Sir

Kindly guide me . I have been sanctioned Rs.5 Lakhs as loan from LICHFL with 10.10% fixed rate of interest for 2 years then floating rate for a period of total 15 years to be started from October 2014. Can I decrease the period to 10 Years? Further, my present EMI is 5504, If I pay 8000 per month, what shall be the impact? Thanks.