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Monday 23 November 2020
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Get to know about your Home Loan Statement

A home loan statement is an essential document that keeps you updated about your home loan account and helps you to avail tax benefits. You can easily manage your finances incurred in a financial year if you have an exact idea about the summary of the home loan account.

What is a home loan statement?

A home loan statement is the summary of the home loan account and contains details about the principal amount of home loan and home loan interest, and that is to be paid in the current fiscal year.

It has four major components:

Statement Period: The first component of home loan statement specifies the duration of a home loan for which the transactions are shown in the loan statements.

Transaction Activity:  All the information about any fees or penalties during the tenure of the loan are mentioned under the transaction activity.

Due Amount: The unpaid amount is the outstanding amount that is to be paid towards the home loan.

Unpaid Principal Balance: The principal amount of the home loan that is presently due is mentioned under the outstanding principal balance of home loan statement.

Benefits of getting a home Loan Statements: It is essential to get a home loan statement to get the following benefits.

  • A home loan statement helps the borrowers to pay all the dues of a home loan regularly without any default. They can easily track their home loan activities by knowing about the due amount, the amount paid, their upcoming home loan EMIs and the tenure of home loan.
  • These statements further act as proof that the home loan was repaid on time without any default. Thus, the home loan borrowers can easily avail any loan in future at lower interest rates.

Claiming Tax Benefits with a home loan statement:

A home loan statement is an important document to claim tax benefits on a home loan. You can request the tax deductions on your home loan, as mentioned below.

Tax Benefits on the principal amount of Home Loan:

You can claim tax deductions upto Rs. 1.5 Lakhs on the principal amount of the home loan under Section 80C of the Income Tax Act.

Tax Benefits on home loan interest rate

Under Section 24 of the IT Act, home loan borrowers can get tax deductions up to Rs. 2 Lakhs on the interest paid on the home loan.

Other Tax Benefits on a Home Loan:

You can also get tax deductions on the amount paid on stamp duty, and registration charges of a home loan.

Process of getting a home loan statement: You can get a home loan statement both through online and offline modes.

Getting a home loan statement online: To get a home loan statement online, you need to follow the below-mentioned steps.

  1. Firstly, visit the official website of your respective bank and login to your internet banking account.
  2. You can also get a home loan statement by downloading the mobile application of your bank.
  3. Now, provide information about your home loans accounts such as home loan account number, loan amount date of birth, and EMI amount of the loan.
  4. You can now view any document, including your home loan statements or provisional certificates.

Getting a Home Loan Statement Offline:

While you can obtain a home loan statement online by sitting at the comfort of your house. If you want to receive a home loan statement offline, you need to visit the nearest bank branch, and you can then request for getting any information about your home loan account from the concerned authority. You can also obtain a home loan statement by calling the toll-free number of customer care.

These are the details that you require to get a home loan statement:

  • Loan account number,
  • PAN
  • Date of Birth etc

Summary: Get to know about your Home Loan Statement

A home loan statement is the summary of the home loan account and contains details about the principal amount of home loan and home loan interest, and that is to be paid in the current fiscal year.

It has four major components:

Statement Period: The first component of home loan statement specifies the duration of a home loan for which the transactions are shown in the loan statements.

Transaction Activity:  All the information about any fees or penalties during the tenure of the loan are mentioned under the transaction activity.

Due Amount: The unpaid amount is the outstanding amount that is to be paid towards the home loan.

Unpaid Principal Balance: The principal amount of the home loan that is presently due is mentioned under the outstanding principal balance of home loan statement.

Benefits of getting a home Loan Statements: It is essential to get a home loan statement to get the following benefits.

  • They can easily track their home loan activities by knowing about the due amount, the amount paid, their upcoming home loan EMIs and the tenure of home loan.
  • These statements further act as proof that the home loan was repaid on time without any default.
  • A home loan statement is an important document to claim tax benefits on a home loan. You can claim tax deductions upto Rs. 1.5 Lakhs on the principal amount of the home loan under Section 80C of the Income Tax Act.Under Section 24 of the IT Act, home loan borrowers can get tax deductions up to Rs. 2 Lakhs on the interest paid on the home loan.



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