Need A Financial Product Forums Loans Is it beneficial to switch loan to SBI

This topic contains 1 reply, has 2 voices, and was last updated by  Pravin Salvi 2 years, 9 months ago.

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  • #48494

    Pravin Salvi
    Member

    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?

    #48495

    Kesarinath
    Member

    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.

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