If you are willing to pay a part of your loan before your tenure ends, then the amount on the interest that you pay will reduce. Thus the amount you pay on your Equated Monthly Installments (EMI) will reduce. Prepayment might seem like a huge task, but with a little bit of planning its possible. For instance if you had been investing, you could use your returns to prepay a part of any loan that you have availed. Interest rates play an important role in the EMIs during the initial stages of the home loan. This is because the interest component is the highest during this time. So, if you make prepayments in the initial stage, you’ll be able to save a lot on interest.
Handling multiple loans is definitely a challenge. If you are juggling between many loans it’s a good option to make a prepayment for one of your loans. Usually a home loan would have a lower interest rate than a personal loan. It is better to repay the high interest loans first. This will definitely reduce the EMI that you are paying.