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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.

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Here is a comparison of charges, limits and key features of mobile wallets in India. This is a guest post byPranav Date - the guy singularly responsible for making the monthly returns calculation such as this possible: November 2016: Equity Mutual Fund SIP, Lump sum returns & capture ratios.

The yapping below is mine. Pranav supplied the key data and insights which made this post possible. He does not endorse all my opinions about wallets 🙂

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Use this home loan transfer calculator to determine if it is worth refinancing your mortgage, that is, transfer your home loan to a new bank or new loan scheme. When a new home loan offer at a lower interest rate appears, it is tempting to want to shift an existing home loan, because the EMI will decrease for the same duration.

However, this involves costs – exit fees  and processing fees. Also, a lower EMI implies, lesser tax savings.  This is because the interest component decreases, while  the principal component increases, resulting in a net saving after accounting for the extra tax to be paid.

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A simple way to understand a loan EMI calculation in terms of a lump sum investment and a monthly SIP is discussed in this post.  This is applicable for all kinds of loans - home loan, car loan, personal loan etc.

There is a close connection between investment mathematics and loan/mortgage mathematics. In fact, those familiar with the formulae would tell you that they are pretty much identical!

Here is how a home loan EMI can be understood in terms of a lump sum and monthly SIP investment.

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How high can my home loan EMI be? What percentage of my gross monthly income can I afford to set aside for servicing my home loan EMI? These are questions that I have often seen in personal finance forums. When I recently saw it at Facebook group Asan Ideas for Wealth, I thought of discussing the issues with deciding a “comfortable EMI” amount.

The house/apartment decides the EMI!

Simple is it not! We can think long and hard, search for thumb rules for a comfortable EMI. All that would get thrown out of the window when we actually decide on the property that we wish to buy. The property decides the EMI. The “comfortable EMI” rarely decides the property!

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