Is it beneficial to switch loan to SBI

[samkapoor77]

I have a home loan for last 4 years. During this tenure, EMI has changed several times due to fluctuation in rate of interest. At present ROI is 11%. I want to shift loan to SBI for next 16 years at 10.10%. There are pre-closure charges by old bank and processing charges by new bank. Will it be beneficial to switch loan?

[samkapoor77]

Calculate the difference in EMIs under both the options. Adjust the difference for pre-closure charges and processing charges. If you find beneficial then switch your loan.

[Samrat]

My current experience with SBI is not very good. All they are interested is to sell insurance plan. The moment you enter any SBI branch, all you get is offers to get credit card or insurance plan which are sold in the name of investment plans

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