Yes, you can repay your home loan faster by exercising on of the available options with your Bank.

Some banks allow you to increase your EMI if you had an increment in your job and are now having additional savings per month. By increasing your EMI you not only save on the total interest paid, you will also be paying in less number of months.

Another option for you is to save a lump sum and prepay a portion of your home loan at a desired time. When you are doing these bullet payments, all the amount paid is considered as principal, and therefore your total principal to be paid will be that much less. Before deciding on a prepayment it is best to consult with your bank first. Some banks allow a limited number of prepayments within the term of the loan. Some banks levy a fine or “prepayment charges” on the amount being paid. Some banks have no fine on prepayment but there is a limit to this amount, you cannot for example pay more than 25% of your total principal amount without incurring fine on it.

In cases of prepayment, generally, the Loan Counselor of the Bank will also tell you that the loan on the remaining outstanding will be started as a fresh loan on your name and that the EMI will remain unaffected. Of course the number of years of repayment will come down.

Word of caution about prepayments
Before prepaying, make sure that you have saved some money aside for crisis situations if any in the immediate future. If possible, always prepay other loans of your where the interest rates or higher or where your liabilities are higher than those on the home loan. As the interest component will come down after a prepayment, you may end up falling into the tax net again. Make sure that you balance the remaining minimum savings amount for Income Tax exemption by investing in other savings elsewhere.