Refinance? Top up? what is the difference sir..

Q & ARefinance? Top up? what is the difference sir..
Khartik asked 2 years ago

1 Answers
Paul Ng answered 2 years ago

Refinance means property financing from existing financial institution towards other financial institution under same security/collateral. Top up loan means you are increasing the borrowing under existing financial institution. What makes both different is on the financing cost and overall processing time. Top up loan only costs borrower a minimum amount of financing cost and disbursement will take lesser time. Refinance, new financial institution will take longer on processing as first disbursement will goes to existing financial institution.

Your Answer