Home Loan Statement

It is a crucial document provided by banks and financial institutions to borrowers. The statement provides a detailed summary of your home loan account, including the agreed-upon terms between you and the lender.

It is often issued at regular intervals (for example, at the start and end of the financial year) and provides an updated overview of the outstanding loan balance and pending EMIs. It serves as a comprehensive record of the loan's status and transactions. Your home loan statement clearly outlines:

• The exact EMI amount paid for each instalment

• The date on which you made each payment

• The date on which the payment was applied to the loan account

This loan statement helps you track repayments, interest, and the outstanding balance. Key details included in the statement are:

• Loan Account Number: A unique number assigned to your home loan account for identification and tracking
• Total Loan Amount: The total sanctioned loan amount approved by the bank or financial institution
• Loan Tenure: The duration of your home loan, including the start and end dates of the repayment period
• Type of Interest Rate: Indicates whether your loan carries a fixed or floating home loan interest rate
• Amount Repaid to Date: The total amount paid towards both principal and interest components of your loan so far
• EMI Amount: The fixed monthly payment, which includes both principal and interest components
• Outstanding Loan Amount: The remaining balance yet to be repaid on your home loan
• Borrower and Loan Details: Includes borrower name, co-borrower details, property address, and lender information.
• Interest Rate: Shows current interest rate, type (fixed/floating), reset dates, and annual percentage rate (APR).
• Payment Details: Breakdown of principal paid, interest paid, total EMIs, next EMI due date, and any overdue amounts..
• Payment Breakdown: Separates principal paid, interest paid, total EMIs, and next EMI due date.
• Additional Transactions: Lists prepayments, part-payments, charges, fees, and any refunds or adjustments.
• Tax Information: Displays annual interest and principal paid for tax benefits under Sections 24 and 80C, along with tax certificate details.

A home loan statement is more than just a record of your repayments. It is an essential document that keeps you informed about your financial position. Key benefits include:

• Payment Management

Your loan statement enables you to track monthly payments and provides a clear breakdown of principal and interest components. This ensures timely repayments and better management of your loan.

• Tax Benefits

The statement serves as valid proof when claiming tax deductions on both principal and interest portions of your home loan. It supports accurate filing and compliance with tax regulations.

• Financial Planning

Regular review of your statement helps you understand your outstanding balance. It also allows you to plan prepayments or balance transfers strategically to minimise overall interest costs.

• Dispute Resolution

In the event of discrepancies with the lender, your home loan statement serves as an official record of all transactions. This facilitates efficient and accurate resolution of any issues.

You can access your statement through both online and offline methods, depending on your convenience:

• Online 

Most banks and financial institutions provide a secure portal or mobile app where you can log in to view and download your home loan statement at any time. This enables you to check your loan summary, EMIs paid, outstanding balance, and provisional interest certificates directly from your device. 

Some lenders also send monthly or quarterly statements to your registered email address, which you can download and store for future reference.

• Offline 

If you prefer offline methods, you can visit your bank branch to request a physical copy of your home loan statement. Bank officials will provide the required form and list of necessary documents, which you must submit. After verification, they will issue your statement.

You can follow these steps to download your home loan account statement:

1. Visit your lender’s official website.

2. Log in using your registered credentials.

3. Navigate to the home loan statement section.

4. Enter the required loan details to generate and download your statement.

You have the option to print your statement, read it online, or download an e-copy. 

You can use the document to claim home loan tax benefits when you file your returns. Always ensure your home loan payments and prepayments are accurately recorded in this statement. 

Accessing your home loan account online is a quick and convenient process. Follow these steps to log in and view your loan statement:

1. Visit the Bank’s Official Website: Open the official website of your bank or financial institution
2. Navigate to the Home Loan Section: Navigate to the Accounts or Profile section on the homepage
3. Click on Login: Click on the online login option designated for home loan account holders
4. Enter Credentials: Enter your registered username or customer ID along with your password or other login details provided by the bank
5. Access Your Account: Once logged in, you can view and review your home loan statement

You can download both provisional and final interest certificates for your home loan through your lender’s online portal or mobile app. These certificates help track interest payments and are essential for claiming tax benefits. Follow these general steps:

1. Log in to your lender’s web portal or mobile banking app using your registered credentials

2. Navigate to the Loans section and select Loan Statements or a similar option

3. Look for Interest Certificate, Provisional Interest Certificate, or Tax Certificate

4. Select the financial year for which you require the certificate

5. The certificate is usually available as a PDF for download or can be sent to your registered email address

You can also obtain a physical copy of your home loan statement by visiting your bank branch. Follow these steps:

1. Visit your nearest branch or your home branch

2. Request the required form from the bank officials and ask for the necessary documents you need to submit

3. Complete the form and submit it along with the required documents

4. After verification, the bank will provide your home loan statement