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All You Need to Know About Home Loan Statement

By IIFL Home Loans | Published On Sep 15 2023 5:18 AM 1 min read 1442 views 494 Likes
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IIFL Home Loans

When you embark on the journey of owning a home, a home loan often becomes an integral part of realizing your dream. As you progress through the repayment phase, keeping track of your financial commitments is essential, and that's where home loan statements come into play. These statements provide a comprehensive overview of your loan and this blog attempts to help you navigate through them.

What is a Home Loan Statement?

A home loan statement is a comprehensive record of your loan history provided by your lending institution. It provides you with a detailed summary of your home loan status. 

Caption: A checklist of things to know about home loan statements

What Are The Components Of A Home Loan Statement?

Here's what you can typically find on a home loan statement:

  • Loan Account Details: This includes your loan account number, the loan amount you initially borrowed, the interest rate, and the tenure of your loan.

  • Loan Repayment Schedule: A breakdown of the payment plan for your entire loan tenure, showing the interest and principal portions, helping you visualize your repayment journey.

  • Interest and Principal Split: The statement highlights the division between the interest component and the principal component of your EMIs. As time goes on, the interest component decreases, while the principal repayment increases.

  • Payment History: A record of all your previous payments, indicating the date, amount, and whether it was credited successfully.

  • Outstanding Balance: The remaining amount you owe on your loan.

  • EMI Amount: Your Equated Monthly Instalment (EMI), which is the fixed monthly payment you make towards repaying your loan. You can calculate your EMI through the IIFL Home Loan EMI calculator.

  • Tax Information: This section details the interest and principal amounts that are eligible for income tax deductions.

How to Get Home Loan Statement from a Bank?

IIFL Home Loans has an online portal, where you can log in to download the statement. Other financial institutions also have dedicated mobile apps that allow you to access your loan statement on your smartphone. You could also visit their nearest branch and request a physical copy of your home loan statement.

Why is a Home Loan Statement Important?

Caption: Regularly monitor your home loan statement

Reviewing your home loan statements at regular intervals offers several benefits, such as:

  • Tracking Progress: It helps you understand how much of your loan you've repaid, how much is left, and how many EMIs remain.

  • Budgeting: By knowing your EMI amount and interest outgo, you can plan your monthly budget effectively. 

  • Transparency: It ensures openness between you and the bank, as you can cross-check your payments with the bank's records.

  • Tax Planning: Home loan interest payments offer tax benefits under Section 24 and Section 80C of the Income Tax Act, 1961. Keeping track of these payments through your statements can aid in maximizing your tax benefits.

Key Takeaways

Regularly reviewing and understanding the components of your home loan statement will empower you to make informed financial decisions, track your progress, and optimize your repayment strategy. So, the next time you receive your home credit loan statement, remember that it's more than just numbers – it's a tool to help you navigate your way to becoming a proud homeowner.

If you're looking for a home loan with flexible repayment options and competitive interest rates, check out the home loan solutions offered by IIFL Home Loans. Click here to apply!

FAQs

1. What is a foreclosure statement?

This statement outlines the total outstanding amount required to close your loan before its tenure.

2. What does the home credit loan summary include?

It includes a comprehensive overview of your loan transactions, your monthly payments, principal and interest components, outstanding balance, and the loan's amortization schedule. 

3. How can I utilize my statement for financial planning?

Your statement provides insights into your repayment progress, helping you plan your finances and manage your loan better.

4. What happens to my home loan account statement after a balance transfer?

Your existing statement from the previous lender would reflect a zero outstanding balance, as the loan amount has been transferred to the new lender. The new lender will provide you with a fresh home loan statement that includes the updated outstanding balance and repayment details with them.

5. How is a Home Credit Loan Statement Different from a Housing Loan Statement?

A home credit loan refers to a personal loan you might take to furnish or renovate your home. On the other hand, a housing loan is specifically taken to purchase or construct a house. While both statements may have similar details on their statements, the loan purpose and terms might vary.

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