Home Loan Refinance Calculator

• Some fields are incorrect or have not been filled in. Please correct this to proceed.
• City in which property is based
  Select Ahmedabad Amritsar Bangalore Chandigarh Chennai Coimbatore Faridabad Ghaziabad Goa Greater Noida Gurgaon Hyderabad Jaipur Kochi Kolkata Lucknow Ludhiana Mumbai Nagpur Navi Mumbai New Delhi Noida Pune Salem Surat Vadodara Vijayawada Other
• If other, specify
• Did you mean one of these cities?
• Purpose of loan
  Select Purchase/construct on identified property Transfer your existing home loan Purchase not yet identified property
• Property Details
  Select Already built home/flat Home/flat under construction by builder Construction on land you own Construction on land you wish to purchase Purchase a plot
• Name of builder & project (optional)
  Type slowly for auto-fill

  Enter the builder and project name Example. "DLF BUILDING INDIA - COMMANDERS COURT"
• Cost of home/flat
  Rs.

  Include only the following components of cost: Basic Cost, car parking (if being sold), Firefighting charges, electricity/water charges,Electrification charges, Power Back Up, Internal Development Charges (IDC), External Development Charges (EDC), Preferential Location Charges (PLC), Interest Free Maintenance Security Deposit ( IFMS), Club Membership, VAT & Service Tax, Stamp duty and registration charges.
• Cost of Land
  Rs.

  As per the Agreement to Sale or as per the Registered Sale Deed value, whichever is higher.
• Cost Of Construction
  Rs.

  Cost of construction as per engineering estimate.
• Which bank is your existing home loan with?
  Enter Bank Name
• When did you begin your existing home loan?
  YYYY 2012 2011 Before 2011 MMM Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Outstanding balance on existing home loan
  Rs.

  Current outstanding balance on the home loan you wish to transfer.
• Residency status
  Select Resident Indian Non Resident Indian Holder of PIO Card Parents are Indian citizens
• Where do you live currently?
  Select Ahmedabad Amritsar Bangalore Chandigarh Chennai Coimbatore Faridabad Ghaziabad Goa Greater Noida Gurgaon Hyderabad Jaipur Kochi Kolkata Lucknow Ludhiana Mumbai Nagpur Navi Mumbai New Delhi Noida Pune Salem Surat Vadodara Vijayawada Other
• If other, specify
• Did you mean one of these cities?
• Country of current residence
  Select Australia Belgium Canada China Denmark France Germany Hong Kong Indonesia Italy Japan Kuwait Malaysia Netherlands New Zealand Oman Qatar Russia Saudi Arabia Singapore Spain Switzerland UAE UK USA Other
• If other, specify
• Date of Birth
  DD

   / 

  MM

   / 

  YYYY
• Type of employment
  Select Salaried Salaried Professional Self Employed Business Self Employed Professional Student Retired Homemaker Choose 'Salaried professional' if you are salaried and are qualified as a doctor, dentist, lawyer, architect, engineer or chartered accountant
• Company (Pick from our list for accurate offers)
  Type slowly for autofill

  Slowly start typing your employer's name and choose from the recommendations provided. If you do not see your employer on our list, simply type the name in this field.
• Did you mean one of these companies?
• Joining date with current employer
  YYYY 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Before 2003 MMM Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Start date of work abroad
  YYYY 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Before 2003 MMM Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Start date for current business/profession
  YYYY 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Before 2003 MMM Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Total work experience (years)
  Select <1 1 2 3 4 5 6 7 8 9 10 >10 Include your experience at your current job and all previous jobs.
• Profession
  Select Architect Consultant Cost Accountant Chartered Accountant Doctor Engineer Dentist Company Secretary Other
• Choose option that best describes applicant
  Select Proprietor Partner applying as an individual Partnership firm
• Choose option that best describes applicant
  Select Proprietor Partner applying as an individual Partnership firm Private limited company
• Gross fixed monthly income
  Rs.

  This is your gross monthly salary as per your monthly payslip prior to deductions (include only payments via direct deposit or cheque i.e. exclude payments in hard cash and in-kind components)
• Net monthly salary (INR)
  Rs.

  This is your net monthly salary as credited to your bank account after all deductions.
• Latest years Monthly take-home salary
  Rs.

  This is your net monthly salary as credited to your bank account after all deductions.
• Latest year's Profit After Tax
  Rs.

  Profit after tax as per latest year's ITR.
• Latest year's depreciation
  Rs.

  Depreciation as per latest year's ITR.
• Was latest ITR audited?
  Yes No
• What percentage of partnership do you own?
• Sum of gross annual salaries of all partners
  Rs.

