Home Loan Balance Transfer: 40 Lakh from 9.5% to 8.5%
A smaller 1% rate gap on a 40 lakh outstanding loan: see whether switching lenders still clears the break-even point.
Switching a ₹40,00,000 home loan from 9.5% to 8.5% over the remaining 15 years saves ₹4,28,293 in interest, against a one-time switching cost of ₹35,000. Switching saves you ₹3,93,293 over your remaining tenure, break-even in 15 months.
This calculation's inputs
- Outstanding loan amount
- ₹40,00,000
- Remaining tenure
- 15 years
- Current rate
- 9.5% p.a.
- New lender rate
- 8.5% p.a.
- Switching cost
- ₹35,000
Should you switch?
Net savings
Recommended₹3.93 Lakhs
₹3,93,293
Switching saves you ₹3,93,293 over your remaining tenure, break-even in 15 months.
Current lender (9.5% p.a.)