An individual repaying their home loan can make up to Rs 5 lakh of their income tax free by showing proof of home loan principal and interest payment. Under Section 80C, the borrower can claim up to Rs 1.50 lakh deduction against home loan principal payment. Under Section 24(B), they can claim deduction of up to Rs 2 lakh annually. If the individual is a first-time homebuyer, they can also claim an additional tax benefit of Rs 1.50 lakh under Section 80EEA.
However, to claim all these deductions, the borrower will have to submit to the income tax department the proof of home loan principal and interest payment. Does this mean you will have to visit the bank branch and then request a home loan repayment statement from the bank? Not if you have taken a home loan from leading private lender ICICI Bank. The bank offers customers the facility to view and download the home loan statement and interest certificate at home. Learn how to download the ICICI Bank home loan statement online.
What is ICICI Bank home loan statement?
A home loan account statement is a summary of money a borrower pays in a year towards home loan principal and interest. The statement mentions the total loan amount, the balance loan amount, the amount paid as interest during the year, the amount paid as loan principal during the year, the loan tenure, etc. The statement will also state any missed installments or part payments done by the borrower.
Details included in an ICICI home loan statement
Essentially, you will find the following details in home loan account statement:
- Name of the borrower
- Name of bank
- Total home loan amount
- Start and end date of home loan repayment
- Home loan interest rate
- Type of interest rate (fixed or floating)
- Loan amount repaid
- Total home loan EMI amount
- Outstanding home loan amount
Uses of ICICI Bank home loan statement
- Track loan repayment progress: Monitor your principal and interest payments, outstanding loan balance, and EMIs paid over time.
- Interest certificate for tax purposes: Use the statement to claim deductions on home loan interest payments under Sections 24(b) and 80C of the Income Tax Act.
- Proof of home loan repayment: The statement serves as an official document for financial institutions, showing your repayment history if applying for another loan or mortgage.
- Check for discrepancies: Review the statement for any errors in loan amounts, EMIs, or charges applied by the bank.
- Loan closure and balance check: Confirm the loan closure status or check the remaining balance to plan early repayment or foreclosure.
- Income tax return filing: Use it while filing your income tax returns, especially for claiming principal repayment under Section 80C.
How to check your ICICI home loan statement via net banking?
To access your ICICI Bank home loan statement/interest certificate online, you need to be registered for the bank’s netbanking facility. If you are, follow these steps to obtain the statement.
Step 1: Log on to ICICI Bank net banking website.
Step 2: Login using your net banking user ID and password.
Step 3: On the screen that appears, click on ‘E-statement’.
Step 4: Among the multiple account numbers that might appear in the drop-down, you have to select the account number and the period for which you need the statement.
How to download your ICICI Bank home loan statement?
Once your ICICI Bank home loan statement is visible on the screen following the steps mentioned above, you can click on the ‘PDF’ option to generate the home loan statement. You will also have the choice to download your ICICI Bank home loan statement in an excel format.
See also: What is legal and technical verification of property in home loan?
How to view your ICICI home loan statement online without log in?
ICICI Bank offers customers the ability to view their home loan statement online without needing to log in. By subscribing to the e-statement service, you can receive your ICICI home loan statement via email every month, free of charge, without having to visit the bank branch. Here’s how to subscribe:
Step 1: Visit the ICICI Net Banking Portal and log in with your User ID and Password.
Step 2: After logging in, go to the “Banking” section in the main menu.
Step 3: Click on “Account Statement by Email” within the Banking section. Follow the instructions to subscribe to the service and provide your email address to start receiving your ICICI home loan statements monthly.
Once you’ve completed the process, you’ll receive your ICICI home loan statement via email during the first week of each month. These statements will include detailed information about your loan account, such as loan balance, interest paid, and principal repayment, making it easier to track your loan.
How to view your ICICI home loan statement via mobile app?
To view your ICICI home loan statement on the mobile app:
- Launch the ICICI iMobile app on your phone.
- Enter your login credentials to access your account.
- Navigate to the “Loans” section within the app.
- Select your specific home loan account from the list.
- Access your loan statement details, including the option to download it in PDF format
What is the password for accessing an ICICI home loan statement?
When you download your ICICI home loan statement as a PDF, it is usually protected by a password for security purposes. The default password typically consists of the first four letters of your name (in uppercase, as registered with the bank) followed by your date of birth in DDMM format.
