Moneyview Home Loan Balance Transfer Calculator

Thinking of transferring your loan to another lender? Home loan balance transfer is a great way to get better deals and save your funds. However, before you decide if you should make the transfer, don't forget to try our calculator to quickly see if you'll save on monthly EMI or total interest.

What is a Home Loan Balance Transfer?

A home loan balance transfer is also known as a refinance or a takeover. It means shifting your existing home loan, your outstanding principal, and the remaining tenure, from your current lender to a new lender.

This is done to enjoy the benefits of a lower interest rate, flexible tenure, or better features offered by the new lender.

Transfer loan

How to Use the Home Loan Balance Transfer Calculator?

A home loan balance transfer calculator helps you calculate your new EMI, total interest payable, and how much you will save. This helps you to make an informed decision. Follow the steps mentioned below to use our home loan balance transfer calculator -

1
Enter the outstanding loan amount, current interest rate, and the current tenure.
2
Click on 'Enter new loan details' to see your potential savings at 7.75% p.a.
3
On the next screen, you can enter your desired interest rate and tenure to see your actual savings.

You can enter different interest rates and tenures to see how they will affect your loan.

Benefits of Using a Home Loan Balance Transfer Calculator Online

Instant Calculations

See how much you will be saving, without any manual calculations.

Compare Rates & Tenures

Try different rates of interest and tenures to see which will be a more affordable option.

Plan Ahead

Know your new EMI and tenure so you can plan better.

Accurate & Free

It's completely free to use and accurate.

Features of Home Loan Balance Transfer through Moneyview

Here are the important features of a Home Loan Balance Transfer through Moneyview's lending partners -

Interest rates starting at 7.75% p.a.
Loan amount starting at ₹5 Lakh
Tenures up to 30 years
Eligibility check in just 2 minutes
100% online process
Minimal documentation required
Quick approvals and disbursals

Eligibility Criteria for Balance Transfer

To be eligible for a home loan balance transfer through Moneyview, you have to fulfil the following criteria -

You must have paid at least 6 EMIs
You should be an Indian citizen

Should I Opt for a Balance Transfer?

If you want to know if a home loan balance transfer is worth it for you, read ahead.

When it's a Good Idea	When it's NOT a Good Idea
Your current rate of interest is higher than market rates.	Your rate of interest is optimal, and you have a good deal.
Your financial situation has changed, and you want to change your EMI or tenure.	The new tenure is longer, which means you will pay more money as an interest component.
You want to reduce your monthly burden by switching the type of interest rate (fixed or floating) or want a top-up from a new lender.	You have a very small outstanding balance.
Transfer charges are seemingly low compared to the funds you will be saving on interest.	Transfer charges are high and overpower the savings.

Things to Consider Before Opting for a Home Loan Transfer

Don't forget to note the following things before transferring your home loan to a new lender -

Check the eligibility criteria for balance transfers of both the old and new lenders.
Check for any additional charges with both banks or lenders.
The realistic break-even period, which will tell you how many months before savings recover transfer costs.
Terms and conditions of the new lender.

Your income stability and ability to handle possible changes like EMI fluctuations, floating rate increases, etc.

How to Apply for a Home Loan Balance Transfer through Moneyview?

Step 1

Click on 'Apply Now' and
give all necessary information

Step 2

Your relationship manager
will get in touch with you

Step 3

The application will be sent
to the partner lender

Step 4

Property will be verified,
loan will be approved, and sanctioned!

What Affects Balance Transfer Savings and EMI?

For a calculator to work perfectly and give you accurate results, you need to input the details correctly. The following factors will affect your balance transfer loan and how much you save.

Outstanding loan amount that you want to transfer.
Current market value of your property.
Rate of interest charged by your current lender.
Loan tenure for your current home loan.
Number of EMIs paid.
The new rate of interest being offered by your next lender.
The new tenure you prefer to get from the next lender.
Your monthly or yearly income after paying taxes.
Other monthly obligations and your debt-to-income ratio.
New loan amount that you want to borrow, might include a top-up if you are eligible.

Home Loan Balance Transfer Calculator - FAQs

What are home loan balance transfer interest rate?

Interest rates for your home loan balance transfer through Moneyview starts at 7.75% p.a.

What are home loan transfer charges?

The amount charged when you want to transfer your loan to a new lender is know as a home loan transfer charge or fee. The fee depends on your outstanding loan amount, creditworthiness, number of EMIs paid, etc. The home loan transfer charges include processing fee, administrative charges, or may have prepayment/foreclosure fees (if loan was fixed-rate).

What is a housing loan transfer calculator and who should use it?

A housing loan transfer calculator helps you calculate how much money you will save if you transferred your loan to a new lender. Anyone wanting to transfer their home loan should use the calculator to understand how much they are saving.

Is Moneyview's home loan balance transfer calculator free and reliable?

Yes, it is completely free to use and 100% accurate.

Will a home loan transfer always reduce my EMI?

Not always. If you reduce the interest rate or extend the tenure, then the EMI may go down. However, if you opt for the same or higher rate, or keep a long tenure : EMI may stay similar or marginally change. Always compare total interest cost along with EMI before transferring your loan.

When is a balance transfer not worth it?

If your outstanding balance is small, interest rate difference is minor, or transfer fees are high, that means you should just stick to your existing lender.

Check your savings on Home loan transfer

Please share existing loan details