Getting Ready For Funds

[LMK1988]

Dear Members,

I have gone through many of the threads in this site and found them so informative and full of collaborative members. Thank you so much for sharing your experiences and knowledge.

I am about to start the process and have some quarries about proof of Funds.

Query 1: I am having two options to show funds a total of 12,000 CAD and they are as follows:

Option 1:
Sell a land that i own and provide the funds and related details.

Option 2:
Save 2,000 CAD equivalent from my salary every month starting from today and show a total of 12,000 CAD by 6 months.

so the bank account will look something like this:

June: 2,000 CAD
July: 4,000 CAD
Aug: 6,000 CAD
...
..
Nov: 12,000 CAD​

I prefer this method since i don't have to sell any properties. ​

I am worried if i follow option 2 and if i receive ITA by December will it be an issue with regards to 6 month AVG balance.

Query 2: Should the funds be ready by EE profile creation day and should it have a history of 6 months by that date.

Query 3: I am having a Consumer Loan obtained 1 year back, which i am paying back monthly. Will this be an issue with the proof of Funds.

Note:
My Score is 457
I have not yet created the EE Profile

It would be really helpful if any member who had gone through a similar scenario can enlighten us with your experience and findings.

 

[anoop_satheesh]

Dear Members,

I have gone through many of the threads in this site and found them so informative and full of collaborative members. Thank you so much for sharing your experiences and knowledge.

I am about to start the process and have some quarries about proof of Funds.

Query 1: I am having two options to show funds a total of 12,000 CAD and they are as follows:

Option 1:
Sell a land that i own and provide the funds and related details.

Option 2:
Save 2,000 CAD equivalent from my salary every month starting from today and show a total of 12,000 CAD by 6 months.

so the bank account will look something like this:

June: 2,000 CAD
July: 4,000 CAD
Aug: 6,000 CAD
...
..
Nov: 12,000 CAD​

I prefer this method since i don't have to sell any properties. ​

I am worried if i follow option 2 and if i receive ITA by December will it be an issue with regards to 6 month AVG balance.

Query 2: Should the funds be ready by EE profile creation day and should it have a history of 6 months by that date.

Query 3: I am having a Consumer Loan obtained 1 year back, which i am paying back monthly. Will this be an issue with the proof of Funds.

Note:
My Score is 457
I have not yet created the EE Profile

It would be really helpful if any member who had gone through a similar scenario can enlighten us with your experience and findings.

I have done some thing like option 2. I haven't showed 6 months balance, rather i showed multiple FD deposits consolidated provisional certificate. It was ok for me and every thing went fine.
However as you have good score and could get invitation soon, I suggest to file application at the earliest. The rules and score level can change at any time. In that case, you would need to go for option 1.
Option 2, i dont think last 2-3 months money which does not have 6 months history will be an issue, because you can explain the savings from each month from your salary as an explanation in case if you get a query. Most times, there wont be a question for that.

Above all, to be on safer side and not to take any kind of risk of receiving queries, showing 6 months fund is good.

Leaving the decision to you. All the best!

 

[LMK1988]

I have done some thing like option 2. I haven't showed 6 months balance, rather i showed multiple FD deposits consolidated provisional certificate. It was ok for me and every thing went fine.
However as you have good score and could get invitation soon, I suggest to file application at the earliest. The rules and score level can change at any time. In that case, you would need to go for option 1.
Option 2, i dont think last 2-3 months money which does not have 6 months history will be an issue, because you can explain the savings from each month from your salary as an explanation in case if you get a query. Most times, there wont be a question for that.

Above all, to be on safer side and not to take any kind of risk of receiving queries, showing 6 months fund is good.

Leaving the decision to you. All the best!

Thanks a lot for the response Anoop.
I understand that Option 2 is risk involved and Option 1 will be easy.

Do you have any experience with Consumer Loans, should you settle all loans prior applying ?

 

[anoop_satheesh]

Thanks a lot for the response Anoop.
I understand that Option 2 is risk involved and Option 1 will be easy.

Do you have any experience with Consumer Loans, should you settle all loans prior applying ?

i had home loan, car loan.. But its not mentioned any where you need to declare that. I havent specifically declared that.

What i have done is, i have showed necessary amount as FD and savings account. I showed more money which in terms of Gold, my flat value, my mutual funds value, PF fund, gift deed amount etc.
What i tried to prove is, i have necessary funds which can be used at any time and i do have additional fund in terms of assets as well. I never received any query for POF.

 

[LMK1988]

i had home loan, car loan.. But its not mentioned any where you need to declare that. I havent specifically declared that.

What i have done is, i have showed necessary amount as FD and savings account. I showed more money which in terms of Gold, my flat value, my mutual funds value, PF fund, gift deed amount etc.
What i tried to prove is, i have necessary funds which can be used at any time and i do have additional fund in terms of assets as well. I never received any query for POF.

Thank you so much Anoop.
You response was very informative and i wish you all the best