If you have savings or investment which is earning a lesser return than the interest rate that you are paying on your home loan, then it is better to use it to partially prepay your home loan to control the EMI.

If you pay 5 per cent of the loan balance every year, you can pay off your 20-year loan in 12 years. Prepaying one additional EMI every year can close your loan in just 17 years, and if you increase your EMI by 5 per cent every year, you can finish your loan in less than 13 years, said Adhil Shetty, CEO, Bankbazaar.com.

A 10 per cent increase in your EMI every year can close your loan in about ten years, he added.