Finance

What is a Home Loan Statement & how does it help you?

When you apply for a home loan, the repayment begins as soon as you sign the loan documents. You would be obliged to repay the amount you borrow in EMIs till the end of the loan term or until you repay the full amount. And, as you continue to pay the EMIs every month, the overall debt reduces.

Since the home loan repayment period spans for about 15 to 20 years or more, it can be challenging for you to keep a track of the payments you have made so far and the pending amount. So, what is the best way to keep records of your EMI payments. The truth is you need not maintain any record books; instead, you can know every detail you want to know about your housing loan and repayments by getting a home loan statement from the lender.

What is a home loan statement?

As the name suggests, a home loan statement is a document issued by the lender that details down the home loan related transactions. It is similar to a bank account passbook wherein you can know about important loan-related information such as

  • The number of EMIs paid till date and the number of EMIs pending
  • The total amount repaid and the balance you must pay
  • The total interest and principal amount repaid

In short, the home loan statement helps you keep track of your finances and you can plan your home loan repayment more efficiently.

Uses of home loan statement

A home loan statement is a useful document that enables you to get an overview of the home loan repayment status instantly at any time you want. You can easily get all the necessary details you want to know such as the total amount you have borrowed, date of first instalment, the due date for next instalment, the last EMI amount, the overall loan tenure, the date for the final EMI payment, the total interest you have repaid the lender so far, etc.

The home loan statement is vital for budgeting purposes. You can use this statement to calculate the outstanding amount, the amount you have repaid (if any), etc. It also gives you a preview of the EMIs you have missed and paid so far.

Another significant benefit of a home loan statement is that it can serve as a legal proof to validate your claim in the event of any differences or legal issues you may have with the lender.

How to get a home loan statement online?

Now that you know what a home loan statement is and its uses, it would help to know you can get it online.

Getting a home loan statement online is easy; you must follow the below steps:

  • Visit the lender’s official website and look for a home loan account statement or provisional statement section.

  • You may be redirected to a new page where you can get your loan statement for any period of your choice. Choose the period for which you want the statement.

  • Enter the home loan account number and other details as required in the relevant fields.

  • Click on the next button and get the home loan statement for the chosen period.

  • You can download the same and get a print out if you need a hard copy or you can get it on your personal email. You can even get a hard copy of the same delivered to your residential address.

Final Word

Home loan statement gives you quick access to valuable information about your home loan in Bangalore. Make sure that you periodically review the same to keep track of your repayments.

 

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