Once you get your Home Loan sanctioned, the repayment cycle begins. After a certain period passes, you might be willing to know your total instalments, principal or interest paid to date. Further, if you are willing to apply for a new loan, then the lender may wish to know whether you have been regularly repaying your EMIs on existing obligations. That’s when the need for your Home Loan statement arises. Let’s understand this in detail.
What is a Home Loan statement?
A Home Loan statement is a detailed summary of your repayment of EMIs in a financial year. It is also known as the Home Loan Provisional Certificate or Home Loan statement of account. A Home Loan account statement is important to claim tax exemption for your Home Loan EMIs.
What are the details included in a Home Loan statement?
Following are some of the key details included in the statement:
- Accrued EMI: The EMI that accrues each month.
- EMI paid : The EMIs that you paid during the tenure of the Home Loan.
- EMIs bounced : The EMIs that bounced during the tenure of the Home Loan account statement.
- Date of payment : Dates on which the EMI amounts were paid.
- Details of the borrower : All the details of the borrower including name and address.
- Summary : A summary reflecting the total EMI accrued and paid during the tenure.
- Payment mode : Whether the EMI was paid through mandate or post-dated cheque.
- Loan account number : The account number of your Home Loan.
- Type of interest rate : Whether the Home Loan encompasses a fixed or floating interest rate.
- Outstanding loan amount : The loan amount outstanding is to be repaid as of the date of the loan statement.
Why is a Home Loan statement important?
Home Loan statements are important as they serve the following purposes:
- Tax exemption : A Housing Loan statement of account is vital to claim tax exemption. It shows the number of EMIs you paid in a particular financial year and assists in calculating accurate Home Loan deductions.
- Regular updates : Housing Loan statements provide you with regular updates regarding the loan amounts you are paying and the total amount paid to date. It also helps you keep track of any changes in the EMI amount.
- Availing of new loans : If you wish to avail of a new loan, then the new lender may ask for the Home Loan statement. This allows them to determine whether you have been paying your EMI regularly or not. These statements reflect both, the EMIs paid and EMIs bounced.
How to download a Home Loan account statement?
You can download the Home Loan account statement directly from the online portal of your lender. Whenever you apply for a Home Loan, an account number is generated that acts as your login credential on the portal. You can log in to your lender’s website and search for a Home Loan statement. Enter the period for which you need to download the Housing Loan statement and download the same. You can also e-mail the statement to your e-mail ID if required.
How to get a Home Loan statement from a bank?
If you find it difficult to download the Home Loan statement online, you can even visit your bank to get your Housing Loan statement. Just visit your lender’s nearest branch and request them to provide you with the statement. They may ask for certain basic details like your Aadhaar and Home Loan account number. Make sure to carry those. You can even ask the bank officer to mail you the statement on your mail ID.
Also Read: Keep these Important Documents In Place Before Availing A Home Loan
In a nutshell
A Home Loan statement is an important document that shows you the track record of your Home Loan repayments. Home Loan repayments over a specified period. It is crucial to claim tax deductions and also for availing new loans. If you choose the right lender, you can seamlessly obtain your Home Loan account statement in the comfort of your home.
Axis Bank is a pioneering financial institution providing one of the most flexible and affordable Home Loans in India. With flexible interest rates and tenures and quick processing, you can avail of Home Loans instantly. Further, you can select between the fixed and floating interest rates. Prepayment of Axis Bank Home Loans does not attract any prepayment charges.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
