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Home Loan Balance Transfer and Top-Up Loan: Customer’s Guide

· Home Loan Transfer

The Home Loan balance transfer has emerged as a new tool and has been helping existing subscribers in ways they couldn’t even anticipate. First of all, the facility helps people subscribed to high-interest Home Loan. They can switch to new lenders providing home financing at a lower rate than the former. In addition, the facility entitles them to a top-up loan; which can be used as an emergency loan over and above the existing debt.

What is a Home Loan Balance Transfer?

A Home Loan balance transfer is a unique facility offered by the modern-age financial institutions. This facility helps existing subscribers get their home refinanced from another lender providing the same at a lower interest rate. The facility is very beneficial especially in the present scenario when the interest rate for a home is soaring high.

What is a Top Loan?

As the name suggests, a Top Up Loan is an additional loan facility which is offered by different financial institutions for their Home Loan subscribers. However, in order to avail the facility, you have to make sure your existing lender has such provision.

A top up loan is one of the top reasons why many people have been opting for the balance transfer facility. Y0u can use the borrowed amount for different things: to do the custom changes in the newly bought house to make it comfier, add the required furniture etc. You can also use the money for renovation and other needs.

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