Dear Forum Members,
I have gone through the previous posts, and there are a few things that I am still unclear about. Would be most thankful if experienced forum members could clarify. I have an ITA and need to submit documents by Mid June.
1. Is EPF ( Employee provident fund )admissible as POF ? - Yes, check this link to know more about the procedure to get PF Balance Certificate and account statement from PF Office - INDIAhttp://www.canadavisa.com/canada-immigration-discussion-board/procedure-to-get-pf-balance-certificate-and-ac-statement-from-pf-office-india-t412640.0.html
2. Is PPF admissible as POF ? - PPF account matures only on the completion of 15 years from the end of the year in which the account was opened. For PPF, no premature closure is allowed, so this does not meet the requirement of CIC, which says that funds should be unencumbered and readily available. The only case where it can be used as proof of funds is by doing a partial withdrawal if you have completed 7 years (from date of account opening). In that case the proceeds which gets transferred to your savings account can be shown as the proof of funds, but not PPF directly.
3. I have a home loan running with SBI ( outstanding amount INR 10 Lacs ) while the purchase price for the property was INR 35 Lacs. The fact that the loan is a secured one, and the bank holds a mortgage on the property - Do i need to declare this liability in my POF ? If yes, can I declare the property as an asset ? I read somewhere on the forum that CIC wishes to ascertain if any loan has been taken with the purpose of generating funds for Canada Immigration, which is not the case here. My salary account shows EMIs towards this loans - so would it be prudent to not show it ? Also, Do i need to furnish any kind of valuation report to establish the value of the property ? - No, you need not declare this in your POF as the bank has a charge/mortgage on your property and will not affect your POF. No need for valuation report as this is no way related to POF.
4. Regarding the 6 months rule - I have some FDs which were created in the last 2 months only, but thats by way of salary / bonus arriving. Wouldnt they count ? - Yes, you can show the FD as POF as the bank statement would also show the source for the same. Keep a Letter of Explanation (LOE) explaining the source of funds. You can also attach the salary slips along with the LOE.
Regards