  Sum of the gross annual salaries paid by partnership firm to all partners in latest year.
• Sum of gross annual salaries of all directors
  Rs.

  Sum of the gross annual salaries paid by partnership firm to all partners in latest year.
• Latest years Annual interest on capital paid to you
  Rs.

  Annual interest on capital paid by partnership firm to you in latest year.
• Total annual interest paid to all partners
  Rs.

  Sum of the annual interest on capital paid by partnership firm to all partners in latest year.
• Previous year's monthly take-home salary
  Rs.

  This is your previous year's monthly take-home salary after taxes as per your monthly payslip
• Previous year's Profit After Tax
  Rs.

  Profit After Tax as per previous year's ITR
• Previous year's depreciation
  Rs.

  Depreciation as per previous year's ITR
• Previous year's annual interest on capital paid to you
  Rs.

  Annual interest on capital paid by partnership firm to you in previous year.
• Total EMIs of company
  Rs.

  This is the sum of all monthly payments on all company's currently open loans.Please ignore those loans where remaining loan term is less than 12 months.
• Average monthly incentives (optional)
  Rs.

  This is the approximate sum of all monthly incentives (include only payments via direct deposit or cheque i.e. exclude payments in hard cash and in-kind components), if any, earned by you
• Total annual bonus (optional)
  Rs.

  This is the annual bonus (excluding any cash component), if any, earned by you
• Total EMIs you currently pay per month (if any)
  Rs.

  This is the sum of all monthly payments that you are making on all your currently open loans.Please ignore those loans where remaining loan term is less than 3 months.
• I would like to add a co-applicant
• Relationship of co-applicant with applicant
  Select Spouse Father Mother Children
• Is the co-applicant a co-owner of the property?
  Select Yes,co-applicant is a co-owner No,co-applicant is not a co-owner
• Residency status
  Select Resident Indian Non Resident Indian Holder of PIO Card Parents are Indian citizens
• Where do you live currently?
  Select Ahmedabad Amritsar Bangalore Chandigarh Chennai Coimbatore Faridabad Ghaziabad Goa Greater Noida Gurgaon Hyderabad Jaipur Kochi Kolkata Lucknow Ludhiana Mumbai Nagpur Navi Mumbai New Delhi Noida Pune Salem Surat Vadodara Vijayawada Other
• If other, specify
• Did you mean one of these cities?
• Country of current residence
  Select Australia Belgium Canada China Denmark France Germany Hong Kong Indonesia Italy Japan Kuwait Malaysia Netherlands New Zealand Oman Qatar Russia Saudi Arabia Singapore Spain Switzerland UAE UK USA Other
• If other, specify
• Date of Birth
  DD

   / 

  MM

   / 

  YYYY
• Type of employment
  Select Salaried Salaried Professional Self Employed Business Self Employed Professional Student Retired Homemaker Choose 'Salaried professional' if you are salaried and are qualified as a doctor, dentist, lawyer, architect, engineer or chartered accountant
• Company (Pick from our list for accurate offers)
  Type slowly for autofill

  Slowly start typing your employer's name and choose from the recommendations provided. If you do not see your employer on our list, simply type the name in this field.
• Did you mean one of these companies?
• Joining date with current employer
  YYYY 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Before 2003 MMM Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Start date of work abroad
  YYYY 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Before 2003 MMM Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Start date for current business/profession
  YYYY 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 Before 2003 MMM Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Total work experience (years)
  Select <1 1 2 3 4 5 6 7 8 9 10 >10 Include your experience at your current job and all previous jobs.
• Profession
  Select Architect Consultant Cost Accountant Chartered Accountant Doctor Engineer Dentist Company Secretary Other
• Choose option that best describes applicant
  Select Proprietor Partner applying as an individual Partnership firm
• Choose option that best describes applicant
  Select Proprietor Partner applying as an individual Partnership firm Private limited company
• Gross fixed monthly income
  Rs.

  This is your gross monthly salary as per your monthly payslip prior to deductions (include only payments via direct deposit or cheque i.e. exclude payments in hard cash and in-kind components)
• Net monthly salary (INR)
  Rs.

  This is your net monthly salary as credited to your bank account after all deductions.
• Latest years Monthly take-home salary
  Rs.

  This is your net monthly salary as credited to your bank account after all deductions.
• Latest year's Profit After Tax
  Rs.

  Profit after tax as per latest year's ITR.
• Latest year's depreciation
  Rs.

