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For times when repaying a home loan becomes difficult due to high interest rates, the outstanding principal amount can be transferred from existing lender to a new one that offers better services. This process of home loan transfer from one financial institution to another is called balance transfer or refinancing. Over and above this facility, Tata Capital even offers a top-up loan besides the balance transfer to further ease financial worries. It is this balance transfer top-up that can be calculated using a Balance Transfer Top-Up Calculator or Home Loan Top-Up Calculator.
To use a Top-Up Loan EMI Calculator, you need to input the following details in the calculator -
Requested Loan Amount
This term stands for the amount of loan requested by the borrower at the time of their loan application.
Tenure is the duration within which a loan has to be repaid. Home loans generally have longer tenures. You can request a tenured term during your loan application process which will allow you to repay Tata Capital at a pace you are comfortable with. The loan tenure will also affect your monthly instalment amount.
Net salary is the take-home pay or the income you earn after all the deductions such as tax payment and investments. It constitutes your disposable income. Net salary is different from gross salary which is higher as taxes and investments are not deducted from it.
This term stands for a potential borrower’s fixed monthly financial obligations already in place excluding statutory deductions such as Provident Fund, professional tax, and deductions for investments such as Insurance premium and Recurring Deposit. Other loans taken which are not housing loans will also count as monthly obligations. Repayment of a housing loan’s EMI will also become a monthly obligation once it is sanctioned. Fixed obligations are a popular parameter used by Tata Capital to calculate a borrower’s home loan eligibility.
Cost of Property
This term stands for the purchase price of an asset along with all the expenditures necessary to prepare the particular property for its intended use.
Loan Principal Outstanding
This refers to the principal sum of money that needs to be repaid, excluding your interest amount. Simply put, if you just took a loan for Rs. 1,00,000 then your loan principal outstanding amount is Rs. 1,00,000. The interest on this is separate and is not counted here. Say, if you need to pay an EMI of Rs. 10,000 per month, the principal amount in that would be deducted from the outstanding loan amount.
Home Loan EMI stands for Equal Monthly Instalments. It is the fixed amount of payment made by a borrower to the lender. EMIs are used to pay off parts of both the principal amount as well as the interest amount. Existing EMI is the EMI that you were required to pay every month for loan repayment. For the existing EMI, you need to consider the loan amount and the loan tenure and rate of interest offered by Tata Capital.
Home loan balance transfer occurs when the entire outstanding principal amount of a home loan is transferred from one lender to another lender. The borrower now needs to pay their EMIs on the basis of the new rate of interest, offering relatively lower interest rates.
Home loan balance transfer may be considered mainly under two circumstances –
When another lender is offering relatively lower interest rates on their home loans
When you are dissatisfied with the services offered by your lender
Finding it difficult to manage your home loan? Opt for a balance transfer to Tata Capital to enjoy greater flexibility of repayment tenure. Click here.
If the lender that you are considering transferring your home loan balance to is offering a rate of interest that is only marginally lower than your current one, it is better not to have your balance amount transferred as there will be other charges involved for the home loan transfer process such as foreclosure charges, title deed charges, and processing fees, that could prove the marginal decrease in interest rate to be of no use. Moreover, for any other reason than the one mentioned, consult with your lender’s relationship managers.
Yes, you will not have to go through the home loan eligibility evaluation process all over again as the bank or financial institution you consider transferring your home loan balance to, will accept previous evaluation.
The entire process of home loan transfer takes just 15 to 20 days from the date of application. Additionally, your existing lender may take 10 to 15 days to handover the property documents to the new lender.
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