I had taken Home loan from LIC HFL on Oct 2011 with ROI 11.15% fixed for 5 yrs. Now that its completed only 29 months of the tenure( out of 240 Months), I would like to transfer the loan to SBI as it is giving low interest rate when compared to LIC HFL. Sure that there will be additional charges from both banks(LIC & SBI), but would like to know how much will be charges and whether it will have impact to my existing balance loan amount.Following are the details of my existing loan.
Sanctioned amnt : 24,50,000
Principal O/S : 23,62,373
ROI : 11.15% (fixed for 5yrs)
EMI: 25,597/month
Please suggest me a good direction to have my EMI reduced.