A home loan balance transfer can be done for several reasons, ranging from lower interest rates to better customer service. If you are also thinking of transferring your home loan balance to a new lender, you must carefully assess the features and benefits it offers.
Below are some common features you can look for:
| Year | Principal repaid | Interest | EMI (per year) | Closing balance |
|---|---|---|---|---|
| 1 | Rs. 2,01,500 | Rs. 2,40,208 | Rs. 4,41,708 | Rs. 27,98,500 |
| 2 | Rs. 2,18,700 | Rs. 2,23,008 | Rs. 4,41,708 | Rs. 25,79,800 |
| 3 | Rs. 2,37,700 | Rs. 2,04,008 | Rs. 4,41,708 | Rs. 23,42,100 |
| 4 | Rs. 2,58,200 | Rs. 1,83,508 | Rs. 4,41,708 | Rs. 20,83,900 |
| 5 | Rs. 2,80,500 | Rs. 1,61,208 | Rs. 4,41,708 | Rs. 18,03,400 |
| 6 | Rs. 3,04,800 | Rs. 1,36,908 | Rs. 4,41,708 | Rs. 14,98,600 |
| 7 | Rs. 3,31,000 | Rs. 1,0,708 | Rs. 4,41,708 | Rs. 11,67,600 |
| 8 | Rs. 3,59,600 | Rs. 82,108 | Rs. 4,41,708 | Rs. 8,08,000 |
| 9 | Rs. 3,90,300 | Rs. 51,408 | Rs. 4,41,708 | Rs. 4,17,700 |
| 10 | Rs. 4,17,700* | Rs. 24,008* | Rs. 4,41,708 | Rs. 0 |
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