Compare Loans & Check Balance Transfer Savings

As of March 2026, Bank of Baroda offers rates starting at 8.40% for borrowers with excellent CIBIL scores (750+). SBI and LIC Housing Finance start at 8.50%. However, the rate you get depends heavily on your CIBIL score, income stability, property type, and loan amount. Always compare the final rate offered to you — not just the advertised starting rate.

On a ₹50 lakh, 20-year home loan, a 0.25% lower rate saves approximately ₹2,800 in monthly EMI and over ₹6.7 lakh in total interest. Use our calculator above to see the exact savings for your loan amount. This is why comparing rates carefully and negotiating with your bank is worth the effort.

In 2026, with RBI rates potentially coming down, a floating rate loan is generally better. Fixed rates in India are typically 1-2% higher than floating rates and most banks charge a prepayment penalty on fixed rate loans. Floating rate loans also benefit from RBI rate cuts automatically. However, if you want certainty in your monthly budget, a fixed rate gives peace of mind.

Longer tenure = lower monthly EMI but much higher total interest paid. Shorter tenure = higher EMI but significant interest savings. The best approach: take the longest tenure you qualify for to minimize EMI burden, but make prepayments whenever you have surplus money. This gives you flexibility AND reduces total interest paid.

Yes — this is called a Balance Transfer (BT). If your current rate is significantly higher than what another bank is offering, a balance transfer can save lakhs. The new bank pays off your old loan and you take a new loan at the lower rate. Costs include processing fee and legal charges (usually ₹10,000-25,000 total). Use our EMI calculator to see if the savings justify the switching cost.

A balance transfer is usually worth checking when your new rate is at least 0.50% lower, your remaining tenure is still long, and the break-even happens within a reasonable period. If you will sell the house soon or close the loan early, transfer charges can eat most of the benefit.

If your cash flow is tight, reducing EMI gives monthly relief. If your goal is maximum interest saving, keep the EMI similar and reduce tenure faster. The best choice depends on job stability, emergency fund and other financial goals.