Is switching your home loan to a lower interest rate really worth it? Calculate your real savings after accounting for processing fees and other charges.
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When should you switch your Home Loan?
✅ Consider Switching If:
•The interest rate difference is at least 0.5% to 0.75%.
•You are in the early stages of your loan tenure (first 5-7 years).
•The total savings are significantly higher than the processing fees.
❌ Avoid Switching If:
•You have less than 5 years remaining on your loan.
•The processing fee eats up most of your interest savings.
•You plan to prepay or close the loan very soon.
Note: While this calculator gives you a financial picture, also consider the "hassle cost" of paperwork and time involved in switching banks.