Prasad Joshi was a happy man on August 28, 2003. It was on this day that he stepped into his dream house. A small 606 square feet, one bedroom-hall-kitchen flat, but nevertheless, as far as he was concerned, a dream home.

He was all the more happier because he got a great home loan deal. He borrowed Rs 7,50,000 for a 15 year period (180 months) at a floating interest rate of 7.5 per cent from a private sector bank. His monthly EMI outgo on this loan amount was Rs 7,226.

Circa 2007.

Joshi is a worried man. After almost four years of EMI repayments, his loan tenure is still the same (180 months); when he first spoke to the bank, they had calculated it as 132 months.

Also, the bank was insisting he either increase his EMI from Rs 7,226 to Rs 10,000 or repay part of his total loan amount.

The reason? The floating interest rate on home loans has increased from 7.5 per cent to 12 per cent in the last four years.

If Joshi increases his EMI amount, he will find it difficult to manage his household expenses. He does not have the money required to repay part of the loan amount.

Are you facing a similar problem? Have EMIs crippled your life as well? If yes, how are you coping? Are you cutting down on your monthly expenses? Are you borrowing to repay your loan?

What solution have you developed for your home loan problem? Share it with other Get Ahead readers.

We will feature the best and the most imaginative/ practical solutions to home loan woes right here. Make sure you include your FULL NAME, AGE, OCCUPATION, HOME LOAN AMOUNT, and the CITY you are based in.

Your advice could help others manage their home loan problems. Write in now.