• Inform your bank
Keep your bank informed about your financial condition. Renu Sud Karnad, joint managing director, HDFC says that "The options which have always been available are increasing the tenure of the loan (which means that the EMI will remain constant for the moment) or making certain lump-sum payments or accelerating the EMI or a combination of these options."
Banks suggest different corrective measures for different cases. Banks may also ask you to sell of an asset. Selling off an asset is definitely better than defaulting on your instalment and forcing recovery agents to chase you.
However, it is important to be aware of the fact that there is not set formula for all. It varies from case to case. You should trust the financial experts when they suggest you to be clear and careful in your thoughts. You should be willing to sacrifice an asset if the experts suggest you to do so in order to drag you out of the difficult situation.