Can EMI be reduced by prepaying part of home loan

[samkapoor77]

In order to purchase a house, I have borrowed from HDFC. Loan amount is Rs. 57 lakhs for 25 years and EMI is Rs. 63,000. I am a business person and I expect a cash inflow of Rs. 12 lakhs in another 15 days of time. Out of this, if I use Rs. 10 lakhs to prepay my loan, then is there any mechanism that I can get my EMIs reduced for same number of years?

[samkapoor77]

In banking terms, we call it loan reconstruction. Talk to your loan serving branch. On charging fee for it, they will reconstruct your EMIs.

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