Before speaking with a lender
Have the useful details ready.
These details help you explain what you need and ask specific questions. They do not determine eligibility.
- The outstanding balance, the current rate and the months remaining on your existing loan
- The foreclosure or prepayment charges your current lender applies on early closure
- The processing fee and any other charges the new lender applies on a transfer
Choices to compare
See what can change the cost.
Rate saving or switching cost
A transfer helps most early in the tenure, when the outstanding balance is high. Compare the interest left on the current loan against the new loan's interest plus every charge.
Same tenure or a reset tenure
Restarting with a longer tenure can lower the monthly amount while increasing the total interest paid across the transfer.
Try this. Estimate the EMI on your outstanding balance over your remaining months at the offered rate, then compare the total against staying put — including both lenders' charges.
Questions for the lender
Ask before you agree to a loan.
- 01
What foreclosure charges does my current lender apply, and what does the transfer cost with you in total?
- 02
Does the new tenure continue from my remaining months or start over?
- 03
Is a top-up amount part of the assessed offer, and on what terms?