Should you transfer your loan to a bank offering a lower rate? This tool calculates your new EMI, total interest saved, and the exact break-even month after accounting for processing fees and switching costs.
A balance transfer only makes sense if you stay with the new bank long enough to recover the switching costs through lower EMI savings.
If you plan to close the loan or sell the property before the break-even month, the transfer is NOT beneficial. Always negotiate processing fee with the new bank — waiver is common for good CIBIL profiles.