How To Check Your Housing Loan Balance

If you’re a homeowner with a housing loan, it’s essential to keep track of your loan balance. This figure can fluctuate over time, so it’s helpful to know where you stand in order to make more informed decisions about your home and finances.

In this blog post, we’ll show you how to check housing loan balance in Singapore easily and quickly.

How To Check Outstanding Housing Loan Statement

The procedure for checking your CPF balance statement is different depending on the type of loan you have.

HDB Loans

You can check the status of your outstanding housing loan in two ways. Using your Singpass, log in to the HDB website.

Go to My Flat > Purchased Flat > Financial Info. Visit the HDB branch that oversees your flat. Note that appointments are required for services at HDB offices and branches.

You can use the e-Appointment system to schedule an appointment if you want to visit a HDB branch.

Bank Loans

When checking your outstanding housing loan, you can do so with your bank. You can visit your bank’s branch, call the customer service hotline, or check your online banking account.

How To Read Your HDB Mortgage Statement

With regard to reading a HDB mortgage statement, we will look at how to check your:

• HDB statement of account for housing loan
• HDB loan balance
• HDB housing loan statement

How To Check HDB Statement Of Account For Housing Loan

It is important to check your HDB statement regularly to ensure that your housing loan is being managed properly. Your HDB housing loan transactions and loan balance for the preceding year are displayed in the statement.

Using your Singpass, you can access the My HDBPage, where you can examine your current and previous year’s statements.

You can request past online statements that are no longer available. Each request will incur an administrative cost of $15 (including GST) each year. You can pay online using your eNETS debit or credit card.

The previous statement(s) will be mailed to you within 15 business days.

How To Check HDB Loan Balance

When learning how to check housing loan balance in a HDB loan balance, the main thing is to check HDB’s outstanding loan balance.

The amount of your HDB loan statement that is outstanding is the principal amount on your loan after deducting any payments made. The principal refers to the original loan amount borrowed from HDB.

The “Outstanding Instalment” area will show any arrears and any late payment fees you may have incurred as a result of your arrears.

The late payment fees section should be blank. Even though HDB loans are fairly accommodating, you might still incur unnecessary penalty fees for missing your payments.

HDB Housing Loan Statement

Some of the key items you will see when reading your HDB housing loan statement include:

Balance Brought Forward (Bal-BF)

This is the outstanding balance at the beginning of the period for which you requested a statement from HDB. To service the loan, HDB will levy interest and collect payments from your CPF.

Interest Charge (IP-2.60)

The amount of interest charged on an outstanding balance is an interest charge. In a HDB housing loan statement, the “IP” code represents interest, while 2.60 represents the current interest rate of 2.6%. This figure will change if the interest rate increases.

Monthly Installment Payment

This is a payment that is made monthly to repay a housing loan. It is typically made by those who have taken out a housing loan to purchase a home. Depending on your form of payment, these may appear under various codes.

How To Read Your Bank Mortgage Statement

There are different ways you can read your bank mortgage statement. You can review it online or as a paper statement.

A paper statement is usually mailed to you monthly. You may also choose to receive an electronic statement. You can access your statement at any time if you have an online account.

You should contact your mortgage lender if you have issues with your bank statement. It will be able to explain any charges or fees you were unsure about.

Reviewing Bank Mortgage Annual Statement

Consider an example of a yearly paper statement that you will receive after a calendar year if you did not opt out.

Total Disbursement

This refers to the amount of money you paid out for the year with your mortgage. This figure will include any interest payments and any money paid towards the principal balance of the loan.

The total disbursement figure can be a helpful way to gauge how much money you are paying towards your mortgage annually. It can also be used to compare different mortgage products.

Total Interest Charged

This is the total interest you have paid on your mortgage during the year. This information is typically found on your annual mortgage statement from your bank.

The total interest charged can help you decide if you are making progress in paying off your loan.

Total Monthly Repayment

This amount is what you will have paid at the end of the year, including interest and principal. The figure is important because it shows how much of the loan you will have paid off and what is still owed.

Total Capital Repayments

This shows the total you paid off if you repaid your mortgage in full or made any lump sum payments during the year. This is shown on your annual mortgage statement.

Others

Fees incurred during the preceding calendar year will be listed here. However, while the fees on your bank mortgage annual statement can be confusing, it is important to understand each one.

Some common fees include:

• Administration costs levied for the administration of your mortgage, which can include processing fees and setting up your account
• Late payment fees charged if you make a late payment on your mortgage
• Conveyancing fees payable for the legal work required to transfer ownership of a property to your name
• Prepayment charges that may apply if you want to make a lump sum payment or increase your monthly payments

Online Bank Mortgage Statement

Viewing your bank’s mortgage statement online instead of on a paper statement may provide much more helpful information for your financial planning.

The online version may show your account number, loan type, monthly payment, payment date, interest rate, and remaining balance.

In addition, you may be able to see a history of your payments and use a payment calculator that can help you plan for future payments.

The interest rate is one of the most important things to look for on your online bank mortgage statement.

This is the rate you will be charged for the remainder of your loan, which can significantly impact your monthly payment. If your interest rate has increased, you may want to consider refinancing your loan to get a lower rate.

The remaining balance is another crucial item to check on your online bank mortgage statement. Budgeting for your next payments can be useful if you know how much money you still owe on your loan.

You might wish to make additional payments to finish off your loan sooner if you notice that your outstanding balance is rising.

Finally, your online bank mortgage statement may also allow you to view a history of your payments.

As you can see how much you have already paid and get an estimate of what you anticipate to pay moving forward, this can be useful for making payment plans.

Consider setting up automatic payments if you notice that your payments are frequently late to ensure your mortgage is paid on time each month.

How This Helps You

If you have a bank mortgage, reviewing your bank mortgage annual statement is important. This statement will provide your mortgage loan, payments, and interest rate information.

In addition, reviewing your statement to spot any errors that may have occurred is a good practice.

The primary purpose for reviewing your bank mortgage annual statement is to confirm that the information on it is correct.

This is important for two reasons: Firstly, it influences the interest you pay on your mortgage, and secondly, it can affect your credit score. If the information on your statement is incorrect, you may pay more interest than you should or the errors may affect your credit score.

Your bank mortgage annual statement will list all of the payments that have been made on your mortgage loan. This includes the date of each payment, the amount paid, and the interest rate.

The statement will also list any late payments that have been made. Review this information carefully to ensure that all payments have been made on time.

It will also list the current interest rate on your mortgage loan. This can help you determine if you are paying too much interest. If the interest rate is higher than when you originally obtained the loan, you may want to consider refinancing.

Finally, your bank mortgage annual statement is key when it comes to how to check housing loan balance. It ensures you are not paying more than you owe. The information can also help you determine how much equity you have in your home.

Check Your Housing Loan Balance Regularly

Learning how to check housing loan balance periodically ensures that you are on track to repay your loan. It will also help you budget for any additional repayments that may be required, which can impact your credit score.

Having a higher balance than normal can lower your credit score and make it harder to get approved for new loans. A high balance can also mean you are paying more interest on your loan.

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