Mortgage Renewal

A mortgage renewal is necessarily making a fresh agreement with the existing lender to renew or extend your loan tenure. Most mortgages are purpose-designed in such a manner that the entire loan will be paid off in about three decades as long as the monthly repayments are made on schedule. However, if you have opted for a shorter amortization period, provided your property is financed by one of our impaneled lenders, you may consider renewing the loan taken.

Note that if your mortgage is provided by a federally regulated lender, you are entitled by the law to be intimated about renewing your ongoing home loan at least three weeks before the present tenure expires. Your renewal statement should include the loan term, how often you are expected to repay, effective interest rate, principal loan amount remaining on the day of your mortgage renewal, and other charges if applicable.

Furthermore, if your lender is not willing to proceed with the renewal, you must also be informed about the same before the onset of the aforementioned three-week window at the very least so that you can have ample time to find a new loan provider and refinance your mortgage without any hassle.

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