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Balance Transfer Calculator
-
8.70%
IIFL Rate Of Interest -
₹62,500
Simple Interest Applicable -
₹28,73,563
Loan Amount -
₹3,73,563 Top Up Loan Transfer
What is Home Loan Balance Transfer?
A balance transfer is a facility in which a borrower can transfer his existing loan to another bank. There are generally 3 reasons behind the loan transfer: obtaining a lower interest rate on the loan, availing a top-up of the loan amount, or extending the tenure to repay the loan. However, there are not many home loan customers who are aware that this option can be beneficial to them.
A balance transfer with IIFL Home Loans can help you in saving money by reducing your interest payments as here you can avail of a home loan at interest rates starting from just 8.75% per annum!
Steps to use Balance Transfer Calculator
- Mention the loan tenor
- Enter the value of total loan amount sanctioned and existing home loan interest
- Enter your employment type
- You will get the new loan amount value with Top up
Why opt for Balance transfer from IIFL Home Loan?
Below conditions are applicable for claiming home loan tax benefits under section 24 (b):
- Your decision to transfer the home loan balance to IIFL Home Loan will help to save on the interest cost
- With an improved credit profile, you get to pay reduced EMIs
- If a major portion of your loan is unpaid and you are getting a lower home loan interest rate from IIFL Home Loan, you can easily choose to transfer your home loan
- Avail instant home loan approval within 30 minutes*
FAQs
IIFL Home Finance offers an interest rate starting from 8.75% if you are looking for your home loan balance transfer.
For home loan transfer, the repayment tenor is up to 20 years.
The customer is eligible for Balance transfer if he has repaid in previous lender for minimum of 18 months.
Disclaimer: The details are given for information purposes only. The reader shall use his prudence and conduct necessary due diligence for the respective Bank/Financial institution before concluding the transaction.
