Hello Guys,
I know this topic has been discussed at length before, but I have some specific question.
Is there a list of eligible fund/instruments to show proof of fund from India?
My problem is that though I have enough fund with me to support, it is scattered and invested. So do not have much liquidity.
Here are the specific issues:
1. I have a home loan, and I have taken a max gain facility from my banker. Just to clarify on what it means - It acts as OD facility, it is basically, whatever surplus fund I have, I can park it in my loan account, and the bank will charge me interest on (total loan outstanding - fund I have parked). Meaning - say I have taken a loan of Rs. 50L, generally interest is charged on Rs. 50L outstanding. However, if I have a surplus fund of say - 5 L, I just put it in the loan account, and the interest is charged on 45L (50-5). It helps to reduce interest and also have a flexibility to use the fund when required.
Now, my problem is, can I show this loan account statement as POF? Issue I feel is that it will also show a loan outstanding ( which is payable in 20 years and thus and no significant impact on liquidity). But it still shows as debt. I might have to go through hassles of getting the valuation of property which has not been completed yet to show as equity. I want to avoid that.
2. I have quite a bit of investment in equities and mutual fund. Can I just show that as POF, or would I have to liquidate them and create a FD. In that case, it will show a significant amount coming directly in my account at one shot.
3. Is EPF a valid source of POF? or do I have to liquidate that to show POF?
4. Can I show my accompanying spouse bank statement. The fund in it is not enough, but I will be meet fund requirement partially with that.
5. I have some money in US bank account, while I was there. That amount in itself is not sufficient, but can it be added up. Can I show that money directly or do I need to transfer it in India and then show? Not sure how does the balance statement from US banks work. I have moved back to India long back.
Basically, can it be shown from multiple sources or would it need to be consolidated in one account. If yes, what sources can be used.
Thanks
I know this topic has been discussed at length before, but I have some specific question.
Is there a list of eligible fund/instruments to show proof of fund from India?
My problem is that though I have enough fund with me to support, it is scattered and invested. So do not have much liquidity.
Here are the specific issues:
1. I have a home loan, and I have taken a max gain facility from my banker. Just to clarify on what it means - It acts as OD facility, it is basically, whatever surplus fund I have, I can park it in my loan account, and the bank will charge me interest on (total loan outstanding - fund I have parked). Meaning - say I have taken a loan of Rs. 50L, generally interest is charged on Rs. 50L outstanding. However, if I have a surplus fund of say - 5 L, I just put it in the loan account, and the interest is charged on 45L (50-5). It helps to reduce interest and also have a flexibility to use the fund when required.
Now, my problem is, can I show this loan account statement as POF? Issue I feel is that it will also show a loan outstanding ( which is payable in 20 years and thus and no significant impact on liquidity). But it still shows as debt. I might have to go through hassles of getting the valuation of property which has not been completed yet to show as equity. I want to avoid that.
2. I have quite a bit of investment in equities and mutual fund. Can I just show that as POF, or would I have to liquidate them and create a FD. In that case, it will show a significant amount coming directly in my account at one shot.
3. Is EPF a valid source of POF? or do I have to liquidate that to show POF?
4. Can I show my accompanying spouse bank statement. The fund in it is not enough, but I will be meet fund requirement partially with that.
5. I have some money in US bank account, while I was there. That amount in itself is not sufficient, but can it be added up. Can I show that money directly or do I need to transfer it in India and then show? Not sure how does the balance statement from US banks work. I have moved back to India long back.
Basically, can it be shown from multiple sources or would it need to be consolidated in one account. If yes, what sources can be used.
Thanks