A home loan balance transfer involves shifting your existing home loan from your current lender to a new lender who offers better terms, such as a lower interest rate. The outstanding loan amount is transferred, and you start repaying the new lender as per their terms. The balance transfer calculator helps you determine whether this move is financially beneficial for you..

The calculator assesses your current loan's outstanding balance, interest rate, and tenure, and compares it with the terms of the new loan, including its interest rate, tenure, and associated costs. By inputting these details, you can get an estimate of potential savings and decide if transferring your balance is a wise decision.

To use the balance transfer calculator, you'll need your current home loan details, including the outstanding balance, current interest rate, remaining tenure, and any applicable charges or fees. You'll also need the details of the new loan, such as the offered interest rate, tenure, and associated fees.

The calculator provides an estimate based on the information you provide. However, actual savings might vary due to factors such as prepayment penalties, processing fees, and fluctuating interest rates. It's advisable to consult with the new lender to get precise figures before making a decision.

The calculator helps you make an informed decision by quantifying potential savings. It allows you to compare the total cost of your current loan with the expected cost of the new loan after a balance transfer, aiding you in assessing whether the switch is financially advantageous.

While the calculator's primary focus is on home loan balance transfers, you can use a similar approach to assess the benefits of transferring other loans as well. However, keep in mind that the terms and factors may vary across loan types.

The calculator provides estimates based on the information you input. It may not consider certain factors like changes in credit score, lender policies, or unforeseen circumstances. It's recommended to use the calculator as a guide and consult financial experts or lenders for precise details.