A "low interest" loan shouldn't mean you have very little interest in paying it back!
A home loan certificate is nothing but a statement of your home loan account provided by your lender. It is the summary of the interest and the principal amount repaid by you towards your Home Loan for the given financial year and serves as a proof of home loan repayment. In many cases, a provisional interest certificate can also be obtained at the beginning of the financial year, which indicates the amount payable for that year.
The process to obtain the home loan interest certificate from your bank is fairly simple and can be done right from the comfort of your home. A majority of lenders these days have made it possible for their customers to access the interest certificate online.
All you have to do is visit the official website of your bank and login to your account. You can then access your home loan summary statement, provisional tax certificate, and other relevant documents.
Alternately, you can also visit the nearest branch of your bank and ask the officials for the statement in person. Needless to mention, you will have to provide them with your loan account number and other details such as PAN, date of birth, et cetera.
One of the most important uses of a home loan certificate is to claim tax deductions.
As we know, the principal and EMI component of a home loan are subject to respective Tax Deductions. Under the Section 80C of the Income Tax Act, the principal amount repaid by you can be claimed as a deduction to a maximum of Rs. 1,50,000, while the cap on the interest claim as per the Section 24 is Rs. 2,00,000. Apart from this, stamp duty charges and registration fees can also be considered as deductions.
In order to successfully avail these tax benefits on a home loan, you will be required to submit your home loan certificate while filing your returns.
If you are looking to get your home loan certificate from the State Bank of India, the following are the steps that you need to follow:
Step 1: Visit the official website of SBI at https://www.onlinesbi.com/personal/
Step 2: Using your credentials, log in to the personal banking section of the site
Step 3: Select the ‘Enquiries’ tab and click on ‘Home Loan Interest Certificate (Provisional)’ link
Step 4: The last step is to select the account for which you need the home loan certificate. You can now view, print or download your home loan interest certificate.
A similar process can be followed to get the interest certificate from HDFC Bank as well.
Step 1: Visit the following link - https://online.hdfc.com/loansapps/(S(wn5upcgbjjovmynkvj0s1h1p))/rptITCert.aspx
Step 2: Enter the loan account number and the captcha code as displayed on the page.
Step 3: The loan certificate will then be displayed on your page. You can choose to receive it either by Email or by post. In case you choose postal delivery, the certificate will be posted within two working days.
Step 4: Alternately, you can also use the online access for customers link, provided by the HDFC Bank. Simply enter your login credentials following which, you will be able to view your interest certificate, provisional statement, et cetera.
There are different ways to get home loan certificate from Axis Bank.
A similar process can be followed to get the home loan certificate from other banks as well.
Yes, you can avail yourself of tax deductions using a home loan provisional certificate.
No, you will not be charged any fee to obtain a home loan provisional certificate from SBI.
Yes, both the loan applicants can use the same provisional certificate provided both are co-owners of the house.
Yes, you can submit a written application at the nearest branch of the bank concerned to avail yourself of a home loan provisional certificate in offline mode.
Yes, you can get bifurcated details according to the percentage ownership of the property on the provisional certificate.
No, you don’t require a provisional certificate to apply for a home loan.
No, you cannot get a provisional certificate for a pre-approved home loan.
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