What is LAP - Full Form, Meaning & Benefits
Sep 16, 2024 | 4 mins read
Are you burdened by high EMIs and interest rates on your existing Home Loan? Our Home Loan Balance Transfer Calculator can help you reduce your monthly outgo and save significant money over the loan tenure. By transferring your loan to a lender offering competitive interest rates, you can enjoy lower EMIs, faster repayment, and greater financial flexibility.
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, 690Are you paying high EMIs or interest on your current Loan Against Property? The Loan Against Property Balance Transfer Calculator helps you determine how much you can save by transferring your loan to another lender. You can benefit from reduced interest rates, lower EMIs and potentially better terms by switching. Loan balance transfers are an excellent way to optimise your financial commitments. Use our calculator to explore your savings and make an informed decision.
The Loan Against Property Balance Transfer Calculator offers a range of benefits, helping you make smart financial choices:
1. Reduced Interest Rates
Switching to a lender offering lower interest rates can significantly reduce your repayment burden.
2. Lower EMIs
By restructuring your loan terms, you can enjoy lower monthly payments, freeing up funds for other expenses or investments.
3. Additional Loan Amount
Some lenders provide the option to borrow an additional amount when transferring a Loan Against Property, addressing your current financial needs.
4. Flexible Repayment Options
Balance transfers often come with flexible repayment schedules, allowing you to choose a tenure that aligns with your financial goals.
5. Tax Benefits
Depending on the loan's purpose, you may continue enjoying tax benefits, particularly if the loan is for business or home improvement.
Using the Loan Against Property Balance Transfer Calculator is simple. Here’s how:
1. Enter Outstanding Loan Amount:
Provide the remaining principal amount of your current loan.
2. Specify Current Loan Tenure:
Add the number of months or years left to repay your existing loan.
3. Input Current Interest Rate:
Mention the interest rate charged by your current lender.
4. Enter New Interest Rate:
Provide the rate offered by the new lender.
5. Add Processing Fee:
If applicable, include the charges levied by the new lender for processing the balance transfer.
6. Calculate:
Click on ‘Calculate’ to view your revised EMI, interest savings, and potential benefits.
1. Enter Current Loan Details
- Input the outstanding loan amount: This is the remaining principal on your current loan.
- Specify the current loan tenure: Enter the number of months or years left for repayment.
- Provide the current interest rate: Mention the interest rate charged by your existing lender.
2. Input New Loan Details
- Add the new interest rate: Enter the rate offered by the new lender, which is typically lower.
- Include the processing fee (if applicable): Some lenders charge a one-time fee for processing balance transfers.
3. Add Optional Fields for Precision
- Specify the prepayment amount (if any): Include this figure if you plan to prepay a part of the loan during the transfer.
- Indicate the new loan tenure: Select a tenure that aligns with your financial goals, whether shorter or longer.
4. Click on “Calculate”
- Once all fields are filled, click “Calculate” to view your results.
5. Analyse the Results
- Check the revised EMI: Understand how your monthly obligations change.
- Review interest savings: See how much you can save by switching lenders.
- Evaluate total costs: Compare the savings with the processing fees or other charges to make an informed decision.
| 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 |
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