.). You must submit an original bank statement (not a photocopy) or a fax sent to you directly from the bank. The bank statement must be in English or French, on a bank letterhead and signed. It should contain the following information: account number, account holder's name, amount and currency. Please be advised that we cannot accept a bank statement issued more than 30 days before the submission of your current proof of funds.
* Real estate: evaluations of real estate made by a licensed agency. With the evaluation, enclose a notarized photocopy of the ownership certificate for your property. Please note that evaluations for real estate co-owned with third parties or with family members not accompanying you to Canada cannot be accepted as proof of settlement funds. A certified translation of the documents into English or French is required.
* Traveller´s Cheques can also be accepted as proof of settlement funds. Photocopies of traveller´s cheques are acceptable.
Because it is common sense:
It is co-owned meaning that you cannot sell it without the co-owner permission and therefore since the co-owner is not going with you may not give you permission to sell the property "You go, but I am staying here and I DON'T want to sell it."
And it is also common sense that property is accepted before visa issued and NOT accepted as POF for issuing visa and definitely NOT at the time of landing. Because you cannot cover your everyday expenses with your apartment/house you need money.
You cannot go to a store and say "I have a house in my home country, please bill me on that account".
