Proof Of Fund query

[Pippin]

Show proof of those loans and corresponding repayments. Have a paper trail showing that money originally in your account, going to the friend, and being returned. Having the figures as they are will make one question where did the money come from?

 

[michael.fernando]

I have a similar situation and i believe at least half of folks here would be having some sort of loan/emi going on.
I am too not sure about it. Probably, we need to check with folks who have got ITA.

You are right @Jkal. I couldn't find anything online that will confirm if we have to payoff pending loans or its okay to have them in our application. I think folks who have gone past this stage will have a clue. ???

 

[Neel0526]

Land on my name, evaluation report from lawyer will work as POF?

 

[Jkal]

Land on my name, evaluation report from lawyer will work as POF?

NO. It used to work long back but not any more.

 

[The Robust]

Hi,

I need some clarification regarding 'Proof Of Funds'.My dad is willing to give me $ 21,000 as a gift. I do not have any obligation to return the money back to him. I plan to put it into a Fixed Deposit under my name.

1.Will this be considered as ''borrowed'' money ? Will I have to produce any document stating that this is a gift and not a loan ?

2.Will a Fixed Deposit be considered as a proof of fund?

Thank you.

well there is a work around for :

get that money from your father buy a property at your name sell it keep all the documentation as an evidence put that money in FD