Find out exactly how much your bank is overcharging you.
Three fields. Zero forms. No call from a bank. See your monthly overpayment, what it costs you over the remaining tenure, and the three steps to cut it.
Your loan today
We only use what's on your latest statement.
Based on moving to 7.15% — today's best advertised new-customer rate across our 23-lender tracker.
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If you're overpaying, here's what to do.
You have three levers. Most people skip the first two and jump to the third — which is usually the wrong order.
Ask for a rate reset
The cheapest option. Write to your existing bank citing their current EBLR offer and ask to re-price. A conversion fee of 0.10–0.25% of outstanding principal is typical. No MOD, no legal, no valuation.
Works best when your bank's own new-customer rate is well below yours.
Switch from MCLR to EBLR
If you took your loan before October 2019, you are likely still on MCLR — an internal benchmark that resets slowly. Switching to an EBLR-linked loan lets you benefit from RBI repo cuts almost immediately.
Typically saves another 25–50 bps on top of a rate reset.
Move to Home Loan OD
Home loan overdraft products (SBI Maxgain, ICICI Home Overdraft, HDFC OD, etc.) let idle cash in your linked account reduce the daily interest calculation — while the money stays fully withdrawable. Rate is 20–40 bps higher than a regular home loan but often saves more.
Best fit: bonuses, business cashflow, freelancers with irregular income.
Balance transfer
Move the loan to a different lender offering a lower rate. Pays for itself quickly on loans above ₹30 lakh with 5+ years remaining. No foreclosure charges on floating-rate home loans (RBI Pre-payment Charges Directions, 2025).
Use the reset quote from step 1 to negotiate harder with the new bank.
Why you probably haven't heard this before
Pay an extra EMI every year. Increase EMI by 5%. Nudge the tenure down. Those tips assume your rate is fair. If you're 100–150 bps above market, you are pouring money into interest that a simple letter can kill.
Banks don't proactively re-price old accounts down to new-customer rates. They will lower it if you ask — but only if you ask. That is by design.
Since 2012 (and reinforced by the RBI Pre-payment Charges Directions, 2025 effective January 1, 2026), banks and NBFCs cannot charge foreclosure fees on floating-rate home loans to individual borrowers. If yours tries, escalate to the RBI Ombudsman.
The audit above takes 60 seconds and costs you nothing. Waiting six more months on a 9% loan when you could be at 7.25% costs a typical ₹50L borrower over ₹50,000.
Not sure where to start?
Share your loan details with us on WhatsApp. We'll come back with a written plan: which lever to pull first, the rate reset letter template, and bank-by-bank counter-offers.
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