How to Download SBI Home Loan Interest Certificate?

Have you taken an SBI home loan? If yes, then this article is for you. In this article, we will discuss how to download the SBI home loan interest certificate from the SBI website. This certificate is required to produce to the employer for incorporating the same in form 16 to save income tax.

What is Home Loan Interest Certificate?

A home loan interest certificate is the statement of account that shows the amount you have re-pay to the lender. The certificate shows the bifurcation of principle and the interest amount paid to the lender. This bifurcation is required to declare in the income tax calculation to save tax. The lender usually gives a provisional certificate for your home loan repayment for the whole financial year. It is provisional because it is generated before the end of the financial year.

There are two ways by which you can get the home loan interest certificate from your lender. You can go and visit the branch of your bank and ask for the home loan certificate or you can download the same from their website.

Due to the recent Corona Virus outbreak, most people are avoiding going to the bank for any needs. They are finding an alternate way to get things done. And getting a home loan certificate from an online portal is now easy and fast. So why go to the bank and stand in the queue?

Why You need a home loan interest certificate?

The main purpose of the home loan interest certificate is to claim the income tax deduction under sections 24 and 80C of the income tax act. The upper limit for claiming home loan interest is ₹. 2 lakhs on interest paid and a maximum up to ₹ 1.5 lakhs on the principal amount. The 1.5 lakhs includes all the deduction you claim under section 80C of the income tax.

By declaring you have paid as home loan re-payment, you can claim the benefit in income tax. For giving the declaration you need a home loan interest certificate from the bank. Every year usually in the month of January your employer will ask you to submit all the investment proofs so that they can calculate the income tax as per your slab.

At this time, you need to provide the loan certificate to declare the amount you have paid. This will help you to save income tax.

How to Download SBI Home Loan Interest Certificate?

Downloading a home loan certificate from the SBI website is very easy and fast. Follow the simple steps mentioned below and you can easily download the home loan interest certificate.

  • Go to the SBI website
  • Login using your ID and password
  • Go to the ‘Inquiries’ tab and select ‘Home loan provisional certificate’
  • Apply for the certificate online by selecting the appropriate account
  • Click on the ‘Submit’ button
  • The interest certificate is now available on the screen
  • You can download the interest certificate from the screen

The SBI home loan interest certificate is system generated statement so it doesn’t require any signature from the bank authority. You can take a print and submit the same to your employer for declaring the investment and claiming the tax benefits.

Online vs Offline Home Loan Interest Certificate

Online Home Loan CertificateOffline Home Loan Certificate
Easy to download and printYou have to visit the bank branch
You will get the instant statementYou will have to give an application and after that, you will receive it
Time-savingTime-consuming
You need an internet connection and user ID/passwordYou don’t need a user ID/password

Almost all the banks are now providing the provisional home loan certificate online. It is easy and time saving for both customer and bank. Getting a home loan interest certificate is compulsory if you want to get the home loan interest deduction under income tax.

You can go and check your bank’s website and you will find the option for downloading a home loan interest certificate from there. If you find any difficulty in downloading the home loan interest statement, let me know. I will help you in getting the same done for you.

Wealthpedia

Vishal Jhaveri is an avid finance blogger with vast experience in various financial markets like Stocks, Mutual Funds, Insurance, and Personal Finance. He believes that personal finance is a subject we aren’t taught in our schools. Earning is important to have a good sustainable life for yourself and your family. but you must acquire financial knowledge to create real wealth. Disclosure: All content provided on this website is for informational and educational purposes only and is not meant to represent trade or investment recommendations.

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