For example, if your name is “Sunita Sharma” and your date of birth is 7th March 1978, the password would be: “SUNITA0703”.
Make sure the name and date of birth you use exactly match the information you provided to ICICI Bank.
Benefits of downloading ICICI home loan statement online
- Convenience: Access your home loan statement anytime, without visiting the bank.
- Quick access: Download the statement in minutes through net banking or the mobile app.
- Paperless documentation: Reduce paperwork by storing digital copies of your home loan statements.
- Instant verification: Easily verify details like loan repayment progress and EMIs paid for tax and personal purposes.
What to do if you face issues accessing the ICICI home loan statement online?
- Contact customer service: If there are issues with net banking or mobile app access, reach out to ICICI Bank’s customer service via phone or email.
- Visit a branch: For assistance in-person, visit the nearest ICICI Bank branch to resolve any concerns regarding your loan statement.
- Check for system updates: Ensure that your app and net banking platform are up to date for smooth access.
How to get your ICICI Bank home loan statement offline?
Contact the bank
Reach out to your bank either through their customer service hotline or by visiting a branch in person.
Request the statement
Inform the bank representative that you require the home loan statement for the current financial year.
Provide details
Provide details such as your loan account number, personal identification and any other information required by the bank to process your request.
Get the statement
Once your request is processed, ICICI Bank will issue the home loan statement, either in physical or digital format, depending on your preference.
Check the details
Verify the statement to ensure that all the information, including the total interest paid during the financial year, is accurate.
Availability of ICICI home loan statement and interest certificate
The ICICI bank home loan statement is accessible throughout the year. You can download it online by following the necessary steps or pick it up in person from any ICICI branch during their operating hours. The interest certificate for a specific financial year becomes available after the subsequent financial year begins. However, if needed, a Provisional Interest Statement can be obtained before the current financial year ends. This statement outlines the total interest payable on your ICICI Bank Home Loan for the ongoing financial year, which is useful for tax planning and financial management.
When do you require your ICICI Bank home loan statement?
- You will require the document to prove your investments, in order to claim tax deductions.
- You will need to submit this document, if you are applying for another loan.
- This document also provides you with a clear understanding of how the bank is recovering the interest and the principal component from your home loan, how much money you have already paid and how much money you still owe to the bank.
Housing Viewpoint
Accessing your ICICI Bank home loan statement and interest certificate online is a convenient and straightforward process that saves you time and effort. Whether for tax planning, applying for another loan, or simply keeping track of your repayments, these documents are essential for managing your financial responsibilities effectively. With ICICI Bank’s user-friendly online portal, you can easily view, download, and even request these documents offline if needed. This ensures that you have all the necessary information at your fingertips, making it easier to manage your home loan and plan your finances throughout the year.
FAQs
How can I download my ICICI Bank home loan statement?
You can do that by visiting the official website of ICICI Bank. You will have to log into your netbanking account, using your customer ID and password. After that, click on 'View statement' option. You will get the option to download the interest statement in PDF and excel format.
Can I download my ICICI Bank home loan statement online?
Yes, you can download your ICICI Bank home loan statement online using net banking.
How can I get my ICICI Bank home loan statement offline?
You can visit any ICICI Bank branch and request for a copy of the home loan statement.
When do I need a home loan statement ?
Banks will demand to see this statement , if you are applying for another loan to gauge your loan-to-value ratio. You will also have to submit the home loan statement, in order to claim tax benefits while filing income tax returns.
What is a home loan provisional certificate?
A home loan provisional certificate is a statement that estimates how much money the borrower will pay to the bank at start of the financial year. It provides a detailed breakup of interest and principal component that the borrower will pay based on the prevailing interest rate. It has details such as actual interest levied on the loan, interest and principal paid by the borrower during the financial year, remaining loan amount, current EMI, etc.
How to get a home loan interest certificate?
You can get a home loan interest certificate from the lender through online banking or by sending an Email or contacting customer care or by giving an application at your local bank branch.
When is the ICICI Bank home loan statement available?
The ICICI Bank Home Loan statement is accessible throughout the year, both online and at any ICICI branch during working hours. You can download it following the provided steps or obtain a physical copy. However, the ICICI interest certificate for a specific financial year becomes available at the start of the subsequent financial year. However, if needed, a provisional interest certificate is accessible before the end of the current financial year. This statement details the total interest payable on the ICICI Bank Home Loan during that financial year.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
