Is your current Home Loan EMI too high? Interest rates have finally cooled off a bit, with the RBI bringing down the CRR and repo rates recently. Some banks
have already announced rate cuts on loans and few others are following suit. So, does it make sense to refinance your existing home loan? Will it help you
save significant money by closing your high cost home loan and shifting to another bank that gives a lower interest rate?
Try our Home Loan Refinance Calculator and see how much you can save by transferring your home loan to another bank.
How it works?
New Loan Information:
- Outstanding Loan Amount: This is the principal amount that you owe on your current home loan.
- Current EMI: This is the monthly payment that you make on your current home loan.
- No of EMIs Remaining: This is the number of monthly payments that you need to make in order to completely pay off your home loan.
- Prepayment Fee: This is the additional fee that will be charged by your current lender in case you decide to transfer to the new loan.
Provide more information like processing fees, interest rate and tenure for the new home loan.
- Processing Fees: This is the fee that will be charged to process your new loan by your new home loan provider.
- New Interest Rate: This is the interest rate that will be charged on the new home loan you are planning to switch to. This rate is a
reducing balance rate with monthly rests.
- New Tenure: This is the time period over which you will pay off the new loan that you are planning to switch to.
Gives you the total money that you can save if you transfer your current home loan.
- Scenario 1: Under scenario 1 the tool will show you the EMI and the Total interest due on your loan if you wish to stay with your
current home loan provider.
- Scenario 2: Under scenario 2 the tool will show you the new EMI you will have to pay to the new home loan provider. The tool will also
show you the prepayment fee, processing fee and the total interest due on your loan if you wish to switch to a new home loan provider.