Rate Check: are you paying too much on your loan?
The RBI raised the repo rate to 5.50% on 7 Oct 2026, so floating EMIs are rising. If your rate is well above what lenders offer today, moving your Home Loan or Loan Against Property to a cheaper lender can still cut your EMI. Find out in two minutes.
Your existing loan
It is on your latest loan statement or in your lender's app.
The lowest published Home Loan rate is 7.15% (LIC Housing Finance, as on 13 Oct 2026); that is for the strongest profiles. Your offer depends on your credit score, income and property.
Switching costs
Many lenders give extra funds at the time of a balance transfer.
You recover the switching costs in about 11 months. After that, every month is savings.
- EMI now
- ₹39,978
- EMI after switching
- ₹37,080
- Interest saved over 180 months
- ₹5,21,541
- Switching costs
- ₹30,000
- Net saving
- ₹4,91,541
When a balance transfer makes sense
- The rate gap is around 0.5% or more and you have several years left. Most of a loan's interest is paid in its early years, so switching early saves the most.
- Your credit score has improved since you took the loan, or your lender has not passed on lower rates to you.
- You need extra funds: a top-up with the transfer is usually cheaper than a personal loan.
Try your own lender first
Many banks will reset your rate for a small conversion fee if you ask. If they will not match the market, a transfer is the way to get it. Under RBI rules, lenders cannot charge individuals a foreclosure penalty on floating-rate loans taken for personal purposes, so a Home Loan's main switching costs are the new lender's processing fee and legal, valuation and stamp charges. For a Loan Against Property used for business, check your sanction letter for any foreclosure charge and add it to the other costs above.
See today's rates
Compare the published starting rates from major banks and housing finance companies on our loan rates page, or read what the latest RBI decision means for your EMI in Rate Watch.
This calculator gives an estimate using the standard EMI formula. It is not a loan offer. Your actual rate and charges depend on the lender's assessment of your credit score, income, property and loan amount. BizzBuddy is a loan facilitation and advisory platform, not a lender; every credit decision is made by the lender.