HDFC Bank Home Loan Statement

The HDFC Bank Home Loan statement is an official document containing essential information about the loan. It serves as a crucial document for monitoring and tracking your loan repayments. It provides a record of your: 

• Loan repayment history

• Outstanding balance

• Particulars regarding missed payments

• Prepayments

Moreover, your HDFC Bank housing loan statement includes other key information, such as:

• Your home loan amount 

• The interest rate on your home loan

• EMI amount of your home loan

• Instalments paid and outstanding on your home loan

The HDFC Bank Home Loan statement is provided to the borrower at the start and end of each financial year. Additionally, you can get it online too, and the process is fairly simple. Read on to know more.

An HDFC Bank Home Loan statement is a comprehensive document that provides a detailed record of your loan repayment journey. It serves as a vital tool for tracking your financial progress, managing repayments, and claiming applicable tax benefits. The statement encompasses the following key details:

Total Loan Amount

This is the principal sum you borrowed from HDFC Bank for your home loan. It represents the initial amount sanctioned before any repayments or adjustments.

Start and End Date of the Loan Repayment

These dates indicate the commencement and conclusion of your loan tenure. The start date marks when your EMI payments began, while the end date signifies when the final payment is due.

Interest Rate Applicable

The interest rate is the percentage charged on the loan amount, determining the cost of borrowing. Your statement specifies the rate applicable to your loan, which can be either fixed or floating.

Type of Interest Rate

This section clarifies whether your loan is subject to a fixed interest rate, which remains constant throughout the tenure, or a floating interest rate, which may vary based on market conditions.

Loan Amount Repaid to Date

This figure reflects the cumulative amount you have repaid towards the principal of your loan up to the current date. It helps you understand how much of your loan balance has been cleared.

EMI Amount

The Equated Monthly Installment (EMI) is the fixed amount you pay monthly towards your loan repayment. Your statement details the EMI amount, which includes both principal and interest components.

Outstanding Loan Amount

This is the remaining balance of your loan that is yet to be repaid. It is calculated by subtracting the total amount repaid from the total loan amount.

Regularly reviewing your HDFC Bank Home Loan statement ensures you stay informed about your repayment status, enabling better financial planning and timely actions. 

An HDFC Bank Home Loan Statement is more than just a record of your loan transactions. It serves as a comprehensive tool that offers numerous advantages throughout your home loan journey. 

Below are the key benefits explained in detail:

Accurate Tax Deductions

The HDFC Bank Home Loan Statement is essential for claiming tax benefits under the Income Tax Act, 1961. Under Section 80C, you can claim a deduction of up to ₹1.5 Lakhs on the principal repayment, and under Section 24(b), a deduction of up to ₹2 Lakhs on the interest paid. Additionally, first-time homebuyers may avail an extra ₹50,000 deduction under Section 80EEA, provided certain conditions are met.

Proof of Repayment

The statement acts as an official record of all EMI payments made, including dates and amounts. This documentation is crucial for verifying your repayment history, especially when applying for future loans or resolving disputes.

Loan Closure Confirmation

Upon full repayment, the statement provides a clear indication of loan closure, detailing the final outstanding balance as zero. This serves as evidence that your loan obligations have been fulfilled, which is important for legal and financial records.

Financial Planning and Monitoring

Regularly reviewing your home loan statement helps you track your repayment progress, understand the principal and interest components of each EMI, and plan for any prepayments or adjustments to your repayment schedule.

Eligibility for Top-up Loans

A well-maintained repayment record, as reflected in your home loan statement, enhances your eligibility for top-up loans. Lenders often consider your repayment history when assessing your application for additional credit.

Access to Online Services

HDFC Bank provides easy access to your home loan statement through its online banking portal and mobile app. This convenience allows you to download statements, track payments, and manage your loan account from anywhere, at any time.

HDFC Bank provides several hassle-free methods for you to obtain your home loan statements. These methods offer flexibility and ensure you can view or request your loan details as per your convenience. Here are the ways you can access your HDFC Bank home loan statement:  

• Through HDFC Bank NetBanking

• Via HDFC Bank Mobile Banking App

• Request HDFC Bank for the statement by Email

• Download the Provisional Interest Statement

• Visit the nearest HDFC Bank Branch

• Contact HDFC Bank Customer Care

You can download the HDFC Bank Home Loan statement online from the comfort of your home as the lenders offer this facility. The process is quick and simple, and you can get your HDFC Bank Home Loan statement online in minutes. 

