Thinking of moving your home loan to a bank offering a lower rate? Enter your loan details to see your new EMI, the total interest you save, what the switch costs, and how many months it takes to break even.
How to read the result
Net saving is the interest you save over the rest of the loan minus everything the switch costs: the new lender’s processing fee (with 18% GST), legal, valuation and stamp charges, and any foreclosure fee at your current bank. Break-even is how many months of lower EMIs it takes to recover those costs. If you might sell the house or prepay before then, the transfer is not worth it.
Lower EMI or finish earlier?
Most people take the lower EMI. The bigger saving usually comes from continuing to pay your old EMI at the new, lower rate, so the loan closes years earlier. The calculator shows both options so you can compare them.
When a transfer usually makes sense
- The rate gap is at least 0.5 percentage points.
- Ten or more years of the loan are still left, because interest savings are largest in the early years.
- The switching costs are recovered within about two years.
Foreclosure fee: usually zero now
Since 1 January 2026, lenders cannot charge foreclosure or prepayment fees on floating-rate loans taken by individuals for non-business purposes (RBI Pre-payment Charges on Loans Directions, 2025). That is why the foreclosure fee is set to 0% by default. Fixed-rate loans can still carry a fee, so check your loan agreement.
Try your own bank first
Before you switch, ask your current lender to match the new rate. Most banks offer a rate conversion for a fee of a few thousand rupees, with none of the paperwork, legal costs or new processing fee.
Related: Home loan balance transfer: the full guide · Repo rate impact on your EMI · Home loan rates by bank · RBI prepayment-charge rules · EMI calculator