Home Loan Statement: A Comprehensive Guide to Its Importance

03 APRIL, 2024

Did you know that during the home loan repayment process, people often tend to lose track of their loan repayment? This might happen when a home loan tenure progresses. This is where a home loan statement comes into the picture. You easily get to establish what loan EMIs you have paid and how much is yet to be repaid with ease — and now with the comfort of your home! Digital options are available to help you get your home loan statement in a matter of minutes.

Get a complete understanding of what a home loan statement is along with its importance.

What is a Home Loan Statement?

Understanding the 'home loan statement meaning' is important for you if you have taken a home loan or are planning to. So, let us go through it once!

You took a home loan and then started to repay it. As soon as you start to repay your home loan, you can obtain a statement from your lender that has all the details regarding the loan. Your loan repayment history for the specified term is displayed on the home loan account statement. Also, you can access the home loan statement online or receive it in an email from the lender.

What Do You Find in a Home Loan Statement?

It can have the following possible details:

Loan Information:

Loan amount sanctioned
Loan account number
Loan start date and end date (tenure)
Type of loan (home loan, home improvement loan, etc.)

Interest and EMI Details:

Home loan interest rate (fixed or floating)
EMI amount and due date
Previous EMI amounts paid
Total amount repaid to date
Outstanding loan balance (amount left to repay)

Repayment and Transaction History:

Monthly EMI payments (with date and amount)
Interest vs. principal breakup in EMIs
Transaction history (all payments made, including EMI and prepayments)
Prepayment details (any additional payments made toward the principal)
Late payment charges (if applicable)

Bank and Borrower Details:

Borrower’s name and registered contact details
Bank’s branch name and IFSC code
Mode of payment (auto-debit, cheque, etc.)

Additional Important Details:

Foreclosure charges (if applicable)
Loan account status (active/closed)
Tax certificate details (for interest paid deduction under Section 80C & 24(b) of the Income Tax Act)

Why is a Home Loan Statement Important for You?

Home loan statement is a crucial financial document that keeps track of your loan repayments. Its importance can be understood after you read through a few situations where it can be helpful:

1.If you have part-prepaid your loan

The statement records the part-prepayment and adjusts the principal amount accordingly.
Provides a clear view of the reduced outstanding loan balance and revised EMIs (if applicable).

2.If you miss an EMI payment

The missed payment is clearly recorded in the statement.
Helps you track penalties or additional charges, if any.
Allows you to plan repayment adjustments to avoid future issues.

3. If you want to track your payments

Lists every single repayment, including the date of payment and the date it was credited to your loan account
Gives accuracy in financial records and helps maintain a good credit history.

4.If you need proof of on-time repayments

The statement serves as official proof of timely EMI payments.
Helps in closing your loan smoothly at the end of the tenure.
Useful for future loan applications, as it reflects financial discipline.

How to Generate a Home Loan Statement?

Generating a home loan statement depends on your lender or bank. Let us explain through the example of Kotak Mahindra Bank. We give you different ways to generate your home loan statement.

1. Through Net Banking or Mobile Banking (Free of Charge)

Step 1: Log in to Kotak Mahindra Bank Net Banking or Mobile Banking.
Step 2:
- In Net Banking, click on the "Installment Loans" tab.
- In Mobile Banking, go to the "Loans" tab.
Step 3: View or download your Statement of Account instantly in PDF format.

2. Requesting via Customer Contact Centre (Chargeable)

You can also request your home loan statement through the Customer Contact Centre. This option comes with a fee of Rs. 250 + GST.

Payment Details for Statement Request:
- Beneficiary Name: Your Name
- Account Type: Loan Account
- Account Number: Your Loan Account Number
- Branch Name: [Branch]
- IFSC Code: [Bank’s IFSC Code]
- Branch Code: [Branch Code]
Processing Time: You get the statement issued within one working day after payment confirmation.

Summing Up

So, now that you know 'what is a home loan statement', it is easier for you to grasp its importance. Your lender bank gives you the statement after each repayment term, but you can also get it from their portal whenever you need it. Kotak Mahindra Bank grants a very streamlined retrieval process for a home loan statement. Get it for free through Kotak Mahindra Bank Net Banking or Mobile Banking!

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Frequently Asked Questions

How do I get my home loan statement?

Log in to Kotak Net Banking → Click 'Installment Loans' or open Mobile Banking → Go to 'Loans' → View/download instantly. Alternatively, call the Customer Contact Centre (Rs. 250 + GST applies).

How do I download a PDF statement?

Access Kotak Net Banking/Mobile Banking → Navigate to 'Installment Loans' (Net Banking) / 'Loans' (Mobile Banking) → Select your loan account → Click Download Statement to save it as a PDF.

What does a home loan statement show?

A home loan statement includes loan details, outstanding balance, EMI schedule, interest paid, principal repaid, and payment history. These details help borrowers track their repayment progress and are helpful for tax or financial purposes.

What is the effect on a home loan statement after a balance transfer?

When you transfer the balance, your previous lender closes your loan account. The home loan statement from that lender shows a zero outstanding balance. Your new loan details, including the outstanding principal and EMI schedule, will be reflected in the new lender’s home loan statement.