Press Release (ePRNews.com) - DELHI, India - Jan 31, 2017 - Balance Transfer or Home Loan Transfer means to transfer your Home Loan from one lender (Bank or a NBFC) to another one. Of course, you would do it only if it offers a better interest rate to you.
The need for this calculator
Maths related to Financial Calculations is not Class 8 Maths. How much you still owe to the Bank? What is your current Interest Rate? What is the duration of your loan remaining? What is the new interest rate you are getting? How much is the pre-payment penalty you are going to be charged by the existing Bank? Using all these inputs to find out your savings if you switch or transfer your Home Loan is not an easy task. So we have brought to you very easy to use calculator. Yes, similar calculator are there on other sites as well & they show the same result – you know why? Because the Maths won’t change.
We give you the Savings you can do in Rupees by transferring. So then you can decide whether you wish to change over or not. And then if you would look to the right slightly, you can find offers on Balance Transfer or Home Loan Transfer at https://www.bankerbhai.com/offers?cid=34. Choose from one of them, get door-step service & save money. Then go on a holiday or get a car or do whatever you want to do with that money.
Money calculations might be tough but use of money should be simple. Right?
How to use this calculator
Yes we know you know the terms used in this calculator, this article & can easily use this calculator at https://www.bankerbhai.com/tools/home-loan-transfer-savings. But to lesser mortals, we have to explain the same.
Loan Outstanding Remaining: You have put the principal amount you still have to pay on your current loan running with the Bank. Just as an example we have populated this field with Rs.50 lacs.
Tenure of Loan Remaining: Suppose you took a 20 year loan from the Bank and have been paying EMIs for the last 2 years – the tenure of your existing loan remaining is 18 years. We have put 20 as default in the calculator – you can change it.
Current Interest Rate: Please enter here your interest rate on the current loan going on. We have taken 10.5% as default value here.
New Interest Rate: Enter here the current offers in the market for better interest rates. You can check offers on our site to enter the new interest rate. Default value we have put here is 9.5%.
Prepayment Penalty: Often in some remote corner of your sanction letter of the existing loan you would find a mention of prepayment penalty where the existing Bank will penalise you for moving out. For individuals, the same has been scrapped by the RBI notification but wherever the guarantor or applicant or co-applicant is non-individual (company or firm), Banks tend to charge the same. Source :