Your loan EMI can be reduced by up to Rs 5000! Know the trick here

By | March 2, 2022





Home Loan Calculator: If you are also troubled by home loan EMI, then this special news is for you only. Today we have come here with a great trick to reduce your EMI burden. Earlier most of the banks were giving home loan at 8-9 per cent, but now most of the banks give home loan at around 7 per cent.

  • EMI will be reduced by 5 thousand
  • Know how much difference will be in EMI
  • Know here the trick of calculation





Home Loan Calculator: If you are also troubled by home loan EMI, then this special news is for you only. Today we have come here with a great trick to reduce your EMI burden. Earlier most of the banks were giving home loan at 8-9 per cent, but now most of the banks give home loan at around 7 per cent. Along with this, many banks are also offering tremendous offers and discounts on home loans.

EMI will be reduced by 5 thousand

If you have also taken a home loan and are troubled by EMI, then today we are telling you such a trick, which can reduce your EMI by about 5000. If you shift your old home loan to another bank, your EMI burden can be reduced. But for this also you have to plan first.

Know how much difference will be in EMI

Let us understand with an example how much difference a bank loan transfer will make on your EMI. Suppose you had taken a home loan 4 years ago from today i.e. in 2017, then the interest rate on that bank’s home loan was 9.25 percent. Now if you shift the home loan to a new bank and take it at 7 percent, then understand how much difference will be in your EMI

Home loan shift to EMI difference

existing bank

Year  2017
Loan Amount  30 Lakh
Interest Rate  9.25%
Loan Tenure  20 Years
EMI  27,476

After this, now suppose that in 2021 you have shifted your home loan to a new bank. So your outstanding loan is saved Rs 26 lakh.

new bank emi calculation

Year  2020
Loan Amount  26 Lakh
Interest Rate 6.90%
Loan Tenure  16 Years
EMI  22,400

That is, if you shift your home loan in this way, then every month your EMI will reduce by about Rs 5000. Let us now know that how will you benefit in paying interest?

If the total interest paid on the home loan from the new bank during the period of 16 years = Rs 17,00,820
If the total interest paid on the home loan from the old bank for a period of 16 years = Rs 23,90,488
Estimated saving in interest = 23,90,488 – 17,00,820 = 6.89 lakh
This means that you can save up to Rs 6.9 lakh by shifting the loan during the rest of the loan tenure.

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