Proof of Funds: Outstanding Loan/ Mortgage

[thinkingtoapply]

You can get a current outstanding loan statement from your bank. Get it sealed and signed on their letterhead.
You can get statements for past 6 months from all banks that you hold account in. Also get a Balance certificate from all banks that will show list of all accounts that you hold in that bank like current, savings etc. and get that signed and sealed on their letterhead too.
Attach a LOE explaining everything. If your loan amount exceeds the POF funds, its better to explain that you will be selling those assets to clear off those loans when you move. Show proof that those assets are of a higher value than said loan. I showed my last 3 years IT returns that displayed asset values.

 

[junti]

Tanq for the details...will do it..

 

[KhushiPatel]

No, you cant. Money shown for POF should be yours. Not borrowed.

It can be from your income from your job/business.
You can sell any asset that you have to get that in ur account.
Your family members can gift you that money and you can attach a gift deed to prove that its gifted money and now its urs to use.
Hope that clears your doubt

Hi, if i get a gift deed from my father in form of a fixed deposit- then do i need to show my all bank account statements and credit cards details along with the gift deed letter and fixed deposit? please help me clarify this doubt- i am stuck here and already received my ita- it would be a great help. Thank you in advance.

 

[thinkingtoapply]

Hi, if i get a gift deed from my father in form of a fixed deposit- then do i need to show my all bank account statements and credit cards details along with the gift deed letter and fixed deposit? please help me clarify this doubt- i am stuck here and already received my ita- it would be a great help. Thank you in advance.

You can get a gift deed of transfer of funds done from his account to your account. If you can transfer that fd in ur name and then show that in ur account, then yes you can do that.

 

[enigmatic99]

Hello Guys,
I am here in Canada since past 2 years (on study permit). I am planning to apply PR based on my previous work experience and education. So as a part of FSW, I need to submit Proof of fund, but I don't have enough money here in my Canadian bank account. So can I submit bank transaction statement paper from my bank back home in India ?

 

[KhushiPatel]

You can get a gift deed of transfer of funds done from his account to your account. If you can transfer that fd in ur name and then show that in ur account, then yes you can do that.

yes instead of transfer- he told me he’ll make a FD in my name and give it to me- also, for that do i have to show my dad’s bank account details or not?

 

[thinkingtoapply]

yes instead of transfer- he told me he’ll make a FD in my name and give it to me- also, for that do i have to show my dad’s bank account details or not?

Yes you can do that. And no, you dont need to, but sometimes they do ask an ADR for 6 months statement. So, its up to you if you want to upload it upfront.

 

[thinkingtoapply]

Hello Guys,
I am here in Canada since past 2 years (on study permit). I am planning to apply PR based on my previous work experience and education. So as a part of FSW, I need to submit Proof of fund, but I don't have enough money here in my Canadian bank account. So can I submit bank transaction statement paper from my bank back home in India ?

You can show your statement of indian bank account as of now.

 

[KhushiPatel]

Yes you can do that. And no, you dont need to, but sometimes they do ask an ADR for 6 months statement. So, its up to you if you want to upload it upfront.

ok. it clarifies a lot. Thank you soo much

 

[pratikzg]

Hello everyone. My father transferred home loan to another bank with top-up amount. He is primary applicant of loan and I am joint applicant (to show source of income). However, EMI is deducted from his bank account only. I have two queries.

1) Can I use that top-up amount for Proof of Fund? (By transferring to my account or gifting from my father's account)
2) Is above mentioned loan considered as debt? (being a joint applicant of my father's loan)

 

[thinkingtoapply]

1 Can you use it ? yes.. but if caught, it can lead to refusal of ur pr application. (How can you be caught? they can raise an ADR for ur fathers 6 months statement if they doubt this. That will show the loan)
2 Yes, it is considered as loan/debt/borrowed money.

Hello everyone. My father transferred home loan to another bank with top-up amount. He is primary applicant of loan and I am joint applicant (to show source of income). However, EMI is deducted from his bank account only. I have two queries.

1) Can I use that top-up amount for Proof of Fund? (By transferring to my account or gifting from my father's account)
2) Is above mentioned loan considered as debt? (being a joint applicant of my father's loan)

 

[rk186024]

Hi All,

I have a similar question. I have a Salary account and I have been gifted money by my uncle into that account (along with gift deed and all). I have a housing loan with another bank, where I usually transfer the amount from the salary account.

Should I declare this housing loan, as my salary account has sufficient funds after receiving the funds and there are no EMI deductions from this salary account?

If I should declare this housing loan, will just providing the sanction letter be sufficient or do I need to submit the last 6 months statements as well, as it's a savings cum-loan account?

Kindly let me know your views plz.


Thanks.

 

[suzipats]

Hi All,

I have a similar question. I have a Salary account and I have been gifted money by my uncle into that account (along with gift deed and all). I have a housing loan with another bank, where I usually transfer the amount from the salary account.

Should I declare this housing loan, as my salary account has sufficient funds after receiving the funds and there are no EMI deductions from this salary account?

If I should declare this housing loan, will just providing the sanction letter be sufficient or do I need to submit the last 6 months statements as well, as it's a savings cum-loan account?

Kindly let me know your views plz.


Thanks.

You dont need to separately mention housing loan. You six months statements will show the outflow and your ability to maintain required funds even with the outflow. That should prove it. Home loan is pretty common.

 

[rk186024]

You dont need to separately mention housing loan. You six months statements will show the outflow and your ability to maintain required funds even with the outflow. That should prove it. Home loan is pretty common.

Thanks, suzipats.

 

[anotherone11]

Hi,

Can I show PF account of both primary and dependent as my POF ?