2. Step-Up Repayment Plan This plan is customized in a way to provide the borrower with a repayment plan which is directly linked to his monetary growth. It will help the borrower to avail a higher loan amount as compared to normal housing loan. By choosing this repayment plan borrower can enjoy same tax benefits. This repayment option allows a borrower to avail a higher loan amount and still pay lower EMI?s in the initial years, which subsequently increases with increase in their income. 3. Step-Down Repayment Plan In this type of repayment plan lender offers a customized plan to borrowers whose income or repayment capacity is likely to alter in the latter years of the loan tenure. This plan is designed in a way to suite the requirement of senior citizens or borrowers nearing retirement. In this type of repayment plan EMI?s are generally higher in the initial years of the loan tenure and subsequently decreases in the latter years. Financial Institutes/lenders have come up with this type of repayment plan to increase the repayment ability of borrower aging 50-65yrs.