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Decoding Home Loan Provisional Certificate in a Few Easy Steps
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Home loan provisional certificate helps track repayment progress
Not only is getting a home loan an affordable and convenient financing option, but it also comes with a host of ways to organise and track your progress and claim the benefits a home loan offers. Both a home loan provisional certificate and a home loan provisional interest certificate are very important because they contain details of your payment system and offer many more benefits.
So, let's quickly understand the difference between them.
A home loan provisional certificate is the document that is given at the beginning of every year until your loan gets completed. It consists of payments to be made in this financial year.
A home loan provisional interest certificate is given at the end of every year until your loan gets completed. This document consists of payments that have been made in this financial year.
Now let's dig deeper for more insights.
What is a home loan provisional certificate?
The certificate is an official document provided by your lender. It gives you all the details about your loan status at the beginning of every year until the loan gets completed. It gives you brief details about your loan including the interest and principal payment for the current financial year.
Home loan provisional certificate contains:
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Your personal details
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Home loan account details, start and end date of loan.
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The entire amount of the loan
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Monthly equated monthly installments (EMI’s) amount.
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Interest rate type: fixed or floating.
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The amount you have paid
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In case you have missed any payment, it will be included in the housing loan provisional certificate along with a new principal which accounts for missed payments.
This certificate contains the detailed break-up of your home loan. So now let's learn the benefits of it.
Advantages of a home loan provisional certificate:
A housing loan provisional certificate helps you to organise all the information about your loan. As this certificate is received at the beginning of the year, it helps you with your financial planning on your end and keeps a record of how much you are going to pay monthly (EMIs) and yearly. Also, you can easily keep yourself updated on the amount repaid and due amount.
What is a home loan provisional interest certificate?
Same as a provisional certificate, you get this provisional home loan interest certificate at the end of the year till your loan gets completed. It's evidence of the loan principal and interest payment you have completed during the current financial year. It acts as your proof of payment made to the lender. At the time of filing a tax return, you have to submit this home loan provisional interest certificate to avail of tax deduction.
Home loan provisional interest certificate contains:
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Loan amount
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Equated monthly payments (EMI’s)
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Principal paid during the financial year
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Interest paid during the financial year
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Loan moratorium
Do you know what a loan moratorium is?
A loan moratorium is a temporary suspension of loan repayment. It's a period where you can get a break on your loan repayment. This means you can stop the monthly payment or EMI for a specific time frame during the moratorium.
Advantages of a home loan provisional interest certificate
You need a home loan provisional interest certificate as proof of principal and interest paid during the financial year. This document is essential for claiming tax deductions. You will be required to submit the provisional certificate to your employer. Under Section 80c of the Income Tax Act, you can avail of tax deductions of up to Rs 1.5 lakh on the principal amount of the home loan. Also, you can get a tax deduction of up to Rs 2 lakh on the interest paid under Section 24 (b) of the income tax act.
Have you availed of your tax deduction?
To get your home loan provisional interest certificate to avail of tax deduction visit our documentation portal. Drop a quick message in the chatbox on the screen to get help from our AI-based 24/7 customer support, Srishti.
Summing up
Home loan agreement between lender and homeowner
In this blog, we have learned that a home loan provisional certificate will help you to stay updated with your loan and the amount and interest to be paid during the financial year. Whereas a home loan interest certificate will help you to account for the payment already made this year. This certificate can also be beneficial for your tax deduction.
The certificates are all you need to get a lot of benefits on your home loan. Don't be afraid to go for your dreams and apply online now for a quick and easy home loan from IIFL Home Loans. We strive to bring affordable and flexible housing finance to your convenience. IIFL Home Loans cares about your dream of becoming a homeowner and we are eager to help you achieve it, every step of the way. Apply for your home loan today.
FAQ
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1. How to get a home loan provisional certificate?
To get your home loan provisional certificate you should contact https://www.iiflhomeloans.com/home-loan.
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2. If I have a joint loan, can I use the same certificate to avail tax benefits?
Yes, you can use the same certificate to enjoy the tax benefits. As you have a joint loan, the interest amount will be divided equally.
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3. What is the moratorium period?
Moratorium is a period where you can take a break from paying equated monthly installments (EMI’s).
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4. Loan moratorium is included in the provisional interest certificate?
Yes, it is included in the home loan provisional interest certificate.
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5. What are the tax benefits we can avail of through these home loan certificates?
You can avail tax benefit under Section 80 C up to Rs 1.5 lakh on the principal amount and Section 24 (b) up to Rs 2 lakh on the principal amount with the help of provisional home loan interest certificate.
