Managing and keeping track of your financial documents is one habit that can save you a lot of stress and make your life easy. When you avail of a home loan, one such important document to keep track of is your home loan provisional interest certificate.
Each financial year, you should obtain an interest rate certificate from your lender. This document works as a proof for repayment of interest & principal component on the current loan. You can use the certificate for claiming tax deduction, establishing your good credit history and also to apply for a new home loan.
Earlier the borrowers were required to visit the bank branch for accessing the interest repayment certificate. But after the pandemic restrictions, most lenders are now offering ease of downloading the provisional interest certificate through net banking or website. In case you are serving an SBI Home Loan, here is a guide to help you download home loan interest certificate (provisional) for State Bank of India. We will also share answers to some of the common queries related to home loan interest certificate.
A home loan provisional certificate is an official account statement for your home loan account. The document is offered for free by the concerned lender only. Like your savings bank account statement, a home loan interest certificate briefs your account summary, including the interest and principal payment processed in the current financial year.
Your home loan provisional certificate reflects following:
For Joint home loans, each borrower should download the home loan interest certificate. The interest payment is reflected as the proportion of ownership by each co-owner of the property. In case co-ownership of property is not mentioned, interest payment or EMIs are equally divided among the co-borrowers.
You need a home loan interest certificate as a proof of home loan payment for the current financial year. The document is required to be submitted to the employer and while filing ITR to claim tax deductions under Section 80C and section 24b respectively.
During the moratorium interest continued to accrue and thus you are eligible to claim tax benefit on the repaid interest amount. The same will thus be reflected on your account statement.
It is quick and hassle free to download an SBI home loan interest certificate online. All you need to do is use internet banking for the purpose. The steps involved are:
1. Visit official SBI website: www.onlinesbi.com/personal
2. Log in for net banking with your customer ID & password.
3. Click on the ‘Enquiries’ tab.
4. Select ‘Home Loan Interest Certificate (Provisional)’.
5. Choose an account for which you need the interest certificate.
6. Select ‘View / Download in PDF’ option. Now save or take print of the document.
Through branch visit
Visit the nearest SBI branch. Fill the request form and submit it with the required documents- such as Aadhaar, PAN etc.
Call/ SMS customer care
Call the SBI customer care at 18004253800 or 1800112211 and request the interest certificate to be sent to you.
Trust, the above information answers all your queries regarding SBI home loan interest certificate.