A voluntary hike in EMIs can save lakhs in interest outgo Starting April 2025, you will have more money in your hands thanks to generous income tax cuts announced by Finance Minister Nirmala Sitharaman. Many salaried individuals receive their annual increments and performance bonuses around this time, which are bound to boost their disposable income. “Home loan borrowers should look to reduce their interest burden. Even minor adjustments can help you save thousands,” says Vipul Patel, Founder, Mortgageworld.in, a loan consultancy firm. It makes sense to reach out to your bank to increase the EMI or make a part-prepayment, says Adhil Shetty, CEO, BankBazaar.com. It is important to ensure that they are not sporadic but made in a systematic manner, says Shetty. For instance, if your plan is to pay off a 25-year loan in 10 years, you should aim to pay back 10 percent of the loan balance every year through a combination of EMIs and pre-payments.
