Proof of funds - Housing Loan

[kumar_85]

Hello,

We have a Joint SBI Max Gain housing loan (20-year tenure) for which EMI is regularly paid by my Spouse from his salaried account. We are also parking our savings in that loan account to reduce the monthly interest.

I am the primary applicant for EE. For POF, can I transfer the needed money (only from paid in advance) from that housing loan account to my savings account and also create FD in my name for 6 months?

In such case, I would be showing the following as POF

1) Our housing loan account statement including the above-mentioned transfer with LOE
2) My savings account statement showing the FD (liquid cash)
3) My spouse salary account statement for 6 months showing EMI paid regularly

Experts, kindly advise.

Regards,
Kumar

 

[mr.preetsingh]

Hello,

We have a Joint SBI Max Gain housing loan (20-year tenure) for which EMI is regularly paid by my Spouse from his salaried account. We are also parking our savings in that loan account to reduce the monthly interest.

I am the primary applicant for EE. For POF, can I transfer the needed money (only from paid in advance) from that housing loan account to my savings account and also create FD in my name for 6 months?

In such case, I would be showing the following as POF

1) Our housing loan account statement including the above-mentioned transfer with LOE
2) My savings account statement showing the FD (liquid cash)
3) My spouse salary account statement for 6 months showing EMI paid regularly

Experts, kindly advise.

Regards,
Kumar

You can create FD the way you have mentioned.

1. No need to provide housing loan details in your POF.
2. Savings account statement will be good.
3. You can provide spouse salary account statement. It will be acceptable.

 

[kumar_85]

@mr.preetsingh Thanks for your reply. Please find my comments

1. No need to provide housing loan details in your POF.
==> Won't it be a problem, as I have to disclose any loan details
2. Savings account statement will be good.
==> My savings a/c statement will show the transfer from my loan account to the savings account. So, in this case, I have to show loan details. Right?
3. You can provide spouse salary account statement. It will be acceptable.
==> My spouse salary account statement will show EMI being debited every month.

In LOE, I will be mentioning that, once I moved to Canada, I will be selling the house and settle the loan.

 

[LetsReachCanada]

@mr.preetsingh Thanks for your reply. Please find my comments

1. No need to provide housing loan details in your POF.
==> Won't it be a problem, as I have to disclose any loan details
2. Savings account statement will be good.
==> My savings a/c statement will show the transfer from my loan account to the savings account. So, in this case, I have to show loan details. Right?
3. You can provide spouse salary account statement. It will be acceptable.
==> My spouse salary account statement will show EMI being debited every month.

In LOE, I will be mentioning that, once I moved to Canada, I will be selling the house and settle the loan.

Hi kumar_85, I too have a Maxgain O/D account. I have asked this on a separate thread but would need as much help/advice possible

I got my ITA on 4th April 2019. My wife is the primary applicant. We have no kids. Complicating the issue is the fact that my Maxgain account was opened last week of February 2019(it is a take-over loan - loan was previously held by LICHFL). In my O/D account, I have about half the funds (needed for POF), and my wife has half the funds(needed for POF) in her accounts.

Did you get PPR yet? Secondly, if you don't mind, please share what you did to show POF.

 

[pratham02j]

You can create FD the way you have mentioned.

1. No need to provide housing loan details in your POF.
2. Savings account statement will be good.
3. You can provide spouse salary account statement. It will be acceptable.

Help please..!!
I have a similar situation but with a different bank. Me and my wife hold a current account (jointly owned) where we park money which is adjusted against principal outstanding to calculate interest. A statement of this account will show EMI deducted towards home loan and also inward transfers which we have done from our salary accounts. This current account has sufficient fund and meets minimum criteria. Money in this account is totally liquid, it shows available balance and shows same amount as withdrawable balance. Somebody mentioned to me that showing home loan EMI deduction will lead to further scrutiny of our proof of funds. I am thinking if we can show this account statement together with our salary account statements as POF and if that is sufficient. OR i should create a FD with amount in this account to show as POF?