Organisation : Hero Housing Finance Limited
Facility Name : Pay EMI Online
Country : India
Website : https://www.herohousingfinance.com/
How To Pay Hero Housing Finance EMI Online?
Owning your own home is no longer just a dream. We at Hero Housing Finance Limited are committed to making this dream a reality. We finance a wide array of housing loans be it apartment, independent floor, independent house, villas or bungalows. We offer financial assistance to a wide spectrum of requirements starting loan amounts as low as INR 5 lakhs up to INR 3 crores.
Related / Similar Facility : Orange Retail Finance Online Payment
We also finance Housing loans to purchase property from development authorities. Hero Housing Finance Limited housing loans ensure that our clients and customers have a seamless experience so that the housing finance journey is as joyful as the home buying process.
Steps:
Step-1 : Go to the link https://www.herohousingfinance.com/pay-emi
Step-2 : Enter your Mobile Number
Step-3 : Verify OTP and Follow the Prompts to pay your EMI online.
FAQ On Hero Housing Finance EMI
Frequently Asked Questions FAQ On Hero Housing Finance EMI
What is the difference between home loan prepayment and home loan foreclosure?
Home loan prepayment is a way to prepay a part of your outstanding housing loan to save on interest amount either by adjusting the tenure or the EMI amount on the remaining amount of the loan. A Home loan foreclosure on the other hand is the repayment of the total outstanding loan amount, in a single payment instead of paying it as monthly EMIs.
How does this prepayment calculator work?
The main aim of this prepayment calculator is to help a person calculate the amount of saving one could get, by making a prepayment towards their loan. All you have to do is enter the following details:
** Existing loan-related things like loan amount, disbursement date, tenure, etc.
** Prepayment details like prepayment amount and date of prepayment.
** Whether you would like to change the EMI or the tenure.
What are the pros and cons of making a prepayment or part payment?
Below are the advantages of making a pre-payment:
Shorter Tenure: Post the prepayment of a certain amount, if a borrower chooses to maintain the same EMI, the tenure of the loan will end up reducing. This in turn will help you maintain a good credit score, lower the principal amount and also offer better financial stability.
Reduction in the EMIs: Upon the prepayment of a home loan, when a considerable amount is prepaid, you can look at reducing your monthly EMIs to a great extent as well. This is of course up to the borrower.
A substantial amount of savings in the interest amount: The foremost advantage of making part payment of the loan as it helps reduce the outflow of the total interest amount. A home loan generally ranges between 15-20 years on average, and you end up paying a significant interest to the lender. A prepayment, on the other hand, can help shorten the home loan tenure and lower interest payments.
Improvement in Credit Score: Once you have paid off your loan, it helps improve your credit score (as per the norms), and a good credit score helps fetch better deals on your next loan application.
There are a few cons to the process as well:
Chances of incurring a prepayment penalty: If in case a borrower has availed a loan on a fixed interest basis, then a prepayment penalty can be imposed on them by the lender on the outstanding home loan balance.
Loss of tax benefits: When you decide to prepay a loan, the chances of you losing some of the tax benefits are high. Do ensure that before you decide to go forward with loan prepayment, you have evaluated the tax implication well.
Missing out on potential investment opportunities: When choosing between prepaying a home loan or investing in another opportunity with a lumpsum amount you might have on you, make sure you decide after consulting your financial advisor.
What does Home Loan Prepayment mean?
When you repay your loan, either fully or partially, before the scheduled date, then it is considered a loan pre-payment or part payment. The main objective of prepaying a loan is to reduce the overall debt considerably and become debt-free before the scheduled time. When you prepay a loan, you can either reduce your EMI and have the same tenure or reduce your remaining period and have the same EMI. The bottom line is, you end up with considerable savings on the interest by prepaying your loan.
If I want to increase my home loan EMI right now, is there a possibility to decrease the EMIs in the future?
Yes, it can be done if you part pay the loan .
How does a Loan Against Property differ from a Business Loan?
The main difference between a Loan Against Property and a Business/Personal Loan is that a Loan Against Property is a secured loan offering higher tenure, especially when compared to a business or personal loan. This as a results to lower EMIs for the borrower.
If I decide to part pay my loan, are there any charges that need to be remitted?
When you decide to part pay a loan with Hero Housing Finance, there might be particular charges you will have to bear. In order to find out what they could be, you can check out our schedule of charges.
Contact Hero Housing Finance
Toll-Free: 1800-212-8800
Email: customer.care [at] herohfl.com