Multicore processing is advantageous over single core processors in the present highly advanced time critical applications. The tasks in real time applications need to be completed within the prescribed deadlines. Based on this philosophy, the proposed paper discusses the concept of load balancing algorithms in such a way that the work load is equally distributed amongst all cores in the processor. The equal distribution of work load amongst all the cores will result in enhanced utilization and increase in computing speed of application with all the deadlines met. In the heuristic based load balanced algorithm (HBLB), the best task from the set of tasks is selected using the feasibility check window and is assigned to the core. The application of HBLB reduces imbalance among the cores and results in lesser migration leading to low migration overhead. By utilizing all the cores of the multicore system, the computing speed of the application increases tremendously which results in the increase in efficiency of the system. The present paper also discusses the improved version of HBLB, known as Improved_Heuristic Based Load Balancing (Improved_HBLB), which focuses on further reducing the imbalance and the number of backtracks as compared to HBLB algorithm. It was observed that Improved_HBLB gives approximately 10% better results over the HBLB algorithm.