Have you been paying your housing loan and not looked at the statements yet? Has it been a while since you checked?
Checking your housing loan balance is not complicated and can be done in several ways depending on your type of loan.
For HDB loans, you can log in to the My HDBPage with your Singpass or visit your nearest branch. For a bank loan, you can visit your bank for a paper statement.
Let’s learn about how to check housing loan balance and how it can help you.
How To Check HDB Statement Of Account For Housing Loan
The HDB statement of account for housing loans shows all your housing loan transactions and the HDB loan balance of the previous year.
You can check the HDB loan statement through the HDB website. Let’s see how to check HDB loan balance statement.
The online process involves the following steps:
- Log in to the MyHDB portal’s Statement of Account page using your Singpass.
- You’ll find a page with your account balance when logged in.
- Select “View HDB Statement of Account”.
- Set the period for the statements you want to see. You can only select one year for each session.
- The account balance page shows your remaining housing loan balance, meaning this is the principal unpaid balance from the previous year without the tax.
If there are arrears, they are shown in the “Outstanding Installment” part. Late payment charges from the arrears are on the “Outstanding Installment”.
Also, not keeping up with your housing loan payments can result in penalty costs.
Formulae for how to check housing loan balance:
- Outstanding loan balance (as of 1st of the current month) = Outstanding loan balance (as of 1st of the previous month) + Interest charged for the previous month – payments made in the previous month
- The account balance page offers an interest calculator that helps anticipate your financial expenditure.
- It also gives you the option to pre-pay your loan, which we call Partial Capital Repayment.
- It can also help you pay all your housing loans, called the Redemption of a Housing Loan.
- Finally, it can help you adjust your housing loan payments between CPF and GIRO.
If the online method doesn’t work, you can always request online for your housing statements from the past years.
For this service, you may be required to pay an administrative fee of $15 inclusive of GST for each statement year.
How To Check Outstanding Housing Loan Statements
Checking the housing loan balance will, of course, give you the insight to manage your repayment plans better. Let’s first look at how we can check for the full statement.
For A HDB Loan
- Log in to the HDB website using your Singpass.
- After you’re logged in, check under “My Flat”, purchased flat, and then financial information.
Another way is visiting the HDB office or branch managing your flat. However, you need to request an appointment before going to the HDB office.
To book an appointment with your HDB office, you can use the e-Appointment system.
For A Bank Loan
The process is simple. You only need to visit your respective bank and ask for your housing loan statement details.
These two ways will show you the complete statement of your account but since you’re more interested in checking your outstanding housing loan, let’s break down the detailed statement.
Balance Brought Forward (Bal-BF)
The balance you see here is the total balance as of the time you requested a statement. HDB charges interest on this balance yearly and deducts payments from your CPF to service this loan.
Interest Charge (IP-2.60)
This section shows the interest charged on your outstanding housing loan balance. The IP code you see on your statement means interest, and 2.60 means the current interest rate, which is 2.6%. The moment the interest rate changes, the number automatically changes.
A HDB housing loan is a concessionary interest rate pegged at 0.10% above the current CPF Ordinary Account (OA) interest rate. It’s adjusted in January, April, July, or October – in line with CPF interest rate revisions.
You calculate HDB interest by computing the outstanding balance every month and dividing it by one-twelfth of your annual interest rate. It’s approximately 0.22% every month of the outstanding balance.
Formula For Monthly Interest Rate
- Monthly interest payable = Outstanding loan balance as the 1st of the month × R/12
Rate = interest rate per year
This means that your outstanding balance will go down every month with the repayments you make – hence, the interest charged every month will also go down.
You can reduce your interest rates by pre-paying your HDB outstanding loan anytime you have extra cash. The prepayment is reflected under different codes as a transaction depending on your method of transferring the funds.
Monthly Installment Payment
Next to interest charges, the common item is the repayment charges of your HDB outstanding loan. They are located on different codes that depend on the method of payment.
Here we have deducted the installments from the CPF balance statement.
