Refinane-this is when u transfer the loan to another bank.previously the redemption part and the cash part can be under one account.Some bank require it to be under 2 ac.Tenure is according to hl regulation for both ac.
Now,BNM impose that the cas portion is to be parked under a different loan ac and tenure is capped at 10 yrs.
The cost for refinance is quite high as the property needs to be discharge frm the existing bank and charge with the new bank.
Redraw/top up-your loan remain at the same bank.u can redraw cash when yr property value increases.
90% market value-loan outstanding=amt can top up.
This is the cheaper method as u only pay the upstamping cost for the original legal documention which depends on thenew top up amount.your loan remain with the same bank.