Costs to Consider
- Processing fee for new loan (typically 0.5-1%)
- Foreclosure charges from existing lender
- Legal and technical valuation charges
- Stamp duty and registration (varies by state)
Refinance, Switch & Save
Lower your home loan interest rate and save lakhs
Why Refinance Your Home Loan?
If interest rates have dropped since you took your loan, or if you can get a better rate elsewhere, refinancing can save you significant money over the loan tenure.
Benefits of Refinancing
Save lakhs in interest over
loan tenure- Reduce monthly EMI burden
- Shorten loan tenure without
EMI increase
- Switch from floating to fixed
rate (or vice versa)
- Get better service from new
lender
When to Refinance?
Rate difference is at
least 0.5-1% lower
- You have substantial
loan tenure remaining (10+ years)
- Your credit score has
improved significantly
- Outstanding loan
amount is significant
- Processing fees and
charges won't offset savings
Savings Example
-
Outstanding Loan
₹50,00,000
-
Current Rate
9.5% p.a.
-
New Rate
8.5% p.a.
-
Remaining Tenure
15 Years
-
EMI Reduction
₹4,200/month
-
Total Savings
₹7.56 Lacs
