What is Home Loan Statement & Why Is It Important | ICICI Bank Blogs

A Home Loan statement is a detailed summary of your loan repayment in a given financial year. The statement also offers missed instalments or part payments made, if any. In your ICICI Bank Home Loan statement, some of the important details you will find are as follows:

• Sanction date

• Sanction amount

• Disbursed amount

• Rate of Interest

• Tenure

• Interest Rate type

• EMI amount

• Instalments paid.

What are the details included in a Home Loan account statement?

A Home Loan account statement provides a comprehensive overview of your loan details. It includes the principal amount borrowed, the current outstanding balance and the interest rate applied. The statement also lists your monthly EMI payments, including the principal and interest portions and their due dates. Additionally, it shows any prepayments made, part-prepayments and the remaining loan tenure. The statement may also include fees, charges and penalties incurred, if any. Reviewing your Home Loan account statement regularly helps you track your repayment progress, manage your finances and ensure there are no discrepancies in your loan account.

Why is a Home Loan statement important?

A Home Loan statement can be used for saving taxes. Borrowers can present them as Home Loan provisional certificates to reduce their total taxable income under Section 80C of the Income Tax Act, 1961 by ₹ 1.50 lakh. Furthermore, a maximum deduction of ₹ 2 lakh can be claimed annually under section 24(B) of the Income Tax Act, depending on the interest amount paid by the customer in a financial year.

A Home Loan statement is also required if the borrower wishes to apply for another Home Loan at the same time.

How to download your Home Loan statement?

Step 1: Visit ICICI Bank Net Banking

Step 2: Login with your Banking User ID and password

Step 3: Under the ‘Cards and Loans’ section, click on ‘Loans’

Step 4: Select the account number and the period for which you need the ICICI Bank Home Loan statement

Step 5: Once the Home Loan statement is visible on the screen, click on the ‘PDF’ to generate the Home Loan statement. Borrowers also have the option to download their ICICI Bank Home Loan provisional certificate in an excel format.

FAQs

How do I get a Home Loan statement?

To get a Home Loan statement, visit ICICI Bank’s Net Banking portal. Log in with your User ID and password, go to the 'Loans' section, select your loan account number and the required period, then download the statement in a PDF or Excel format.

Can I get a Home Loan statement online?

Yes, you can get a Home Loan statement online through ICICI Bank Net Banking. After logging in, navigate to the 'Loans' section, choose your loan account and the period for which you need the statement and download it in a PDF or Excel format.

How can I check my Home Loan details online?

You can check your Home Loan details online by logging into ICICI Bank’s Net Banking portal. Once logged in, go to the 'Loans' section, select your loan account number and you can view all the details, including the outstanding balance and payment history.

How do I get my Home Loan statement for income tax?

To get your Home Loan statement for income tax purposes, log into ICICI Bank’s Net Banking portal. Go to the 'Loans' section, select your loan account number and the period required and download the statement in a PDF format. This document can also be used for tax filings.