A home loan balance transfer is among the best available option for existing borrowers to manage lower interest charges and pay reduced EMIs.
When home loan interest rates have reduced, it is not prudent to continue paying higher interest charges.
It is where one can switch their home loan from a lender to the one offering a lower rate.
But it is also smart to calculate your exact savings on switching the housing loan account. And to do that, you can use the online home loan balance transfer calculator.
Read on and know the basics about it!
What is a home loan balance transfer calculator?
Using the home loan balance transfer calculator, you can arrive at your actual savings on transferring your current home loan to a new lender. It is an online tool available for free and 24x7 on the website of a lender you want to switch your loan to.
How to use a home loan balance transfer calculator?
Open the home loan balance transfer calculator and enter details like the bank of existing home loan, property location, loan starting month, and year.
The next thing to enter on the tool is your total sanctioned loan amount, current loan tenor, existing home loan interest rate and rate of interest of a new lender.
Once done, the home loan balance transfer calculator will display details like:
Total amount saved with loan transfer to a new lender.
Total eligible top up loan amount available.
New eligible housing loan amount.
Once these figures are available to you, you will be able to know if transferring your home loan is a profitable move. And to do that, using a home loan balance transfer calculator is what you should do.
Read Also: Calculate your Savings on Home Loan Transfer Using Balance Transfer Calculator
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