Finance

A Definitive Guide to Home Loan Account Statement

A home loan is a long-term financial commitment, and as you repay the loan, it can be difficult to keep track of the payments. This where a home loan statement plays an important role. Read on to know more about it.

In India, not many home loan borrowers are aware of the importance of periodically reviewing the home loan account statement. It is an important document that you must procure from the lender to keep a tab on the repayment of the EMIs. It also is a useful document while filing income tax returns on home loan payments. Today, most lenders in India provide the home loan statement periodically to help the customers keep track of their home loan account.

What is the Home Loan Account Statement?

The home loan account statement is an official document that includes critical details related to your home loan, including the amount borrowed, interest rate, loan duration, type of interest applied, the outstanding balance, the amount repaid till date, details of missed EMIs, details of prepaid amount (if any), etc.

The lenders in India usually send the home loan account statement to all their customers at the beginning of the financial year and the end of the year. When you get the report at the start of the year, it usually shows details of the total principal amount and the interest due for the year. At the end of the year, it shows the actual interest and principal amount paid in the year.

You can also make a special request to the lender for the statement for any official purposes like showing proof of your home loan, tax filing, etc. With most lenders in India offering online services, today, you can not only home loan online apply but also get other loan-related services, including getting the home loan statement and interest certificate.

How to get a home loan statement?

You can get your home loan statement either online or offline. Let’s understand the process:

Online

  • Visit the lender’s official website
  • Click on the ‘home loans’ tab; browse through the drop-down menu for home loan account statement, click on the appropriate option
  • After you select the option, you will be redirected to the respective page
  • Next, you would be prompted to enter the home loan account number and select the year for which you need the statement
  • Some website may ask you to enter the captcha code
  • Enter the code, and click submit button
  • You may be prompted to select the mode of receipt – either through e-mail or post address
  • Choose the necessary option, and you will get the statement delivered to you.
  • If you choose the mode of receipt to be e-mail, you will get the statement immediately. If you choose through the post, you will get the statement delivered to your residence within 3-5 working days.

Offline

Another way to get your home loan statement is to visit the lender’s branch. You may be required to fill and submit a request form. Enter the necessary details in the form, and get the physical copy of the statement immediately.

Mobile Application

Today, most financial organisations have a mobile application, and you can avail of their services through the app. Make sure that you install the correct app on your smartphone.

Getting the home loan account statement is the most definitive way to review your home loan account and keep track of your pending payments and the amount paid till date.

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