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