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Home Loans
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Home Loans
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Home Loans
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Key Factors Affecting Your Home Loan Amount Eligibility
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IIFL Home Loans | May 12 11:58 AM
Home Loans
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Key Factors Affecting Your Home Loan Amount Eligibility
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IIFL Home Loans | May 12 11:58 AM
Home Loans
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Key Factors Affecting Your Home Loan Amount Eligibility
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IIFL Home Loans | May 12 11:58 AM
Home Loans
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Key Factors Affecting Your Home Loan Amount Eligibility
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IIFL Home Loans | May 12 11:58 AM
Home Loans
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Key Factors Affecting Your Home Loan Amount Eligibility
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IIFL Home Loans | May 12 11:58 AM
Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Affordable Home Loans In India And IIFL Home Loans
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IIFL Home Loans | Nov 23 4:12 AM
Home Loans
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Affordable Home Loans In India And IIFL Home Loans
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IIFL Home Loans | Nov 23 4:12 AM
Home Loans
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Affordable Home Loans In India And IIFL Home Loans
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IIFL Home Loans | Nov 23 4:12 AM
Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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IIFL Home Loans | Nov 23 4:12 AM
Home Loans
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NCD Vs FD: What Is The Difference Between The Two?
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IIFL Home Loans | Nov 23 4:12 AM
Home Loans
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NCD Vs FD: What Is The Difference Between The Two?
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IIFL Home Loans | Nov 23 4:12 AM
Home Loans
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Home Loans
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Home Loans
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7 Expert Tips For First-Time Home Loan borrowers
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IIFL Home Loans | Nov 02 9:30 AM
Home Loans
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Home Loans
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Home Loan Balance Transfer - Step By Step Guide
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IIFL Home Loans | Nov 02 9:30 AM
Home Loans
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Home Loans
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Home Loans
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Steps To Close A Home Loan Without Complications
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IIFL Home Loans | Aug 24 9:48 AM
Home Loans
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Frequently Asked Questions: Post RBIs Moratorium On Loan
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IIFL Home Loans | Sep 05 12:15 PM
Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Best Tips To Get Lowest Home Loan Interest Rates
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IIFL Home Loans | Oct 03 12:15 PM
Home Loans
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Best Tips To Get Lowest Home Loan Interest Rates
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IIFL Home Loans | Oct 03 12:15 PM
Home Loans
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Best Tips To Get Lowest Home Loan Interest Rates
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IIFL Home Loans | Oct 03 12:15 PM
Home Loans
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Best Tips To Get Lowest Home Loan Interest Rates
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IIFL Home Loans | Oct 03 12:15 PM
Home Loans
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Best Tips To Get Lowest Home Loan Interest Rates
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IIFL Home Loans | Oct 03 12:15 PM
Home Loans
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Best Tips To Get Lowest Home Loan Interest Rates
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IIFL Home Loans | Oct 03 12:15 PM
Home Loans
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Success Tips For Young First-Time Home Buyers
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IIFL Home Loans | Oct 03 11:45 AM
Home Loans
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Success Tips For Young First-Time Home Buyers
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IIFL Home Loans | Oct 03 11:45 AM
Home Loans
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Success Tips For Young First-Time Home Buyers
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IIFL Home Loans | Oct 03 11:45 AM
Home Loans
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Success Tips For Young First-Time Home Buyers
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IIFL Home Loans | Oct 03 11:45 AM
Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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How To Claim Tax Benefits On Joint Home Loans?
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IIFL Home Loans | May 21 2:45 PM
Home Loans
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How To Claim Tax Benefits On Joint Home Loans?
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IIFL Home Loans | May 21 2:45 PM
Home Loans
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How To Claim Tax Benefits On Joint Home Loans?
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IIFL Home Loans | May 21 2:45 PM
Home Loans
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How To Claim Tax Benefits On Joint Home Loans?
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IIFL Home Loans | May 21 2:45 PM
Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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5 Things to Consider Before Refinancing a Home Loan
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IIFL Home Loans | Feb 21 3:30 PM
Home Loans
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5 Things to Consider Before Refinancing a Home Loan
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IIFL Home Loans | Feb 21 3:30 PM
Home Loans
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5 Things to Consider Before Refinancing a Home Loan
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IIFL Home Loans | Feb 21 3:30 PM
Home Loans
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5 Things to Consider Before Refinancing a Home Loan
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IIFL Home Loans | Feb 21 3:30 PM
Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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SIPs Can Help You to Pay Your Home Loan Interest
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IIFL Home Loans | Nov 15 1:00 PM
Home Loans
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SIPs Can Help You to Pay Your Home Loan Interest
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IIFL Home Loans | Nov 15 1:00 PM
Home Loans
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SIPs Can Help You to Pay Your Home Loan Interest
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IIFL Home Loans | Nov 15 1:00 PM
Home Loans
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SIPs Can Help You to Pay Your Home Loan Interest
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IIFL Home Loans | Nov 15 1:00 PM
Home Loans
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SIPs Can Help You to Pay Your Home Loan Interest
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IIFL Home Loans | Nov 15 1:00 PM
Home Loans
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SIPs Can Help You to Pay Your Home Loan Interest
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IIFL Home Loans | Nov 15 1:00 PM
Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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What are the Best Real Estate Areas in Bangalore?
