What is balance transfer home loan and top up home loan?

Balance transfer home loan:-

Home loan balance transfer occurs when the entire outstanding amount ( left balance) is transferred to another bank or housing finance.


Borrowers will now have to pay EMI at the new rate to the bank that has taken the loan.


Almost every bank provide this facility for the balance transfer of home loans, and if borrower have been paying their emis regularly and builds a good cibil score,  there will be no problem in linking.


There can be many reason to transfer you loan like,

  • lower interest loan rate.
  • For better customer services.
  • Affordable emis without any hidden charges.


Top up home loan:-


A top up loan is an additional loan amount that a borrower can get over and above the existing loan.You can top up a home loan just like you do a top up recharge in your mobile phone and the balance comes in your phone.


You must already be a home loan borrower for this loan, then you are eligible for a top up home loan.


Existing home loan borrower  have been paying their home loan emis regularly and should build such a  good cibil score.


Banks generally gives you a top up loan based on the home loan repayment. It is like a personal loan. You can take this loan for basic needs of your home .

Get More Info: https://www.grdindia.in/

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