Understand your home loan statement clearly to manage your loan more effectively. Learn how to access your loan statement and interest certificate online and offline.
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:
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:
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.
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.
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.
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:
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.
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:
Visit your lender’s official website.
Log in using your registered credentials.
Navigate to the home loan statement section.
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:
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:
Log in to your lender’s web portal or mobile banking app using your registered credentials
Navigate to the Loans section and select Loan Statements or a similar option
Look for Interest Certificate, Provisional Interest Certificate, or Tax Certificate
Select the financial year for which you require the certificate
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:
Visit your nearest branch or your home branch
Request the required form from the bank officials and ask for the necessary documents you need to submit
Complete the form and submit it along with the required documents
After verification, the bank will provide your home loan statement
Your home loan statement consolidates all your loan details, allowing easy tracking of EMIs and outstanding amounts. It allows you to calculate annual payable amounts for tax considerations and provides opportunities for home loan tax benefits.
As proof of repayment capability, it enhances your eligibility for various types of credit and enables access to favourable loan offers.
Banks and non-banking financial companies will provide you with a copy of your home loan account statement monthly or quarterly. However, you may request a statement offline or check it online whenever required.
Yes, prepayments reduce your outstanding home loan balance. Thus, these will be recorded in your statement, which will show the revised data after you prepay.
Yes, your home loan account statement generally specifies the type of interest rate applicable to your loan, whether fixed or floating. This helps you understand how your EMIs and interest calculations are determined.
A home loan statement records the principal and interest paid during the financial year. This information is essential for claiming tax benefits under Section 80C and Section 24(b) of the Income Tax Act, 1961.
It provides a detailed overview of your loan, including EMIs paid, outstanding balance, interest paid, and repayment schedule. The statement helps you manage repayments effectively and supports tax benefit claims.
You can download your home loan statement in PDF format via your bank’s online portal or mobile app. Simply navigate to the loan statements section, select the relevant financial year, and download the statement.
After a home loan balance transfer, your loan account is moved from the existing lender to the new lender. The updated statement reflects the new lender details, revised interest rate, and the adjusted EMI schedule.