Calculate if a home loan balance transfer (refinance) will save you money after accounting for switching costs.
| Current Monthly EMI | — |
| New Monthly EMI | — |
| Monthly Savings | — |
| Total Savings (over tenure) | — |
| Break-even Period | — |
| Verdict | — |
A balance transfer can make sense when the savings on interest are larger than the switching costs. The savings on interest must exceed the switching costs.
Q: What are the costs of home loan balance transfer in India?
A: Costs can include a processing fee, prepayment charges on the old loan if your lender levies them, legal and technical charges, and stamp duty on new loan agreement.
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