Shifting your Home Loan Balance? Here's how a Loan EMI Calculator can help

Opting for a home loan balance transfer allows you to enjoy lower interest rates and a more comfortable repayment plan. In addition, some lenders allow you to get a top-up on your loan with a balance transfer.

However, you must evaluate your choices to make a well-informed decision. For this, you can use a home loan balance transfer EMI calculator. Using this tool, you can assess your new lender’s terms and compare them against your existing lender’s terms to see if it’s a better option.

Read on to know how the Bajaj Markets: EMI Calculator App can help you.

Compare Offers Instantly

Using the home loan balance transfer EMI calculator, you can instantly compare multiple lenders’ interest rates. This way, you can calculate your repayment amount for different rates and understand the most reasonable one quickly.

It will also help you ensure that the new outstanding amount and EMI amount fit your budget and requirements. Consider this example where you opt for a home loan balance transfer of ₹20 Lakhs loan for 10 years. Using the calculator, your EMI and total payable amount for different rates will be:

Disclaimer: The rates and other details mentioned are for illustrative purposes. Actual values may vary.

If these amounts do not fit your needs, you can look for another solution. If they do, you can choose a lender accordingly and begin the process.

Calculate Your Ideal EMI

In addition to lowering your interest rates, you can also re-evaluate your EMIs when getting a home loan balance transfer. To understand which loan terms may result in an instalment amount that fits your requirements, use an EMI calculator.

Simply enter your new loan details, such as the interest rate, loan amount, and tenure, on the Bajaj Markets: EMI Calculator App. After submitting the details, you'll get an estimated EMI amount.

By changing the values, you can decide on repayment terms that meet your financial capacity. This also empowers you to choose a lender with whom you can get the best deal.

Assess the Right Tenure

Another common reason for the option of a home loan balance transfer is to extend the loan tenure. This allows you to comfortably pay your loan with lower EMIs and reduce your monthly debt obligation.

To understand, consider an example. Say you opt for a home loan balance transfer for ₹50 Lakhs loan at 8.50% per annum. Here is how your loan EMIs will change with tenure.

Disclaimer: The rates and other details mentioned are for illustrative purposes. Actual values may vary.

As you can see, the EMI amount decreases with increasing tenure. However, your total payable amount also increases as you opt for a longer tenure. Thus, you must use the EMI calculator to calculate the best options and make an informed decision.

Reason to Use the Bajaj Markets: EMI Calculator App

The Bajaj Markets: EMI Calculator App is an all-rounder tool that lets you make informed decisions for your loans. Here are a few reasons you should use the app.

• Helps carry out calculations with basic information
• Provides error-free estimates instantly
• Helps compare different options quickly and without any hassles
• Calculates as many times as you want with no additional costs
• Creates an amortisation schedule to plan your repayment

Using the Bajaj Markets: EMI Calculator App before you opt for a home loan balance transfer helps ensure you make the right decision and prioritise your finances. You can use the app to calculate your EMI for other loans and financial services without any hassles.

Download this one-stop solution app now to enjoy better financial planning at your fingertips.