  Depreciation as per latest year's ITR.
• Was latest ITR audited?
  Yes No
• What percentage of partnership do you own?
• Sum of gross annual salaries of all partners
  Rs.

  Sum of the gross annual salaries paid by partnership firm to all partners in latest year.
• Sum of gross annual salaries of all directors
  Rs.

  Sum of the gross annual salaries paid by partnership firm to all partners in latest year.
• Latest years Annual interest on capital paid to you
  Rs.

  Annual interest on capital paid by partnership firm to you in latest year.
• Total annual interest paid to all partners
  Rs.

  Sum of the annual interest on capital paid by partnership firm to all partners in latest year.
• Previous year's monthly take-home salary
  Rs.

  This is your previous year's monthly take-home salary after taxes as per your monthly payslip
• Previous year's Profit After Tax
  Rs.

  Profit After Tax as per previous year's ITR
• Previous year's depreciation
  Rs.

  Depreciation as per previous year's ITR
• Previous year's annual interest on capital paid to you
  Rs.

  Annual interest on capital paid by partnership firm to you in previous year.
• Total EMIs of company
  Rs.

  This is the sum of all monthly payments on all company's currently open loans.Please ignore those loans where remaining loan term is less than 12 months.
• Average monthly incentives (optional)
  Rs.

  This is the approximate sum of all monthly incentives (include only payments via direct deposit or cheque i.e. exclude payments in hard cash and in-kind components), if any, earned by you
• Total annual bonus (optional)
  Rs.

  This is the annual bonus (excluding any cash component), if any, earned by you
• Total EMIs you currently pay per month (if any)
  Rs.

  This is the sum of all monthly payments that you are making on all your currently open loans.Please ignore those loans where remaining loan term is less than 3 months.
• Reference ID (if any)
  Please enter reference ID, if any
• The information I have provided is accurate. I understand that final credit approval is at the sole discretion of the financial institution.

Home Loan Transfer
A home loan transfer (also known as refinancing or balance transfer) is an option that most individuals opt for to avail the benefit from lower interest rates prevalent in the market. Usually the existing borrower of a bank who is about 2 or more years into his loan tenure does not get the benefit of reducing interest rates in the market.Individuals looking for better interest rates could discuss with their bank on re-negotiating the interest rates based on the good repayment track record etc. If the bank is not amenable, then they could shift to another bank which offers a lower interest rate prevalent in the market.

Apart from saving on interest there are other reasons to transfer your home loan, including:

• Bank is not agreeable to change loan terms: You might want to re-negotiate certain terms and conditions with your bank. For example, you might wish to extend the tenure of your loan to lower your EMI, your bank might not be ready for this change and hence prompt a shift.
  
• Top up loan: The property value might have climbed much higher from its original price. On the basis of this you might want a top up loan to meet a money requirement or for a home renovation perhaps. If your lender is not open to finance this you might opt for a new lender.
  
• Service issues: Sometimes you might just be unhappy with your bank’s service and accessibility, which might prompt a change.
  

How does the process work

• The bank you are shifting to will offer you a loan based on the current home loan rates they are offering to their home loan applicants.
  
• You will need to submit a letter to the existing lender requesting a loan transfer. Based on your request, the bank will give a consent letter / NOC and a statement mentioning the outstanding amount. This needs to be provided to the new lender who then sanctions your loan amount to the old lender for an account closure.
  
• Once the transaction is over, your property documents will be handed over to the new lender, the remaining post dated cheques / ECS will be cancelled.
  
• A prepayment penalty will be levied by your existing lender which can vary anywhere between 0%-3% of the principal outstanding of the loan at the time of refinance.
  
• Remember that you will also need to pay a processing fee to the new lender. This can range anywhere between 0.5% and 1% of the loan applied, most banks restrict this amount to Rs.5000.
  

Things to watch out for:

• It is always better to switch the loan early on during the tenure as you would have already paid out a substantial amount of the interest due initially. If you are planning to switch your loan after most of your interest has been repaid, it will not make money sense as you will be shelling out more with the switch!
  
• Get statements from your current lender stating that property documents will be dispatched within a certain time frame to avoid hassles on this front.
  
• Remember that a loan switch will not be possible if you have been irregular with your loan repayment with your current lender.
  
• Factor in the pre-payment fee and processing fee when calculating the benefit of transfering your home loan. If you feel there is a significant amount of interest to be saved from the move, then you can make a profitable switch.
  
• Remember that for a home loan switch you need go through all the procedures involved afresh. These include a credit appraisal, legal verification of property documents and technical evaluation with the new bank etc. and a loan will be approved only when conditions are met.