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As you start repaying your home loan, you may want to keep track of the payments made. But, keeping track manually can be challenging. This is where the home loan account statement can be useful. Read on to know more about it.
As soon as the home loan application is approved, the repayment period begins, and you are obliged to pay the EMI (Equated Monthly Instalment) every month till the end of the tenure. And, as you gradually keep repaying the EMI, the overall debt reduces over time. However, keeping track of the number of EMIs you have paid, and the number of EMI pending manually can be challenging.
But, you can be on top of your home loan payments with the help of a home loan account statement. As the name suggests itself, the loan account statement records all the home loan-related transactions. It works like the bank account passbook. You can easily get your home loan account statement by requesting the lender for the same.
Before discussing more about the uses of a home loan account statement, you must use a home loan eligibility calculator. It is a useful tool that allows you to know the maximum amount you can borrow and choose the right lender so that the interest rate is lower, and the EMI is affordable.
Uses of reviewing home loan account statement
You can either visit the branch and ask for it or get it online from the lender’s website. Many home loan borrowers do not understand the importance of the statement. It is a handy tool to get an overview of the loan status at any time you want. The loan account statement is also useful to get vital loan-related details like the amount you have borrowed, the start date of the loan, the due date for the last EMI, interest applied by the lender and the type of interest charged.
Additionally, the loan account statement allows you to know the amount you have repaid to date and the balance amount to be paid over a period. If you have partially prepaid the loan or have missed any EMI before, you can find the details of it recorded in the home loan account statement.
Another significant advantage of reviewing the statement periodically is that it helps in making your budget. By knowing the exact amount, you are obliged to repay, you can plan your finance accordingly and find ways to save more money and repay the loan faster. You can also use the statement for maintaining accounts. You can keep a record of the dates on which the EMIs were paid.
With so much valuable information available to you, it is no doubt that the home loan account statement is one of the most important home loan-related documents. It allows you to maintain a record of the payments, which can be used as proof when you close the home loan account at the end of the loan tenure. It can also act as a legal document in the event of a legal dispute.
Tips to check the home loan account statement online
You can easily review your home loan account statement online from the lender’s website or the mobile application. Here is a step-by-step guide to accessing the loan account statement.
- Visit the lender’s official website
- Login into your home loan account using the username or password
- Click on the home loan statement’ or ‘e-statement’ tab
- Enter the home loan account number and select the period for which you want to review the statement, and click enter
- You may be redirected to a new page where the statement is displayed for the selected period, or a pop-up may appear on the screen.
- Most lenders allow you to download the statement in a PDF format or get it emailed to you. If you want a physical copy for accounting purposes, you can get a printout of the same.
