As soon as the home loan lender disburses the sanctioned amount and you sign the documents, the repayment period begins. You must repay the amount in equated monthly instalments till the end of the loan term. As you continue to repay the amount every month, slowly, over a period the overall debt amount reduces. However, it can be challenging to manually keep track of the number of EMIs you have paid so far, and the number of EMIs pending.
So, how to keep track of the EMI payments? One of the most effective ways is to review the home loan account statement periodically. As the name suggests, a home loan statement is a document issued by the lender periodically and it contains details of all your home loan related transactions. It records the number of EMIs you have paid till date, the number of EMIs pending, the total interest amount you have paid, the outstanding principal amount, etc.
The home loan account statement is like a savings account statement or passbook. It is a useful document that helps you keep track of your finances and plan your home loan repayment efficiently.
How to get the home loan statement online?
If you have an ongoing home loan, and want to access your loan account statement online, you must follow the below steps.
- Visit the lender’s official website
- Look for the provisional statement or home loan account statement button/section and click on the same
- You may then be directed to a new page where you get your loan account state for any financial year of your choice. You may have to select the financial year for which you want to review the statement from the drop-down menu.
- After you select the year, you must enter the home loan account number in the relevant spaces.
- Once you enter the account number, click on the next button to access your home loan account statement for the chosen period.
- You can even download the statement or send it to you over an email. If you want a physical copy of the statement, you can get a printout of the same.
- When you apply for a home loan, you can give a standing instruction to the lender in your online home loan application to send the statement to your address or over email every month or every quarter.
Now that you are aware of how to get your home loan account statement, it would help to understand its uses.
A home loan account statement is a handy document that allows you to get an overview of the loan repayment status at anytime you want. You can get vital loan-related details like the amount you have borrowed, the start date of the loan, the last EMI you have paid, the due date of the next EMI, the total interest you have paid so far, the type of interest charged by the lender, etc.
Also, for calculation or budget purposes, you can use the loan account statement to precisely know the outstanding amount, and the amount you have prepaid (if any) till date. It also gives you a preview of the EMIs you have missed so that you can make for the same at the earliest.
Final Word
With so much valuable information available to you from a home loan account statement, it is no doubt that it is a vital document that you must review periodically. It can also act as a proof of your payments when closing the home loan account at the end of the loan term.
