Home Loan Transfer Calculator

1,000+ people have saved 733 Cr

Let’s calculate your savings

Looks like you missed this

%

Looks like you missed this

Looks like you missed this

Looks like you missed this

REAL PEOPLE. REAL SAVINGS

"Rahul had a loan at 11.5%. Rahul wanted to Switch to SBI at 9.55%. But Rahul was the 4th owner and the previous owners hadn't registered the property making SBI reluctant." Read Rahuls Story"

RAHUL PRAJAPATI
SAVED 12,94,650
SWITCHED TO SBI

Rahul's Advisor

Abhishek Soni

"Prasad had taken a home loan at 12.78%. He urgently needed a top­up loan to pay for medical expenses which was denied. HFC accepted his switch application but rejected him at the last moment. " Read Prasad's Story"

PRASAD
Prasad’s Topup Loan:
12,00,000
SWITCHED To LICHFL

Prasad's Advisor

Ankit Barot

About Home Loan Balance Transfer Calculator

SwitchMe brings to you the most comprehensive Home Loan Balance Transfer calculator in India. It helps you compare multiple home loan products from various banks on the basis of their interest rates. So, if you are searching for options to save on your existing home loan, your search stops here: we have all the answers that will help you save money.

Some of the things that makes it stand out are:

1. Compare Latest Home Loan Interest Rate:

We update the interest rates for all banks and Housing finance companies every month after they announce their MCLR (Marginal cost of lending rate). This takes into account the variation between the different MCLRs that banks use. For eg, State Bank of India (SBI) uses a 1-year rate whereas Deutsche Bank uses a 6-month rate. We also update the interest rates after RBI rate cut announcements.

2. Home Loan Transfer Charges:

We show you the cost of switching your home loan. This includes not only the charges that the new banks charges but also the charges that your current bank may charge. We also show you government charges such as stamp duty. The Home loan balance transfer calculator also shows the charges for an internal interest rate reset with your current lender.

3. Adjusts for EMI or interest rate:

We realise that some people remember their current interest rate while others remember their EMI. So, this calculator adjusts automatically according to what you enter. In case, you are not sure of what either of these are, you can modify and calculate again.

4. Compare multiple products of the same Bank

Several large banks and housing finance companies have several different products for home loans. This calculator takes all of them into account. For example, State Bank of India (SBI) has a popular product called Maxgain that allows overdraft. The interest rate on SBI Maxgain is different from the interest rate on SBI’s standard term loan. This calculator shows both of the products.

5. Pre-payment penalty on home loan transfer

The prepayment penalty has been waived off on all floating rate loans by instructions of both RBI and NHB. Therefore, the calculator doesn’t falsely state any penalty amount to you.

Potential Money Saved on Home loan balance transfer:

Your Current interest rateLoan of Rs 30 lakhLoan of Rs 60 Lakh
8.80%1,61,5603,41,810
9.05%4,35,8128,90,313
9.30%6,92,21614,03,121
9.55%9,57,47919,33,647
9.80%12,03,14324,24,976
Updated on:  29th Apr, 2017

Home Loan Eligibility

Every home loan lender assesses whether the borrower will repay the money borrowed. All of them have their own methods but these can be broadly understood to fall in three categories:

  1. Willingness to repay
  2. Ability to repay
  3. Marketability of the mortgaged security

These are assessed by the lender by looking at a bunch of documents. These may include:

Know your customer (KYC)Income proofCurrent LoansProperty documents
PAN CardIncome tax returnAccount statements of current loansProperty plan
Driving LicenseSalary slipAccount statements of loans where the borrower is a guarantor etcSale deed
PassportAppointment letterApprovals from local authorities etc
Ration Card etcCompany ID card etc