A home loan balance transfer EMI calculator is an immensely useful online facility that helps you save a lot of money in the long run by potentially reducing your EMI liabilities. You can transfer your entire house loan principal that you have not paid yet, to another lender who gives you a much better and competitive interest rate. The lender that you first borrowed from will receive all its dues, while you continue to repay the loan to the new lender at a revised, lower rate of interest! To get an idea of how it will help you and how financially beneficial a balance transfer can be, look no further than the Finserv MARKETS home loan balance transfer EMI calculator.
A home loan balance transfer is a facility that ensures that you repay your loan amount at the most competitive interest rates. Even a seemingly small lowering of interest rates can have a massive impact on the amount that you pay each month and ultimately save you a lot of money in the long run. EMI calculator, available on Finserv MARKETS, is an online facility that makes this process quick and easy by giving you an instant idea of how much EMI you will be paying when you opt for a Bajaj Housing Finance Home Loan transfer.
|Month||Starting Balance||EMI||Interest rate||Principal contribution||Interest contribution||Ending Balance|
The EMI can be calculated as
EMI is: EMI = P × r × (1 + r)n/((1 + r)n - 1)
where P= Loan amount, r= interest rate, n=tenure in number of months.
All you need to input is three values:
Loan amount – This is the amount you wish to avail
Repayment Tenure: It is the term over which you will repay the loan
Rate of Interest: It is the amount that needs to be paid over the principal amount
Enter these values and find your EMI amount.
No, it usually does not affect your refinance.
No, it is not possible to refinance more than the pending amount of my loan.
It will be considered from the start as a fresh application.
There will just be one certificate that will consist of the names of the applicant and all the co-applicants.
It usually takes 10 days to transfer the loan.
The dip in credit rating definitely affects the loan transfer, as the transfer process with the new institution will start right from the beginning. Low credit rating can affect the approval of your application.