Ever wondered, how long does a rental application take to be approved or whether you should add personal references on your rental application? You’re not alone. Simply put, you need a bank statement for rental application.
When you submit the rental application – hard or soft copy – you must attach a bank statement. That bank statement proves that you have enough income – in the past and current – to manage the rent. Yes, it is mandatory, and no, the landlord will not let it pass.
Providing a bank statement makes a trustworthy tenant, allowing the landlord to trust you more. The more transparent you are, the higher your chances of getting a good rental property. You can mention attaching the bank statement in the cover letter for your rental application, to make it easy for the landlord.
Now, the big question is, how to get a bank statement and why it is important, let’s find out.
What is a bank statement and why it has importance
You might ask what landlords look for in bank statements. Well, we all make online transactions during the month or a year and the bank keeps a record of them all. Your bank statement contains a record of all these transactions. It also shows the closing and opening balance of each month. This gives the landlord a sneak peek of what you get each month and how financially stable you are.
Since the bank is responsible to record every transaction, your bank statement won’t have false records. Plus, most landlords require an approved statement from the bank, there are no chances that you can alter it.
Why it is important! Well, it is the simplest way to show whether you have the funds to pay for the downpayment and the upcoming rent. Obviously, your landlord needs to be assured that you are earning enough to pay the rent on time. Plus, it also shows the past rent you have paid in the past and whether they were late or not.
Providing one statement can save you from tons of explanations and answer most of the landlord’s questions. So, it is not only beneficial for the landlord but also for you.
What should be included in your bank statement?
Typically, your bank statement has all the necessary details about your past transactions, your savings, income, and more. However, your main concern should be to show your monthly income and your past payment history. The rest of the information is useless for a landlord. So, instead of providing one huge bank statement, you can choose to provide multiple bank statements showing only the necessities.
- Reach your bank and tell them to print a statement showing the salary that you get each month. They’ll give you a small statement showing the credited salary, opening, and closing balance of each month.
- You can also tell the bank to provide a statement about your savings each month. This gives the landlord more convenience in that you have enough money to pay the rent for up to many months. Plus, your landlord will get the idea that you have enough money to tackle emergency expenses related to the property.
- If you have more than one account – only show the statement of one account – salaried or savings, your choice.
Here is an article that can help you know how to make my rental application stand out and one on what is my passport document number.
How much time does it take to get a bank statement?
Not much, if you apply for a bank statement during the working days, you’ll get it within 48 hours to download and print it. However, if you ask for multiple statements, it can take up to 72 hours.
The bank will email you a password-protected bank statement and within the same email, you’ll find what the password is. They do this for security purposes so no one else except for you can access your bank statement.
On the other hand, you can visit the bank to get a printed form of the bank statement, but we recommend getting a soft copy. That way you can utilise it anytime you want, especially, if you are applying for multiple rental properties. Don’t worry these statements have the bank logo proving that they are original and that your landlord won’t be having any issues with them.
People also ask
How to obtain your bank statement?
You can either visit the bank or call a representative to provide you with a bank statement. It will take up to three business days for you to receive the bank statement by mail or in person. Don’t expect them to print and give you the bank statement on the spot if you are sitting in the bank.
What information should a bank statement reflect?
Your bank statement must reflect your salary, all the transactions you made related to rent and bills, your savings, and any exclusive information that the landlord asks for. You can let your bank know about this and they’ll provide you with a custom bank statement containing all these records.
What date of bank statement is acceptable?
Your bank statement should not be more than three months old, but it is better to provide a fresh one. However, there is no need to provide a bank statement for the entire year, just three months of relevant data would be enough.
