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.
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
Benefits of Using a Balance Transfer Calculator
Things to Consider Before Making the Switch
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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