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.
- 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
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.)
Monthly EMI
₹41,
Interest remaining
₹35.18 Lakhs
₹35,18,418
New lender (8.5% p.a.)
Monthly EMI
₹39,
Interest remaining
₹30.9 Lakhs
₹30,90,125
Interest saved
₹4.28 Lakhs
₹4,28,293
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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 15 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.