Home Loan Balance Transfer Calculator

You save ₹1,54,446 by switching!

Your EMI reduces by ₹886/mo. Break-even in 6 months.

Loan Details

₹

₹30.00 Lac

Processing Fee

₹

Actual Fee: ₹5,000

Payment Comparison

Monthly EMI
Current₹30,428
New₹29,542
Save ₹886 per month
Total Interest
Current₹24,77,040
New₹23,17,594
Interest reduced by ₹1,59,446

Tip: Even if the monthly savings seem small, the total interest saved over the tenure can be significant. Ensure the new bank doesn't have hidden charges like pre-closure penalties.

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Home Loan EMI

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Buying vs Renting decision

Lumpsum

One-time investment

When should you switch your Home Loan?

✅ Consider Switching If:

  • •The interest rate difference is at least 0.5% to 0.75%.
  • •You are in the early stages of your loan tenure (first 5-7 years).
  • •The total savings are significantly higher than the processing fees.

❌ Avoid Switching If:

  • •You have less than 5 years remaining on your loan.
  • •The processing fee eats up most of your interest savings.
  • •You plan to prepay or close the loan very soon.
Note: While this calculator gives you a financial picture, also consider the "hassle cost" of paperwork and time involved in switching banks.