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Planning Ahead for Unexpected Events Avoiding Home Loan Burdens

<br>The article "Planning Ahead for Unexpected Events: Avoiding Home Loan Burdens" provides practical tips and strategies for homeowners to prepare for unexpected events that could impact their ability to make mortgage payments. The article emphasizes the importance of having a contingency plan in place, such as an emergency fund or insurance, to avoid defaulting on the loan and potentially losing the home.<br>

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Planning Ahead for Unexpected Events Avoiding Home Loan Burdens

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  1. What Happens to a Mortgage Once the Borrower Passes Away?

  2. If the primary borrower dies, the legal heir is responsible for repayment.

  3. Tips on managing a loved one's debt after their passing

  4. Restructure The Loan Request the lender to modify the original repayment terms and make it affordable.

  5. Opt For Rescheduling Request for repayment tenure extension.

  6. Loan Settlement Pay a one-time lump sum of a much lower amount to alleviate the debt burden.

  7. Go For a Balance Transfer • Transfer the outstanding home loan to a new lender with a lower interest rate.

  8. Get Loan Insurance Transfer the outstanding home loan to a new lender with a lower interest rate.

  9. Home Loan Insurance Type • Term insurance provides a lump sum payment following the policyholder's death. • Separate loan insurance is available only to those having a home loan.

  10. Planning for the future is not just about your dream home - it is about securing your family's financial well-being when you are not around and the home loan still shows an outstanding balance.

  11. Thanks Would Love to hear from you. Hero Housing Finance Ltd. 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel: 18001024145 Email: customer.care@herohfl.com Website: https://www.herohousingfinance.com/ Know More:Planning Ahead for Unexpected Events: Avoiding Home Loan Burdens

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