A Statement of Account from the lending bank is issued to the borrower, typically monthly. It lists out all the repayments that the borrower has paid back to the bank within a specific time period.
In Refinancing, a borrower may want to transfer his/her existing housing loan from the current mortgagee bank to another due to lower interest rates, The Latest Statement of Account Reflecting Outstanding Balance is among the primary requirements that the second bank will require. This lets them validate if the loan applied for is consistent with the borrower's remaining amount owed from the current bank.