Urgent: Proof of Funds

[omarkhan]

Dear all:
I urgently need your help with proof of funds statement. I have till 16th August to submit my EAPR, and I do not have the required amount in liquid form in my account. My questions are:
1) I have a car, that is registered in the name of the last owner but the purchase of car has been clearly mentioned on a notarized stamp paper(affidavit) that mentions me as the buyer and he as the seller, along with the amount paid by me as well as the car info. So if i sell it now and put the sale of car info/receipt on notarized stamp paper that shows me as the owner and seller, would that be sufficient to show as part of proof of funds?
2) Can my father gift his salary and pension savings to form part of the proof of funds?
3) Also, my mother has her savings that she has kept at home in cash. If she wants to gift that amount to me, how can she go about it?
4) I have a small amount of outstanding bank loan to pay also, as well as loan from my provident fund. When they say the proof of funds must be unencumbered, does it mean i should first repay all my outstanding loans first, or does it mean only that the amount shown as pof should be free of debt?
5) Lastly, given that I must show a six months bank statement, would having amost all the amount just a few weeks before lodging the application have any problems?

Please help. Thank you.

 

[omarkhan]

Dear all:
I urgently need your help with proof of funds statement. I have till 16th August to submit my EAPR, and I do not have the required amount in liquid form in my account. My questions are:
1) I have a car, that is registered in the name of the last owner but the purchase of car has been clearly mentioned on a notarized stamp paper(affidavit) that mentions me as the buyer and he as the seller, along with the amount paid by me as well as the car info. So if i sell it now and put the sale of car info/receipt on notarized stamp paper that shows me as the owner and seller, would that be sufficient to show as part of proof of funds?
2) Can my father gift his salary and pension savings to form part of the proof of funds?
3) Also, my mother has her savings that she has kept at home in cash. If she wants to gift that amount to me, how can she go about it?
4) I have a small amount of outstanding bank loan to pay also, as well as loan from my provident fund. When they say the proof of funds must be unencumbered, does it mean i should first repay all my outstanding loans first, or does it mean only that the amount shown as pof should be free of debt?
5) Lastly, given that I must show a six months bank statement, would having amost all the amount just a few weeks before lodging the application have any problems?

Please help. Thank you.

 

[TEJAS2]

Hi,
Wow,, dude,, thats quite a list. Anyways, lets go one by one.
1. You can sell your car and get all approved/notarized documents as supporting documents for proof of funds.
for 2 & 3 : YES, your father and mother can give u money as gift but do make necessary notarized documents, mentioning that all funds given by parents not to be considered as Loan but as gift to myself.
For 4 : the amount in your bank account should be free of debt.
For 5 : Problems, not likely , suspicious, Yes, but not to ponder upon as you have all the evidences & appropriate documents attached with your file.

All the best !! and do let us know the progress for your application.

 

[omarkhan]

Hi,
Wow,, dude,, thats quite a list. Anyways, lets go one by one.
1. You can sell your car and get all approved/notarized documents as supporting documents for proof of funds.
for 2 & 3 : YES, your father and mother can give u money as gift but do make necessary notarized documents, mentioning that all funds given by parents not to be considered as Loan but as gift to myself.
For 4 : the amount in your bank account should be free of debt.
For 5 : Problems, not likely , suspicious, Yes, but not to ponder upon as you have all the evidences & appropriate documents attached with your file.

All the best !! and do let us know the progress for your application.

Thanks a lot my friend. Just one more clarification: You said the amount should be free of debt. As per my understanding, it means the amount in my account should not be borrowed. Does it mean its alright to have outstanding bank debt that one can pay later on with salaries?

Also, how can my mom's savings be shown as pof as she has them in cash. Should she make a bank draft or something?

Oops, that makes them two questions rather than one.

 

[TEJAS2]

Thanks a lot my friend. Just one more clarification: You said the amount should be free of debt. As per my understanding, it means the amount in my account should not be borrowed. Does it mean its alright to have outstanding bank debt that one can pay later on with salaries?

Also, how can my mom's savings be shown as pof as she has them in cash. Should she make a bank draft or something?

Oops, that makes them two questions rather than one.

Hi,

for Mom's saving - whichever mode u choose, be it bank draft or cash, just make notarized document for it, so that you can show it as evidence.

Your account should be free from any liabilities. If u have any outstanding amount, pay it & get it close.

hope it helps.
All the best.

 

[omarkhan]

Hi,

for Mom's saving - whichever mode u choose, be it bank draft or cash, just make notarized document for it, so that you can show it as evidence.

Your account should be free from any liabilities. If u have any outstanding amount, pay it & get it close.

hope it helps.
All the best.

Thanks. It means I have to generate more money than i thought

 

[imrankhan2015]

You can get a Gift deed from your father on 1200 rupees stamp paper and get it notarized. I did the same. Regarding your mother, it is better to get the cash transferred to your father's account and then get the total amount as a gift through a pay order from your father.

 

[omarkhan]

You can get a Gift deed from your father on 1200 rupees stamp paper and get it notarized. I did the same. Regarding your mother, it is better to get the cash transferred to your father's account and then get the total amount as a gift through a pay order from your father.

Thanks. That seems like a good idea. Just one question here: If I transfer mom's savings into my father's account, would I have to have any affidavit for that also for transfering it into my father's account? I mean although its a small amount of around 3 lacs or so, but wouldnt my father's bank statement show the source of it to be unknown?