Home Loan Balance Transfer: 60 Lakh from 9% to 8.25%
A large-ticket 60 lakh home loan switching from 9% to 8.25% over 20 years: net savings and break-even period.
Switching a ₹60,00,000 home loan from 9% to 8.25% over the remaining 20 years saves ₹6,86,308 in interest, against a one-time switching cost of ₹50,000. Switching saves you ₹6,36,308 over your remaining tenure, break-even in 18 months.
- Outstanding loan amount
- ₹60,00,000
- Remaining tenure
- 20 years
- Current rate
- 9% p.a.
- New lender rate
- 8.25% p.a.
- Switching cost
- ₹50,000
Net savings
Recommended₹6.36 Lakhs
₹6,36,308
Switching saves you ₹6,36,308 over your remaining tenure, break-even in 18 months.
Current lender (9% p.a.)
Monthly EMI
₹53,
Interest remaining
₹69.56 Lakhs
₹69,56,054
New lender (8.25% p.a.)
Monthly EMI
₹51,
Interest remaining
₹62.7 Lakhs
₹62,69,745
Interest saved
₹6.86 Lakhs
₹6,86,308
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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 20 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.