Understand About Types of Mortgage Loans
Jun 12, 2025 | 4 mins read
Struggling with high EMIs and interest on your home loan? Use our Home Loan Balance Transfer Calculator to estimate savings, lower your EMIs, shorten your repayment tenure, and gain greater financial flexibility by switching to a lender with competitive rates.
Determine your savings on transferring your Loan Against Property
Preferred loan amount
Interest rate (per annum)
Loan tenure (months)
Estimated EMI
per monthInterest payable
₹52,41, 690If you are paying high EMIs or interest on your Loan Against Property, the Loan Against Property Balance Transfer Calculator is designed to help you determine how much you can potentially save by transferring your loan to another lender.
Loan balance transfers involve shifting your outstanding loan to a different financial institution that offers better interest rates or terms. This calculator evaluates your existing loan details alongside the terms offered by potential new lenders to estimate revised EMIs, interest payable, and overall savings.
The calculator helps estimate potential savings, while a loan against property offers a secured way to raise funds using residential, commercial, or industrial property as collateral.
Using the Loan Against Property Balance Transfer Calculator involves the following steps:
1. Enter Outstanding Loan Amount:
Input the remaining principal amount you owe on your current LAP.
2. Specify Current Loan Tenure:
Provide the remaining tenure (in months or years) left for loan repayment.
3. Input Current Interest Rate:
Enter the annual interest rate applied by your current lender.
4. Enter New Interest Rate:
Input the interest rate offered by the prospective lender after balance transfer.
5. Add Processing Fee:
If applicable, include the one-time processing fee charged by the new lender. Typically, this may be up to 3% of the sanctioned amount plus applicable taxes.
6. Calculate:
Click the 'Calculate' button to view revised EMI amounts, the total interest payable, and estimate potential savings.
By filling out these parameters, you gain instantaneous insights into the financial impact of balance transferring your LAP, enabling a more informed loan management decision.
Using the Loan Against Property Balance Transfer Calculator can help you reap several benefits:
1. Reduced Interest Rates
Transferring your loan to a lender offering a lower interest rate can considerably lessen your overall repayment burden, reducing the amount of interest paid over the loan tenure.
2. Lower EMIs
By recalculating your loan on better rates and terms, you can enjoy reduced monthly installments (EMIs), freeing up funds for other financial needs or investments.
3. Additional Loan Amount
Some lenders allow borrowers to avail of an additional loan amount during the balance transfer process. This can help meet current financial requirements without applying for separate credit.
4. Flexible Repayment Options
Balance transfer options often come with more flexible tenure choices, enabling you to select a repayment schedule aligned with your financial goals, whether that's shortening or extending the loan duration.
5. Tax Benefits
Depending on the use of the loan amount (e.g., for business or home improvement), you may continue enjoying applicable tax benefits under the prevailing income tax laws. It is advisable to consult a tax advisor for personalized guidance.
| Type | Details |
|---|---|
| Residency | Indian resident or NRI |
| Age | Salaried: 23 years to 70 years Self-employed: 25 years to 70 years |
| Profession | Salaried / self-employed professionals and non-professionals |
| Other | Can be increased by adding co-applicant income or other verifiable income sources. |
| Prepayment Particulars | Details |
|---|---|
| Age Proof | Aadhaar Card | PAN Card | Passport |
| Address Proof | Utility bills (not older than 2 months) | Aadhaar Card | Driving License | Passport | Voter ID etc |
| Photo ID Proof | PAN and any one of the following- Aadhaar Card| Driving License | Passport | Voter ID | Job card by NREGA | Letter issued by the National Population Register containing details of name and address |
| Others | Eligibility can be increased by adding co-applicant income or other verifiable income sources |
| List of Additional documents related to your existing loan | Forclosure letter | List of documents submitted to the bank | Statement of account |
| Income Proof | Income proofs vary for different professionals across salaried, non-salaried and self-employed. |
Please find the easy detailed list of required documents here
| Salaried | Self Employed: Professionals | Self Employed: Non-Professionals |
|---|---|---|
| Salary slips for the last 3 months | Latest two ITRs (personal and business) with computation of income | Latest 2 years ITRs with computation for individual applicants and co-applicants (if borrower is an individual) |
| Bank statements for 1 year | Advance tax challans (if available) | Bank account statements (current and savings accounts) for the last 1 year |
| Latest Form 16 | Latest two years of P&L accounts and balance sheets (with schedules), certified by a CA | Latest 2 years of audited/CA-certified profit & loss accounts and balance sheets of the firm/company (if borrower is a firm/company) |
| Bank account statements (current and savings accounts) for the last 1 year (both personal and business) | Proof of Business (GST / Shop Establishment/Udayam Aadhar, etc.) | |
| Qualification Proof of professionals | MOA & AOA & Certificate of Incorporation | |
| For Partnership Firm-Partnership Deed |
To select the best lender, compare interest rates, processing fees, customer service ratings, and additional features such as availability of top-up loans or flexible repayment structures. Consider lenders with transparent terms and reputed service standards.
There is typically no fixed regulatory limit on the outstanding loan amount for a balance transfer; however, lenders may set their own caps. Commonly, balance transfers are available for loans up to ₹7 Crore.
Savings depend on the difference between your existing and new interest rates, as well as your remaining loan tenure. Using the LAP balance transfer calculator with your precise loan details provides a reliable estimate.
Yes. Many lenders offer top-up loans when you transfer your existing LAP. This allows you to borrow additional funds based on your property's value and repayment capacity.
Yes. Generally, a processing fee applies, which can be up to 3% of the sanctioned amount plus applicable taxes. This fee often includes the login fee component. Fees differ by lender, so verify the terms before transferring.
The new EMI is calculated based on the loan principal remaining post-transfer, the new interest rate, and the chosen repayment tenure.
Common documents include age proof, address proof, photo ID, income proof, and existing loan detail documents.
The typical balance transfer process duration is 7-15 working days, depending on document verification and lender policies.
To use the calculator, keep ready details like the outstanding loan amount, your current loan tenure, current interest rate, offered new interest rate, and applicable processing fees.
LAP Eligibility generally includes your age, stable income proof, employment status (salaried/self-employed), and good repayment history. Including a co-applicant with verifiable income can increase your eligibility.
Understand About Types of Mortgage Loans
Jun 12, 2025 | 4 mins read
What is LAP - Full Form, Meaning & Benefits
Sep 16, 2024 | 4 mins read
Securing Your Loan Against Property in India: A Comprehensive Guide to the Necessary Documentation
Nov 14, 2024 | 4 mins read
12 Key Factors Influencing Loan Against Property Eligibility in India
Oct 24, 2024 | 4 mins read
