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Compare staying with your current lender against moving to a cheaper one. Includes the processing fee and foreclosure charge, and tells you the month you break even.
Move a slider or type a number. Everything updates instantly, and the link above carries your values so you can share or save them.
Forty lakh
The amount still owed, from your latest loan statement.
18 yr
Nil on a floating rate home loan for an individual. Valuation and legal fees still apply.
You would save, after all costs
₹4,66,393
over the remaining 18 yr
0.5% processing fee
You recover the ₹20,000 switching cost in about 9 months. Everything after that is genuine saving. Since you have 18 yr left, this is worth doing.
Get the competing offer in writing, then ask your existing lender to match it. Most banks would rather cut your rate for a small conversion fee than lose the account altogether. It is faster and cheaper than a full transfer.
Net saving = interest on the old loan - interest on the new loan - switching costs.
Nothing is hidden. The same formula runs in a shared, unit-tested library used by every calculator on this site.
These numbers are indicative. Your actual offer depends on the lender.
This calculator assumes the rate stays the same for the whole tenure. Most loans in India are floating rate, so your EMI can move when the RBI changes rates. Tell us your real situation and we will give you a figure you can plan around.
Questions
What people ask us most about this calculation.
We will tell you which lenders are likely to say yes to your file, and at roughly what rate, before you apply anywhere.
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