Here are the quick steps to initiate the HDFC Bank Home Loan statement download. 

• Log in to the your HDFC Bank internet banking account

• Go to the loans section, and enter your loan account number 

• Verify your entry and submit the information

• Wait to receive your e-statement via email

After making your selection, you will receive a confirmation message about the successful submission of your HDFC Bank Home Loan statement request.  

HDFC Bank offers a straightforward process to download both Provisional and Final Interest Certificates for your home loan, which are essential for tax planning and filing. These certificates detail the interest paid during a specific financial year and can be obtained through HDFC Bank’s dedicated loan portal.

Provisional Interest Certificate

This certificate provides an estimate of the interest paid during the current financial year, useful for mid-year tax planning.

Steps to Download:

1. Visit the Provisional Interest Statement page on the HDFC Bank portal.
   

2. Enter your loan account number.
   

3. Confirm your name and email address displayed on the screen.
   

4. Click the ‘EMAIL’ button to receive the provisional statement in your inbox.

Note: If your email address is not registered or needs updating, contact customer.service@hdfc.com for assistance.

Final Interest Certificate 

This certificate reflects the actual interest paid during the previous financial year, necessary for finalizing tax returns.

Steps to Download:

1. Go to the Certificate of Interest page on the HDFC Bank portal.
   

2. Input your loan account number.
   

3. Verify your name and email address shown on the screen.
   

4. Click the ‘EMAIL’ button to have the certificate sent to your registered email address.
   

Note: Ensure your email address is up to date in HDFC Bank’s records to receive the certificate promptly.

You can get your HDFC Bank Home Loan bank statement offline by personally visiting the nearest HDFC Bank Home Loan office. To get a hardcopy of your HDFC Bank housing loan statement, follow some simple steps:

• Visit the HDFC Bank Ltd. branch nearest to you.

• When you visit the office, the first step includes filling out a form. Request the appropriate form for the HDFC Bank Home Loan statement, interest certificate, or provisional interest statement from a representative at the HDFC Bank office.

• Complete all the necessary details and information in the form, which includes your home loan account number, birth date, email address, etc.

• After filling out the form, submit it along with copies of the required documents. You can ask the HDFC Bank representative for the list of required documents. Generally, these documents include your PAN card, Aadhaar card, passport, and any other identification proof.

The HDFC Bank housing loan statement provides various benefits, making your housing loan experience smooth and comfortable. Here is a closer look at the reasons why:

Helps keep track of loan and repayment

A crucial benefit of the HDFC Bank Home Loan statement is that it provides a clear picture of your loan and the repayment progress. It provides information such as:

• Home loan amount 

• Start and end date of your loan repayment 

• Home loan Interest rate 

• Total home loan amount repaid  

• EMI amount 

• Total home loan amount remaining

This helps you keep track of your home loan and the loan repayment structure. It assists you in paying attention to your home loan payments. This can help protect from discrepancies or reporting errors.  

Acts as a payment proof

Another benefit of the HDFC Bank Home Loan statement is that it acts as proof of payment which you have done on your home loan. Sometimes, even after the home loan repayment from your side, your repayment might not get updated in the records of the lender. 

In case of such errors or other discrepancies, the HDFC Bank housing loan statement can provide clear proof of your home loan repayment. Remember, getting such errors corrected is necessary to avoid hassles in the future.

Assists in getting tax benefits

The HDFC Bank Home Loan statement holds great importance when it comes to getting income tax benefits. Your Home Loan repayment qualifies for the following tax exemptions:

• Deduction of up to ₹1.5 Lakhs on the repayment of the principal amount, according to the Section 80C of the Income Tax Act, 1961

• Deduction of up to ₹2 Lakhs on the interest paid on your loan, according to Section 24(b) of the Income Tax Act, 1961

It serves as a crucial document for claiming tax rebates on your housing loan by clearly showing your payments. While filing your tax, this document provides the necessary information about your loan, which is required as proof for availing tax benefits.

If you need to change your existing home loan account to another lender that offers you competitive interest rates, you have the option to choose a home loan balance transfer at Bajaj Markets. Remember to compare the many loan options available to you by leveraging the home loan EMI calculator before making a choice on a particular lender.