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.
This calculation's inputs
- 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
Should you switch?
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.)