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21 MARCH, 2022
Financial institutions keep revising the terms of their home loan plans to attract more customers. Now, if you have taken a home loan a few years ago, there are chances that the current plans are offering better terms. It is natural to not want to miss out on a good deal, and the good news is that you do not have to! If there is a lender offering a loan plan, which is much more suited to your budget, you can always opt for a home loan balance transfer. For those who are not familiar with this, it involves transferring your outstanding loan amount from one lender to another.
However, before going ahead with this move, it is essential to make use of a home loan balance transfer calculator. This calculator is an online tool that is used to get an estimate of the funds that one would be saving by transferring their home loan to another lender.
Go through the key benefits of using a home loan balance transfer calculator:
1. A home loan balance transfer will display the revised EMIs once the loan is transferred
Borrowers who struggle with clearing the EMI payments of their home loans might benefit from a home loan balance transfer. With this transfer, they can find a lender offering better terms, such as a more suitable repayment tenure and/or a lower interest rate. However, it is still important to make sure that the revised EMI payments will make clearing the loan easier. This is why it is advisable to use a home loan balance transfer calculator, as this calculator helps in displaying the loan EMIs based on the revised terms of the new lender.
2. This calculator shows the potential savings that one can make
The ultimate goal for most borrowers opting to transfer their home loans is to save money by bringing down the overall cost of the loan. This is where a home loan refinance calculator can be helpful, as this tool displays the exact savings that you can make by opting to transfer your home loan. After looking at the results, you can then decide whether to go ahead with the transfer or look for better alternatives.
3. It is very easy to use and provides accurate results instantly
Manually calculating a loan’s monthly instalments can be tiresome and can also lead to mistakes. This can cause problems while repaying the loan, which is why using a home loan balance transfer calculator, is considered to be a much safer option. All this calculator requires are details regarding the loan amount, interest rate, and repayment tenure to provide accurate results of the loan EMIs.
The best part is that you can use this calculator for free at any time! You can log on to Kotak Mahindra Bank’s website and access the home loan balance transfer calculator to find out about the home loan EMIs after the balance transfer.
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