Home Loan Balance Transfer: 35 Lakh Floating-Rate Loan, No Penalty
A floating-rate 35 lakh home loan with no prepayment penalty under RBI rules, switching from 9% to 8.1%.
Switching a ₹35,00,000 home loan from 9% to 8.1% over the remaining 14 years saves ₹3,05,366 in interest, against a one-time switching cost of ₹26,000. Switching saves you ₹2,79,366 over your remaining tenure, break-even in 15 months.
- Outstanding loan amount
- ₹35,00,000
- Remaining tenure
- 14 years
- Current rate
- 9% p.a.
- New lender rate
- 8.1% p.a.
- Switching cost
- ₹26,000
Net savings
Recommended₹2.79 Lakhs
₹2,79,366
Switching saves you ₹2,79,366 over your remaining tenure, break-even in 15 months.
Current lender (9% p.a.)
Monthly EMI
₹36,
Interest remaining
₹26.68 Lakhs
₹26,67,753
New lender (8.1% p.a.)
Monthly EMI
₹34,
Interest remaining
₹23.62 Lakhs
₹23,62,386
Interest saved
₹3.05 Lakhs
₹3,05,366
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EMI for both lenders is calculated using the standard formula P x r x (1+r)^n / ((1+r)^n - 1) over the remaining tenure of 14 years. Floating-rate home loans carry no prepayment penalty under RBI rules; fixed-rate and NBFC loans may still charge one. Actual savings depend on your lender's exact fee structure and any other charges not reflected here.