If you are a home loan borrower, you get the choice to transfer your existing home loan to another lender for better terms and conditions. Few of the common reasons to opt for the transfer option is to avail a lower home loan interest rate, a top up loan, easier tenure, or better customer service. However, before you opt for this facility, it is advised to use a home loan balance transfer calculator. Here’s why:
- Know your potential savings
In most cases, home loan refinance is selected to save money on the loan cost. To ensure that home loan balance transfer is an advantageous move, it is necessary for you to use the home loan takeover calculator. The calculator assists in showing you the amount that you can save by transferring your home loan to another lender.
- Be aware of the revised EMI based on the new lender
There are times where you may struggle to repay your home loan EMI by the due date. To solve this issue, you must select the balance transfer facility with easier repayment loan tenure. Choosing an EMI as per your repayment capacity will allow you to meet the loan commitments timely without any defaults. For this, you must use the home loan transfer calculator. This calculator helps to display the revised home loan EMI based upon your revised loan terms.
- Understand whether the revised rate can ease your home loan EMI repayments
One of the major reasons for you to select the home loan balance transfer is to avail a lower interest rate. By using the home loan refinance calculator, you can understand how the revised rates can impact your monthly repayments. This even makes it possible for you to check your budget to see whether transferring your home loan to another lender is worth it.
- Provides accurate result instantly and is simple to use
It is necessary to ensure that the home loan EMI computations are completely correct as any error may result in financial difficulties in clearing off your loan by the due date. This is one of the major reasons why it is recommended to use the home loan take over calculator before switching your home loan to another lender. For this, all you require doing is adding the asked details like outstanding loan proceeds, remaining repayment tenure, revised rate etc. Based on the details, the calculator will instantly display accurate results.
Ending note
Switching your home loan from your current lender to a new lender is a vital decision. And thus, it is recommended to take the help of a home loan balance transfer calculator before opting for this facility. Doing so assists you in knowing if opting for this route will allow you to ease your overall loan burden and repayments.