Step-Up or Step-Down Repayment:
This is a benefit that is offered by the bank where the borrower gets to step- up or increase their EMI, in their financial year of earning. Step down on the other hand is a process where you can reduce your EMI with time. This is beneficial for people who are close to their retirement.
These were a few of the ways using which you can reduce your home loan EMI. The key here is to be well aware of the current rates and acquire proper information that enables you to reduce the EMI you get to pay on your home loan. Make sure you gather all information regarding your home loan and interest rate from the bank, as well as from your known and trusted sources, then only you will be able to manage the EMI you get to pay every month on your home loan.
I hope my answer helps you in Knowing some of the hacks using which you can reduce your EMI on your home loan, good luck.