How To Read Your Bank Mortgage Statement
A bank mortgage statement doesn’t differ much from an HDB statement since they’re all mortgages. Whether it’s a paper or online statement from any bank, the statements include almost the same items.
Total Disbursement
The first thing you see is the total amount outstanding. It means the amount disbursed, which is the loan principal of your mortgage.
It’s the amount released by a financial institution in that year. The format starts with your balance at the start of the year and disbursement throughout the year.
Total Interest Charged
This line shows the total interest amount you’ve paid throughout the year on your outstanding housing loan balance.
For other banks, it can include information on previous rates and how and when they were calculated.
Total Monthly Repayment
This shows the amount you’ve repaid in the whole year.
Total Capital Repayments
If you’ve had a chance to pay pre-payments, the total amount you’ve paid is stated in this section.
Others
Any other incurred fees from the previous year are reflected in this section – for instance, administration fees, late payment, conveyancing, or prepayment charges.
An online bank mortgage statement includes much more. It is more detailed, with a breakdown of calculations and costs.
For instance, a HDB statement lists monthly installments and interest charges for every month’s balance.
Reviewing Your Bank Mortgage Annual Statement
Reviewing your bank mortgage annual statement can help you determine:
- Your anticipated payments based on past years’ payments
- The interest rate you pay every month
- Your remaining housing loan
Generally, reviewing your bank mortgage annual statement provides a clear picture of your mortgage deal. With this information, it’s easy to make crucial financial decisions.
For instance, if you find out that your mortgage deal isn’t so fair, you can decide to refinance it. Refinancing means you pay off an existing loan and replace it with a new loan.
By doing this, you can:
- Acquire a lower interest rate
- Shorten your mortgage term
- Switch from adjustable rate to fixed-rate mortgage or the other way
- Access home equity to deal with a financial emergency
- Eliminate private mortgage insurance payments
An annual mortgage statement includes the:
- Type of mortgage you chose
- Length of the mortgage deal
- Remaining mortgage term
- Opening balance of your housing loan at the beginning of the year
- Closing balance from the end of the year
- Charges or fees incurred
- Interest rates charged
- Current monthly payment
- Payments that are still due
- Actual transactions that have taken place
How Does All Of This Help You?
Your mortgage statement contains many details that help you determine what you’re specifically paying.
Let’s look at several benefits when you check HDB outstanding loan balance and annual mortgage statements.
- You can plan on increasing your payments. Be it property taxes or upcoming ARM adjustments, you can modify your budget to ensure you have the necessary funds for a higher payment.
- You may find you need to replace your homeowner’s insurance. For instance, if your loan payments are getting high because of an increase in your home insurance, then it might be just the time to replace the insurance.
- You can save yourself from stress and last-time scrambles. If your loan servicer is switched, you get a 15-day notice before it happens, which updates you before you make the payments at the end of the month.
- You can rectify a mortgage payment mistake. Sometimes a mortgage servicer may make a mistake with the large numbers of people they serve. If you check your loan statement, you can notice it and rectify it as soon as possible.
- It serves as proof of payment for your housing loan.
- A housing loan statement helps you schedule or predict when you might need home maintenance.
Get Your Housing Loan Statement To Plan Your Finances
Now you know how to check housing loan balance through the MyHDB portal using your Singpass. Remember, you can check your statements online or request a paper statement.
The only difference is paper statements contain more details on your loan payments.
Your bank or a reliable licensed money lender in Singapore like Lending Bee can offer you advice on your housing loan.
We are a legal and licensed money lender in Singapore that helps its clients achieve their financial dreams.
If you need help, contact our experienced loan officers, who will be more than happy to assist you. Or apply for a loan with us now.
About Ashley Sim
Calling herself a “professional multi-tasker”, Ashley worked as a relationship manager in a bank for five years. She left her job just before the pandemic happened and became a freelance writer for about a year. Now, she’s making the most of her love for writing and knowledge of the banking and financial industry in her role as a content marketing lead. She hopes to help people make better financial decisions through her content and campaigns.
