IF you have taken a loan and think the monthly instalment is too much for your pocket, speak to your banker. He can give you options that can solve this problem. Here, we list out the options for you.

Step up repayment facility
If you cannot afford a dream home because the EMI is too high for your budget, you can opt for the step-up facility. In this case, you can start by repaying in a low EMI and gradually increase your EMIs as your income increases. So if you are a young executive, you can take a much bigger loan today, based on an anticipated increase in future income. As a result, you can buy a bigger home.

Flexible loan instalments plan
Often customers wish to purchase properties together with children. Say you parents are nearing retirement and you have just started working. This option helps both combine incomes and take a long-term home loan. The instalment reduces upon retirement of the earning parent.

Tranche based EMI
If you have purchased an under-construction property, you need to pay interest (on the loan amount drawn) till the property is ready. To help save this interest, banks offer a special facility of Tranche based EMI.

You can fix the instalments you wish to pay till the time your property is ready for possession. The minimum amount payable is the interest on the loan amount drawn. Anything over and above the interest paid by the customer goes towards principal repayment. The customer benefits by starting EMI and hence repays the loan faster.

Accelerated Repayment Scheme
Accelerated Repayment Scheme offers you a great opportunity to repay the loan faster by increasing the EMI. Whenever you get a salary increment, an increase in your disposable income or have lump sum funds at your disposal for loan prepayment, you can benefit in the following manner:

§ Increase in EMI means faster loan repayment
§ Save on interest because of faster loan repayment
§ Invest lump sum funds rather than use it for loan prepayment. The return from the investments also gives you the comfort of paying the increased EMI.

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