floating interest rate - has gone up

[New Bee]

The EMI of my home loan, on floating interest rate, has gone up.

What all options I have? Please Guide.

[Expert]

You have two options to deal with your higher EMIs.

You can choose for the part repayment option, wherein you may pay off a lump sum to bring down the instalment amount. You may even revert to your initial instalment. The interest rate, however, remains the same. However, make sure no prepayment penalty is associated with your loan. The second option is to switch the loan with your bank at current interest rates, if the home loan rate is higher. In the end, do look at the costs involved. Sit with your banker for advice as these loans are individualistic in nature.