What is a home loan account statement?
When you start repaying your home loan, you will receive a home loan statement from your lender. In most cases, you can access this statement online by signing into your lender’s dedicated customer portal. The home loan statement may also be emailed to you by the lender.
The home loan account statement shows the record of your repayment of the loan for the set tenor. It showcases the loan amount, the start and end dates of the loan tenor, the home loan interest rate applicable, the type of interest rate (whether fixed or floating) you have chosen, the total amount repaid to date, the previous EMI amount, the amount of the loan that remains to be repaid, and more.
If you have part-prepaid your loan or missed an instalment for any reason, this is recorded in your account statement as well. The requisite adjustment in the principal amount is also recorded within the statement so that you have a clear and accurate picture of how much you have repaid, and how much you need to repay in the future.
The statement also lists every single repayment you make towards your loan and records the date on which you made the payment, as well as the date on which it was credited to your loan account.
As such, your home loan account statement is the most important document pertaining to your loan. Without your account statement, you may end up losing track of your repayment, which can lead to financial hassles in the future. The account statement also helps you prove you have completed repayments on time, which helps you close your loan easily at the end of the tenor.
How to download your home loan statement?
If you have a home loan from Bajaj Finserv, you can access your home loan statement online by signing into the customer portal, My Account. You may also install the Bajaj Finserv App on your mobile to download the account statement and manage your loan on the go.