Home Loan Balance Transfer Calculator
Check how much you can save by transferring your home loan to a lower interest rate.
Compare your current home loan EMI with a new lower-interest loan and estimate your total interest savings before switching lenders.
Remaining principal on your existing home loan
This calculator shows potential EMI reduction and interest savings after transfer.
- Current Cost
- New Cost
Reduce Cost By
6%
Current EMI
₹31,327
New EMI
₹29,542
Total Savings
₹3,21,220
Interest saved over remaining tenure
What is Home Loan Balance Transfer?
A home loan balance transfer is the process of shifting your outstanding home loan from your current lender to another bank or NBFC offering a lower interest rate. This helps reduce your EMI, total interest outgo, or loan tenure.
Why Should You Consider a Balance Transfer?
Charges to Consider Before Switching
- Processing Fee:Usually 0.5%–1% of loan amount (often capped)
- Legal & Technical Charges:Property verification and MODT charges
- Foreclosure Charges:Floating-rate loans: Usually NIL (RBI guidelines)Fixed-rate loans: May apply
- Stamp Duty / MOD Charges:State-dependent
Note: Transfer is beneficial only if interest savings exceed these costs.
Top-Up Loan Benefit
Many lenders offer an additional top-up loan when you transfer your home loan. This amount can be used for renovation, education, medical needs, or personal expenses.
Key Points:
Choose What Matters More
Option 1 — Reduce EMI
- Same tenure
- Lower monthly burden
- Better cash flow
Option 2 — Reduce Tenure
- Same EMI
- Loan closes earlier
- Maximum interest savings
Eligibility for Home Loan Balance Transfer
- Minimum 6–12 months repayment history
- No missed EMIs in last 12 months
- Stable income source
- Credit score 700+ preferred
- Property must be legally clear
Documents Required
Home Loan Balance Transfer Interest Rates
| Bank / NBFC Name | Interest Rate | Loan Amount | EMI Per Lakh | Processing Fees | Pre-Payment Charges | Action |
|---|---|---|---|---|---|---|
HDFC Bank | 8.50% - 9.15% | Up to 90% of value | ₹759 - ₹850 | 0.5% or ₹3000 | Nil | |
SBI | 8.50% - 9.65% | Up to 90% of value | ₹759 - ₹850 | Nil - 0.35% | Nil | |
ICICI Bank | 8.75% - 9.40% | Up to 90% of value | ₹759 - ₹850 | 0.50% | Nil | |
Kotak Mahindra | 8.70% - 9.30% | Up to 90% of value | ₹759 - ₹850 | 0.50% | Nil | |
Axis Bank | 8.75% - 9.50% | Up to 90% of value | ₹759 - ₹850 | 1% of loan | Nil |