How To Check Your Housing Loan Balance
November 23, 2022
You may think the work is done once your HDB housing loan is approved and you start paying your housing installments every month.
But as a homeowner, it’s important for you to know the housing loan amount you owe at any one time. This is important as it prevents defaults and enables better planning.
So do you know how to check housing loan balance? In this article, we look at how to check housing loan balance to see how much you owe.
How To Check Your HDB Statement Of Account For Housing Loan
The HDB statement of account for housing loans shows you the transactions you have carried out for the previous years. If you want a bank statement that dates back to more than one year ago, you will have to pay $15 (inclusive of GST) per year you request the statement.
You can pay for the statement using a credit card or via eNets debit or credit card. The housing loan statement will be sent to your address within 15 days.
You can get the statement by following the steps below.
- Visit the HDB website at hdb.gov.sg and log in. Using the menu on top, tap on Login.
- Once your account opens, click on “My Flat”. In this section, you get information on the flat you own or are renting.
- Tap on “Purchased Flat”, then “Financial Information”.
- Click on save as PDF or print at the bottom of the screen, and click “Statement of account”. This will download or print 12 months of statements.
You now have your HDB housing loan statement, which will have the following information:
- Transactions for the previous year – this includes the equated monthly payments (EMIs)
- Statement period
- Unpaid principal amount and the total due
- Interest rate and remaining loan tenure
- Balance brought forward from previous years
- Cost and penalties for the previous year
You can also obtain the loan statement from your nearest HDB branch after you make a request for it.
How To Check Your Outstanding Housing Loan Statement
To check your outstanding HDB loan, follow the steps below:
- Log in to the HDB website using Singpass. Look for “My Flat”, then “Financial Information”.
- You will see an outstanding balance. This is the principal amount due and does not include interest. Any arrears will appear on the outstanding installment section along with any late payment charges.
You need to make sure the installment section has a zero balance. Although HDB is quite forgiving, avoid incurring unnecessary costs and charges.
There are also related services on this screen, such as a housing loan interest calculator and partial capital repayment, among others.
- The second option to check the outstanding balance is by visiting the HDB branch managing your flat. You will need to book an appointment using HDB’s e-appointment system before you visit the bank.
To check your outstanding bank loan, visit the bank and request a statement showing the outstanding balance.
How To Read Your Bank’s Mortgage Statement
Both the online portal and the printed bank mortgage statement should have the same details. The statement will have the following details:
Borrower’s Basic Details
This includes your name, identification, and account number, among other details. The statement will also have the property’s address.
Total Amount Disbursed
This is the amount you received from the bank. It’s the principal amount of the mortgage. In other statements, you may see a column showing undisbursed amounts. In most cases, this will be zero.
Balance Brought Forward
This is the balance at the beginning of the year. This is the amount the lender will charge interest on and deduct payments made monthly.
Total Interest Charged
This is the amount of interest you have paid on the principal during the year. This section may contain the interest rate. However, not all banks may include the interest rate in this section.
Total Monthly Repayment
In this section, you will find the total equated monthly payments for 12 months. Here, you will find the total amount you repaid over 12 months. You will also find the amount you are paying using your CPF funds.
Total Outstanding Amount And Loan Tenure
The statement will show the amount outstanding at the end of the year. You will be able to see the amounts due and the remaining loan tenure.
This section shows any early repayment over the last 12 months, and if you managed to repay your mortgage in advance – either in part or in full.
Other Fees And Penalties
The bank mortgage statement will have other sections where the penalties and other fees you have incurred are reflected. The other section will have fees such as admin fees, late payment fees, and prepayment fees.
If you opt for an online bank statement, you may be able to view more details. It will have more details on cost and calculations.
The statement will show daily interest, and repayments you make using your CPF funds, among other details.
Reviewing Your Bank Mortgage Annual Statement
It’s important to review your bank mortgage statement often. It gives you the total cost you have incurred to get the mortgage. It also allows you to review the various metrics in the statement to get a more accurate picture of your finances.
Here are other reasons you should review the mortgage statement.
Ensure The Accuracy Of Information In The Mortgage Statement
It’s important to review the mortgage statement regularly and check whether all the transaction entries are accurate.
Compare your annual mortgage statement with your records. Report any mistakes or oversight to the lender for correction.
The statement will help you seek clarification on interest and other charges you have incurred during the year. Double-check the numbers appearing on your statement using a mortgage calculator.
Compare Mortgage Deals With Other Lenders
If you have passed the lock-in period, you can compare the mortgage terms you have with those of other lenders.
With the statement, you will understand the terms you are being offered and can easily compare them with what other lenders are offering.
Review The Changes In Your Mortgage Loan Package
In the case of a bank, its interest is variable. That means it will constantly review the rates upwards or downwards. It’s important to review your statement regularly so you can assess the impact of such changes.
How Reviewing Your Mortgage Statement Helps
Reviewing your mortgage statement is important as it will help you make better financial decisions. Here is how reviewing the mortgage statement will help you.
Make Better Financial Decisions
Reviewing your mortgage statement will help you anticipate how much you will pay in subsequent years. This is important as you can then plan your future cashflow.
Review And Find Ways To Reduce Your Costs
A mortgage statement gives you the big picture of the overall cost of your mortgage. You will be able to figure out reduction strategies and their impact on your mortgage.
For instance, you will be able to review the impact of an early repayment since you have all the details you need.
You Get To See How The Repayments Are Divided Between Principal And Interest
It’s crucial to understand how much of your repayment goes into the principal and interest. This will help you review whether you are getting the right tax deductions on interest.
Always Know How To Check Housing Loan Balance
Every borrower must make it a habit to pause and reflect on the mortgage statement. By doing so you have time to see the status of your loan and how you can manage it better.
It is important to check your housing loan balance periodically to make sure you are on track with your repayments. We hope our guide has helped you understand how to check housing loan balance and given you the confidence to do so.
Thankfully, checking your balance is a relatively simple process that can be done online or by visiting the lender’s branch. Check your loan balance regularly and stay disciplined with your payments, and you’ll be well on your way to owning your home outright in no time.
If you are having financial difficulties and are unable to meet your mortgage obligations, go to licensed money lender Credit Thirty3. We will lend you the money you need to clear the outstanding loan and avoid penalties instantly.
Frequently Asked Questions
How Often Can I Get A Mortgage Statement?
The annual mortgage statement will be available on the bank’s online portal after the year ends. You can visit its branch or download it using your Singpass.
Why Has My Mortgage Increased?
The following are reasons why your mortgage may have increased:
Administration Costs And Other Costs
Admin costs and other costs such as penalties will be added to your mortgage balance.
Monthly Repayments Were Not Paid
Failure to pay your monthly instalment will result in your mortgage going up.
What Are The Fees In The Mortgage Statement?
The charges include administration fees and late payment fees.