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Sure Ways to Reduce the Burden of Your Mortgage Loan

Converting a mortgage loan into a home loan is not possible, however there are ways in which you can reduce the burden. Read on to know how.

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Sure Ways to Reduce the Burden of Your Mortgage Loan

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  1. Sure Ways to Reduce the Burden of Your Mortgage Loan

  2. The Two Loans That Generally Confuse People Are Home Loan And Mortgage Loan. So, Understand The Difference Between The Two And Learn The Effective Ways Of Reducing The Burden Of A Mortgage Loan.

  3. Difference Between Home And Mortgage Loans • A Home Loan Is Specifically Taken To Buy Or Construct A House When The Applicant Does Not Own A Property. It Can Be Used For The Construction Of A House Or To Buy A Property. • A Mortgage Loan, Also Known As A Loan Against Property, Is Available To Those Who Own A Property That Can Be Used As A Security. There Is No Restriction On The Usage Of This Loan.

  4. Converting Mortgage Loan Into Home Loan Is Not Possible It Is Not Possible To Convert A Mortgage Loan Into A Home Loan As The Conditions For Lending And The Nature Of The Loans Are Different.

  5. Effective Ways To Reduce The Burden Of A Mortgage Loan Since The Overall Cost Of This Loan Depends On The Interest Charged By The Lender, You Can: • Consider Prepaying The Loan Amount • Take Advantage And Use The Option To Waive The EMI • Transfer The Loan To A Different Lender

  6. Increase The EMI You Are Paying • Consider Renegotiating The Loan Terms With The Lender • Consider Taking A Top-up From Your Lender

  7. Go For Balance Transfer Option: You Can Transfer The Loan Amount To A Financial Institution Which Offers Better Interest Rates And A Longer Tenure For Repayment Of The Loan.

  8. Be Aware: Make Sure That The Interest Rate Offered By The Lender Is Lower Than The Current One. Know About The Pre-closure Penalties Of The Existing Loan And Processing Fees For The New One.

  9. By Adopting The Above-mentioned Measures, You Can Reduce The Burden Of The Mortgage Loan And Manage Your Loan Repayment.

  10. Thank You !Would Love to Hear From You Hero FinCorp Limited 09, BasantLok, Vasant Vihar, New Delhi - 110057 Tel. 18001024145 Email Id: Corporate.Care@HeroFinCorp.com Website: https://www.herofincorp.com/ Know more- Sure-fire Ways To Reduce The Burden Of Your Mortgage Loan

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