It is quite usual for financial institutions to keep revisiting the terms of their home loan plans from time to time. This is done in accordance with market conditions as well as in the hopes of winning over more customers. Now, for someone who has already taken a home loan a few years back, it is possible for them to find current home loan plans offering better terms than their current loan.
This does not mean that they have to lose out on a better deal just because they have already taken a loan. If there is a different lender offering a home loan that has much better terms, a borrower always has the option of transferring their home loan to that financial institution for better benefits. Now, before doing so, it is very important for them to make use of a home loan balance transfer calculator. This is an online tool that gives an estimate of the amount that one can save by refinancing their home loan.
Take a look at how a home loan balance transfer calculator helps ease a borrower’s financial planning when they are thinking about transferring their home loan:
- A home loan balance transfer calculator displays the potential savings of transferring the loan
The most important goal for most borrowers choosing to transfer their home loans is to save money on the total cost of the loan. This is why it is very important for them to be aware of the potential savings that they would end up with after transferring their loan beforehand. By using a home loan balance transfer calculator, a borrower can find out the exact amount that they would save if they would transfer their home loan to a new lender.
- This calculator also shows the revised EMIs after the loan is transferred to the new lender
A lot of borrowers that struggle with their home loan EMIs have chosen to go for a home loan balance transfer to ease their repayment. Now, while the new lender might offer better terms, it is still important for the borrower to ensure that the revised EMIs would make their life easier. This is where a home loan refinance calculator can help. This calculator will display the exact EMIs that the borrower would have to pay after transferring their loan.
- A home loan balance transfer calculator is very easy to use and provides results immediately
All that a borrower needs to do is fill up three fields for the home loan balance transfer calculator to display the revised EMI results. These three fields are the home loan interest rate (new lender’s rate), outstanding loan amount, and the remaining repayment tenure. Based on this information, the calculator will then display accurate EMI results in no time.
A home loan balance transfer calculator can be used for free anytime a borrower wants to. Most financial institutions make this calculator available on their websites.