How to Calculate Savings with a Home Loan Balance Transfer Calculator
The home loan balance transfer facility allows you to transfer your home loan balance from one lender to another. The benefit here is that you can avail lower interest rates, which can directly translate to reduced outgo.
While it can ease your repayment experience, there are ways to get the best offer and maximise savings. One way is to use the home loan balance transfer calculator.
This tool provides an estimate of your new monthly instalment and total interest amount, which is crucial to deciding if the shift is viable or not. To know how to use it and know your savings, read on.
How to Use Home Loan Balance Transfer Calculator
To use the calculator, follow the steps outlined below:
Once you submit the above information, you can check the estimates of your monthly instalment and total interest displayed. You can compare this with your previous repayment figures and adjust the terms accordingly. This way the process ofhome loan balance transferbecomes easier.
How Can Home Loan Balance Transfer Calculator Help Save More
Among the many benefits of a home loan balance transfer calculator is that it can help you increase your savings. Here’s how:
One of the best ways to maximise your savings is to compare the interest rates offered by different lenders.
You can use the calculator to know your savings for different interest rates and choose accordingly. To do this, you will need to enter the interest rates offered by your preferred lenders. Then, you can compare the total interest payment and choose the one that has the lowest amount.
Lowering the EMI amount would lead to a longer tenure. On the other hand, increasing the amount would lead to a shorter tenure. In any case, the amount you save will vary. You can use the
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