How to book home loan

This query is : Resolved

Jalam Singh Jodha (Querist)
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30 May 2012 Sir,
I have taken a home loan of 25L for a new house property how to account for the same in my books of a/c.
what entry to be passed at the time of instalment repayment.
I am Salaried employee.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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30 May 2012 1. At the time of loan

Building A/c Dr
To Housing Loan

1. At the time of repayment (obtain a certificate from the bank which will provide breakup of instalment as principal and interest repayment)

(a) Interest repayment
Housing Loan A/c Dr
To Bank A/c

(b) Interest Repayment
Interest on Housing Loan A/c Dr
To Bank A/c

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