How to Use Home Loan Balance Transfer Calculator to Check Savings | Kotak Mahindra Bank - Home Loan Stories
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13 JANUARY, 2022

It is always great to know about your finances beforehand. You would want to know your salary before you join the job. Similarly, you would like to be aware of the total cost you need to pay for the house before you sign below the dotted lines. In the same way, before you transfer your home loan, you must know the amount of savings you are expecting to make by refinancing the loan. This will help you decide if you should stick to the old lender or make the switch. While the lenders can help you calculate the savings, you can do so easily with a home loan balance transfer calculator.

If you are planning to transfer your home loan, here is a brief guide on the home loan balance transfer calculator.

What Is a Balance Transfer?

A home loan balance transfer is a facility provided by lenders to switch your loan from one lender to another. Transferring your loan allows you to get lower interest rates and better features on your loan. While you opt to refinance the loan, it is suggested to use a home loan balance transfer to calculate the amount of money you would save by making the switch. It calculates the total savings by processing variables like loan amount and tenure before giving the results. Below, go through the steps to use Kotak Mahindra Bank’s home loan balance transfer calculator.

Steps to Using Kotak Bank’s Home Loan Balance Transfer Calculator

  • Visit our website and go to the home loan webpage
  • Click on the balance transfer calculator
  • Click on the existing customer option to ‘yes’ or ‘no’.
  • Enter the outstanding loan amount
  • Enter the current EMI and tenure
  • Enter the new interest rates
  • Alternatively, you can use sliders to select the variables.
  • Your results will be displayed instantly.

Benefits of Using a Balance Transfer Calculator

  • You can use it for free anytime, any number of times.
  • You need not furnish any personal information in this calculator.
  • It gives accurate, error-free results every time.
  • It helps you calculate the total savings
  • It helps you determine if you should transfer the loan and make informed decisions.

Things to Consider Before Making the Switch

  • Negotiate with the lender - Before making the switch, you should talk to your lender and ask them to reduce the interest rates. If you have paid the EMI timely, they can revise the interest rates, provided you negotiate well. It can help you save the cost incurred on transferring the loan.
  • Consider the charges- You will have to pay a few charges for transferring the loan, like administrative charges, transfer cost, processing fee etc. You should evaluate these charges and compare them with the savings. If the cost is more, you should reevaluate the decision to refinance.


While using a home loan balance transfer calculator, also do a cost-benefit analysis to calculate the total savings. Also, while transferring, ensure to read the terms and conditions carefully to unearth any hidden charges. Take advantage of a balance transfer calculator and save money.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.