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IIFL Home Loans | Jul 07 2:30 PM
Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Policies Increase the Efficiency of the Work Process!
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IIFL Home Loans | Jun 01 12:45 PM
Home Loans
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Policies Increase the Efficiency of the Work Process!
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IIFL Home Loans | Jun 01 12:45 PM
Home Loans
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Policies Increase the Efficiency of the Work Process!
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IIFL Home Loans | Jun 01 12:45 PM
Home Loans
Tax Planning
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Home Loans
Tax Planning
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Home Loans
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What Are The Benefits Of Buying A House in 20s
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IIFL Home Loans | Apr 06 5:45 PM
Home Loans
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What Are The Benefits Of Buying A House in 20s
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IIFL Home Loans | Apr 06 5:45 PM
Home Loans
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What Are The Benefits Of Buying A House in 20s
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IIFL Home Loans | Apr 06 5:45 PM
Home Loans
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What Are The Benefits Of Buying A House in 20s
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IIFL Home Loans | Apr 06 5:45 PM
Home Loans
Tax Planning
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Home Loans
Tax Planning
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Home Loans
Tax Planning
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Calculate Your Eligibility With Home Loan Calculator
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IIFL Home Loans | Feb 07 11:00 AM
Home Loans
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Calculate Your Eligibility With Home Loan Calculator
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IIFL Home Loans | Feb 07 11:00 AM
Home Loans
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Calculate Your Eligibility With Home Loan Calculator
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IIFL Home Loans | Feb 07 11:00 AM
Home Loans
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Calculate Your Eligibility With Home Loan Calculator
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IIFL Home Loans | Feb 07 11:00 AM
Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Hacked!!! Why Indian Sailors Get a Loan Rejection?
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IIFL Home Loans | Oct 21 2:15 PM
Home Loans
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Hacked!!! Why Indian Sailors Get a Loan Rejection?
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IIFL Home Loans | Oct 21 2:15 PM
Home Loans
Pradhan Mantri Yojana
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Home Loans
Pradhan Mantri Yojana
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Home Loans
Pradhan Mantri Yojana
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Home Loans
Pradhan Mantri Yojana
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Home Loans
Pradhan Mantri Yojana
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Home Loans
Pradhan Mantri Yojana
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Home Loans
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10 Things You Must Know About Home Loan EMI Calculator
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IIFL Home Loans | Oct 05 12:15 PM
Home Loans
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10 Things You Must Know About Home Loan EMI Calculator
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IIFL Home Loans | Oct 05 12:15 PM
Home Loans
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6 Things To Consider While Choosing Your Home
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IIFL Home Loans | Oct 01 11:45 AM
Home Loans
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6 Things To Consider While Choosing Your Home
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IIFL Home Loans | Oct 01 11:45 AM
Home Loans
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6 Things To Consider While Choosing Your Home
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IIFL Home Loans | Oct 01 11:45 AM
Home Loans
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6 Things To Consider While Choosing Your Home
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IIFL Home Loans | Oct 01 11:45 AM
Home Loans
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6 Things To Consider While Choosing Your Home
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IIFL Home Loans | Oct 01 11:45 AM
Home Loans
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6 Things To Consider While Choosing Your Home
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IIFL Home Loans | Oct 01 11:45 AM
Home Loans
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6 Things To Consider While Choosing Your Home
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IIFL Home Loans | Oct 01 11:45 AM
Home Loans
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IIFL Home Loans | Oct 01 11:45 AM
Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Here are 6 ways to Save Money on Your Home Loan
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IIFL Home Loans | Aug 05 12:15 PM
Home Loans
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Here are 6 ways to Save Money on Your Home Loan
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IIFL Home Loans | Aug 05 12:15 PM
Home Loans
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5 Hacks for Improving the Home Loan Eligibility
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IIFL Home Loans | Jul 18 3:45 PM
Home Loans
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5 Hacks for Improving the Home Loan Eligibility
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IIFL Home Loans | Jul 18 3:45 PM
Home Loans
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Home Loans
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Home Loans
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Home Loans
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Home Loans
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Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.