Faqs - L&T Finance

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Why should I use a Home Loan Balance Transfer Calculator?

A Home Loan Balance Transfer Calculator makes it easy to determine whether transferring your existing loan balance to another lender will save you money. It provides quick results and minimises the confusion of manual calculations by offering an accurate and streamlined process.

What details do I need to provide in the calculator?

The calculator requires three key inputs:

  • The outstanding loan balance on your current loan.
  • The remaining tenure of your loan.
  • The remaining tenure of your loan.
  • The new interest rates.
Can I calculate a partial balance transfer?

Yes! A Home Loan Balance Transfer Calculator allows you to calculate potential savings even for a partial balance transfer. Enter the amount you wish to transfer instead of the full balance and the tool will provide data customised to your needs.

What is the processing fee and how does it affect my savings?

The processing fee is a charge levied by the new lender for transferring your loan. While it’s typically nominal, you must factor it into your savings calculation. A lower processing fee maximises your net savings in the long term.

Will a balance transfer reduce my EMI?

A balance transfer reduces your EMI amount if the new lender offers a lower interest rate or longer repayment tenure. By cutting your monthly outflow, it improves cash flow and reduces financial strain.

Can I save money with a balance transfer even after paying processing fees?

Yes! With a significantly lower interest rate, you can save substantially even after adding the processing charges. The calculator helps you determine whether the benefit outweighs the cost, giving you a clear picture.

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