Paying more than new borrowers do? Move your loan.
If your rate hasn’t come down while others pay less, moving the loan to another lender can lower your EMI or shorten your tenure. Put in your loan and see what the gap is worth.
- EMI now
- ₹45,399
- EMI at 7.50%
- ₹40,312
An example lower rate for this amount.
You could save, over the 16 years left
₹9.8 lakh
Illustrative example; rates are not yet confirmed. Before the new lender’s processing, legal and valuation fees, which your advisor lists against the saving before you decide. Your actual rate depends on your credit score, repayment record and property.
When switching is worth it, and when it isn’t.
A transfer is only good advice if the saving beats the cost. Here is how we weigh it with you.
Usually worth it
- Your rate is well above today’s
- Compare what you pay with what new borrowers are offered. The wider the gap, the more a switch returns.
- Many years are left
- Most of a home loan’s interest is paid in its early years, so switching early saves the most.
- Your repayment record is clean
- Lenders usually want to see a run of on-time EMIs, often six to twelve months or more, before they take a loan over.
Often not
- Only a few years remain
- There is little interest left to save, and the fees can cancel it out.
- The gap is small
- A fraction of a percent may not cover processing, legal and valuation fees.
- Your lender will reprice
- Some lenders will lower your rate for a conversion fee if you ask. Ask first; we’ll help you weigh it.
What the application asks.
Have your latest loan statement nearby: it has your outstanding amount, rate and EMI.
- Your current lenderWho you pay today. They are left off your list.
- Your current loanWhat you still owe and the rate you pay.
- RepaymentYour EMI and the years left, with a running estimate of what you could save.
- Track recordHow long you have been paying on time.
- The propertyIts type and today’s value.
- Top-upWhether you want to borrow more.
- Income and other EMIsSo the offers you see are ones you can get.
Questions about switching
Will my current lender charge me for leaving?
Not on a floating-rate home loan taken by an individual: RBI rules don’t allow foreclosure charges on those. Fixed-rate loans can carry one, so check your sanction letter or ask your advisor.
What does switching cost?
The new lender usually charges a processing fee, plus legal and valuation charges. Your advisor sets these against your saving before you decide, so you see the net figure.
Can I borrow more when I switch?
Often, yes. Many lenders offer a top-up with a balance transfer, depending on your income and the property’s value. You can ask for one in the application.
Is Unbias free to use?
Yes. Comparing offers, applying and working with an advisor costs you nothing at any stage. Any fees you pay are the lender’s own charges, such as processing fees, and your advisor lists them before you commit.
Will checking offers affect my CIBIL score?
No. Seeing your offers uses a soft check, which does not affect your credit score. A lender runs a full check only after you choose to apply with them.
See what your loan should cost.
Put in your current loan and you’ll see the lenders that would take it over, ranked by rate. Or send your loan statement to an advisor on WhatsApp.
