Use this calculator to check the benefits (if any) associated with switching your home loan. Either from one bank to another or from base rate to MCLR (Marginal Cost of Funds based Lending Rate). This is an updated version of the Home Loan Transfer Calculator (Mortgage Refinance) with an ability to check benefits for (a) same EMI, lower tenure and (b) reduced EMI, same tenure.
With the slashing of the one-year MCLR rate, home loans have got attractive by at least 1%. So it is now time to check if it is beneficial to transfer the loan to a rate. This is not exactly intuitive. The cost and fees have to be accounted for, along with the decrease in tax saving.