Loan Transfer and Top Up?

Loan transfer is shifting your existing loan from one bank to another. It is done when interest rate is slightly lower in the newer bank.

While the primary reason for which you might opt for a home loan balance transfer is for better terms, specifically interest rate, timing such a move is equally important.

The transfer of home loan balance or refinancing is beneficial because it reduces EMIs, saves on total interest outgo, shorten you home loan tenure, potentially increase your credit score, get better service, and so on.

Top-up is topping up your existing loan with some amount.

A Top up loan meaning an extra loan is a financing option that is offered over and above the existing loan amount for products such as home loan and personal loan. The top-up loan is offered to customers who have an existing relationship with the lender, have a good credit score and have repayment ability.