What is a Home Loan Account Statement?

What is a Home Loan Account Statement?

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Keeping track of the home loan repayments can be difficult; it would be nearly impossible to know how many EMIs you have paid, and the number of EMIs pending. To make it easier for you to track the repayment history, the lenders provide home loan statement. Read on to know more about it. 

If you have availed a home loan, you are required to repay the EMIs consistently till the end of the tenure. As you start repaying, over a period, your due amount will reduce. However, it would be difficult to keep track of your repayments and know the exact amount you have repaid and the amount you owe. For this purpose, the lenders provide a home loan statement to all borrowers. The loan account statement is similar to your bank passbook or your bank account statement. It records all the transactions related to your loan.You can get the loan account statement by requesting the lender, or you can also get it online through the lender’s website or mobile application.

The statement is a useful document that gives you a full overview of the loan status. It enlists important details like the amount borrowed, the start date and the end date of the loan, the interest rate applicable, and the type of interest charged (whether it is a floating interest rate or the fixed interest rate). You can also know about the total amount you have repaid and the pending amount.

If you have done a part pre-payment of your loan, or if you missed any of the home loan EMIs in the past, the details are recorded in the loan account statement. The loan account statement is a useful document for budgeting purposes. By knowing the pending due amount, you can plan your finances well. The statement is also useful for maintaining your accounts. You can know the exact dates on which you made the EMI payments as well as the date on which the amount was credited to your loan account.

Thus, with so much valuable information at your disposal, the home loan account statement is one of the most important documents relating to your loan. It helps you to maintain a record of your repayments and use it as a proof to close the loan account at the end of the tenure.

How to check loan account statement online

You can request your lender to send a physical copy of the loan account statement through the post, or you can access the statement instantly online. Here are a few simple steps to get it online and know the loan status:

  • Visit the official website of the financial institution
  • Login to your loan account with your username and password
  • Click on the E-statement tab
  • Enter your loan account number and select the period for which you need the statement and enter
  • You may immediately be re-directed to a new page, which lists down the full details of your home loan account
  • Most websites of the financial institutions would allow you to download the statement in a PDF format or if you want a physical copy, you can get a printout of the same.

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