Hi Guys,
I have a question. I have a Loan account in SBI india. Let me explain how it works. I have borrowed 20L from the bank for my housing loan for which I am paying an EMI of X amount per month. This account lets you to deposit a sum for which you will get interest exemption. Say for example , i have 3L in my hand, i can deposit it in this account. If my outstanding loan amount is 17 L , i will have to pay interest for only 14 L .
Now coming to my question. I accumulated the required funds for canadian immigration in this account. Can i show it as my proof of funds?
I have access to this money anytime by cheque book and internet banking. The only thing I am worried now is that as its a over draft account the balance is showing in negative figure.
Can anyone help me with this?
What are my options? Should i move my money to my salary account?
Please help!