Have you availed of a home loan to fund your biggest dream? Well, there can be no doubt that the prospect of having a house of your own is exciting in itself and you\u2019re certainly doing your best to make timely repayments. However, life often has its way of changing the course of our plans. What if suddenly down the road, you\u2019re running low on funds or require more funds over your existing home loan? For such times, special offerings are provided by lenders \u2013 home loan balance transfer and home loan top-up.<\/p>\n\n\n\n
A home loan top-up<\/a> is sanctioned by a lending institution as an add-on over and above your pre-existent home loan. Think of it as topping up your mobile balance when you start running low. You can avail of a top-up loan with your old lender or can switch to a new lender as they may provide a lower ROI.<\/p>\n\n\n\n A home loan balance transfer allows you to switch lenders for a better ROI on your current housing loan. Imagine you availed of a home loan at 11.1%, but soon realised that a lending institution is offering you home loan interest rates<\/a> at just 9.05%, what do you do? You refinance and take a new balance transfer home loan<\/a>. You can also make the switch if your current lender provides you with poor customer service.<\/p>\n\n\n\n 2.\nWhat Is Balance Transfer Home Loan?<\/strong><\/h2>\n\n\n\n
3. What Is the Difference between the Two?<\/strong><\/h2>\n\n\n\n