Proof of Funds questions

[ldrbjp]

My apologies if these were answered already and I'm asking again.

I lived in Singapore till Oct'2016 and returned to India for good mid Oct'2016. I had to transfer the savings from Singapore account to India through my father's account. Meaning, Sing dollars converted to INR and transferred to my father's account and the INR was transferred from his account to mine.

My questions:

1. Should I get the bank statement in Singapore as well as India? My India account is newly opened and doesn't have 6 month history.
2. Since the amount was transferred through my father's account, should I get gift deed?

Another thread is that, I'm planning to buy a home with the help of a home loan and the monthly payment would be out of the my new Indian account. Questions:

1. Does having an active home loan impact POF limits?
2. The debt, as a result of home loan is considered a liability and hence the total loan value is deducted from my assets?

 

[microntek]

Bank account:
1. Yes, I believe you should include both bank statements since your bank account is quite new. You would probably need them to explain the source of the funds.
2. As long as you prove that the initial transfer was made from you Singapore account, I don't think a gift deed is required.

Loan:
1,2 Yes, it does. It is considered as a liability. That's why they ask from the applicant to include in their PoF bank letter any liabilities from loans/debit cards etc.

 

[ldrbjp]

Thank you Microntec. So does that mean I should not have any loans?

 

[jackdawn]

Thank you Microntec. So does that mean I should not have any loans?

while calculating your POF they will check if u have the required amount in your account for a period of 6 months. Its not assets minus liabilities. there should b required amount in ur account for atleast 6 months

 

[ldrbjp]

while calculating your POF they will check if u have the required amount in your account for a period of 6 months. Its not assets minus liabilities. there should b required amount in ur account for atleast 6 months

Perfect! So I CAN go for a home loan if I wish to but just ensure minimum funds are maintained month on month, irrespective of the EMI I pay for home loan. I'm asking again purely because I have read conflicting comments on this matter on this forum.

 

[BreakingBad]

Yes Man, You Can go for Home loan.

Important thing is YOU should get 6 Months Bank statement from Singapore bank(Mandatory)
Otherwise you cant explain that the money is yours.

Statement/Doc to show money sent from Spore to your fathers account is not enough.

Worry about getting 6M statement form Singapore bank with STamp.

Or else Go for gift deed.

+1 if this helps.

 

[ldrbjp]

Yes Man, You Can go for Home loan.

Important thing is YOU should get 6 Months Bank statement from Singapore bank(Mandatory)
Otherwise you cant explain that the money is yours.

Statement/Doc to show money sent from Spore to your fathers account is not enough.

Worry about getting 6M statement form Singapore bank with STamp.

Or else Go for gift deed.

+1 if this helps.

Pretty much it helps! Thanks a bunch

 

[ldrbjp]

Another question: I'm able to get monthly statements from my Singapore bank. the statement has the bank logo, my address, all the transactions of the month, opening and closing balance. It just doesn't have the bank stamp as such.

Can I just merge 6 monthly statements (PDF) and use it?

 

[matchless]

Another question: I'm able to get monthly statements from my Singapore bank. the statement has the bank logo, my address, all the transactions of the month, opening and closing balance. It just doesn't have the bank stamp as such.

Can I just merge 6 monthly statements (PDF) and use it?

its always better to have a stamped statement than online generated.