Balance Transfer Calculator

You may use the Finance Ease home loan balance transfer calculator to get rid of excessive EMIs that are keeping you from reaching your financial objectives. You may determine your monthly payment amount with the use of our sophisticated balance transfer calculator. Along with variable and fixed mortgage rates, you may also look at other scenarios for different down payments and amortization periods. The benefits of a loan transfer may be quickly obtained by users by entering pertinent information, allowing them to make well-informed decisions. Thanks to the banking industry's technological advancements, you may now profit from balance transfer loans.You can refinance an existing loan with a lower interest rate with another lender by transferring the amount of your home loan. Experience a seamless financial planning process at Finance Ease with accuracy and assurance.

Loan Amount (₹):

₹500000

Loan Tenure (Years):

20 years

Current Rate of Interest (%):

7%

Expected Rate of Interest (%):

6%

EMI Paid (Months):

2 months

Original EMI: ₹0

Revised EMI: ₹0

Total Saving: ₹0

How Can I Use the Calculator for Loan Balance Transfers?

To ensure a smooth loan balance transfer procedure, be ready for things like selecting a new lender, balance transfer costs, and necessary documentation. The process is made simpler for you by Urban Money. In only a few seconds, you may get the desired results by entering a few numbers into our calculator.

Open our Home Loan Balance Transfer Calculator.
Enter information such as the loan amount, loan tenure, current rate of interest, expected rate of interest and number of EMIS paid.
The loan balance transfer calculator's right panel displays the total amount you would save in addition to the Current EMI and Revised EMI. By selecting "View Offers," you may also view more offers from various landers.

Loan Balance Transfer Charges

Depending on the new lender, the current loan bank, and the status of the balance transfer, different fees apply when transferring a loan balance. The transfer charges include deed charges, administrative fees, and foreclosure charges (payable to the former bank).

Charges associated with foreclosure: In order to transfer the outstanding house loan to the current bank, the borrower must pay these fees. Only house loans with fixed interest rates are covered by it. In addition, house loans with variable rates are exempt from foreclosure fees.
Processing fees: These might be anywhere from 10,000 Indian rupees to one percent of the loan balance. Additionally, you may search for the greatest home loan balance transfer deals, and banks typically provide reduced processing fees.
Title Deed Deposit Memorandum (MODT): In addition to being limited to certain states like Maharashtra, Tamil Nadu, Karnataka, and Rajasthan, there are particular costs of 0.2 to 0.5% that must be paid on the mortgage. In contrast, stamp duty is not required in Uttar Pradesh, Haryana, or Delhi.

What distinguishes a loan from a transfer of loan balance?

Home Loan	Home Loan Balance Transfer
When an applicant avails a loan from a bank/ financial institution for purchasing a house, plot, or land, for construction, or for renovation purposes, then it is termed a home loan.	When the borrower decides to transfer an existing loan to another lender, it is termed as a loan balance transfer.
The borrower has to submit numerous required home loan documents and has to go through a verification procedure to avail of the home loan.	It involves less documentation as half of the documents are already submitted to the existing bank.
Getting approval for a home loan is a considerably harder and more lengthy procedure.	We can say acquiring a balance transfer is quite easier than acquiring home loans.
A home loan is availed when you need to buy a new home, plot, or renovate the existing one.	The balance transfer is availed when the current lender charges higher interest rates compared to other lenders.

Documents Required for a Home Loan Balance Transfer?

Enlisted are the essential documents for the end-to-end procedure of the home loan balance transfer.

No Objection Certificate (NOC)
Consent Letter
Loan Agreement
Foreclosure Letter
Housing Loan Statement
Property Documents
Post Dated Cheques
KYC Documents
Financial Documents

Benefits of Home Loan Balance Transfer

Balance transfer loans are usually used by borrowers to negotiate a lower interest rate with another lender. One of the main benefits of taking out loans with reduced interest rates is the reduction of EMIs. Let's quickly review the advantages of balance transfers:

Improved Refinance Loan Negotiation If you're taking out a balance transfer loan, you can bargain with the new lender for better terms on payments. Consequently, debt transfers provide borrowers greater options for negotiating to save even more money.
Transfer of Balance and Top-Up You can obtain a home loan transfer with a top-up that is unrestricted by end-use limitations when you choose to transfer your balance.