The current interest rates on home loans have never been lower, which is why so many borrowers are applying for home loans to get good deals. But does this mean those who have already taken home loans are now missing out on better deals? Not necessarily. If you have already taken a home loan, there is always an option to go for a home loan balance transfer. There could be many reasons for this, with some of the main ones including a lower interest rate, better repayment tenure, and even getting a top-up loan. The transfer makes repaying the loan easier, thus improving your financial stability.
Now, before going for this transfer, it is always advisable to make use of a home loan balance transfer calculator. This calculator is an online tool that is useful in giving an estimate of the money saved by transferring the loan amount to a new lender. It will provide the difference in the EMI amounts of the existing loan plan and the new one. All you need to do is simply provide details including the home loan’s outstanding amount, its rate of interest, and the repayment tenure for the calculator to display the EMI payments.
Take a look at the benefits of using this home loan transfer calculator:
- The calculator displays the EMIs payable after the loan gets transferred
It is very important to understand what your monthly instalments are going to be once the loan is transferred. This is where a home loan calculator can help as it provides the exact EMI details once you provide the information it needs.
- It helps you to understand the potential savings by opting for the transfer
In most cases, the primary goal of going for a home loan balance transfer is to save money. This is exactly what a home loan balance transfer calculator helps you do. After providing all the information it needs, this online tool will display the savings that you can make by going through with the loan transfer.
- The calculator is very simple to operate
Earlier, the only way those borrowers could calculate the monthly instalments of their home loans were to manually do the math. Now, this method was error-prone and could lead to complications at the time of repaying the home loan EMIs. However, with the help of a home loan refinance calculator, all you need to do is to fill up information regarding the outstanding loan amount, its revised interest rate, and the repayment tenure. With this information, the calculator will give you the EMI payments as per the new terms.
Thanks to the benefits of this calculator, borrowers know whether going for a home loan balance transfer will benefit them. This online tool can be found on any reputed lender’s official website and using it can help you avoid any financial struggles when it comes to repaying the monthly instalments of the home loan.