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Rising interest rates will prompt home borrowers to look for cheaper loan options and new lenders. However, you can also consider switching to a lower interest rate offered by your existing lender. Some banks and housing finance companies such as ICICI Bank, Axis Bank and HDFC offer existing borrowers the option to switch from higher interest rates to the common shelf rate, which is lower. This transition is available at a price – the conversion fee is from 0.25-0.5 percent of the outstanding loan, depending on the lender. Conversion allows you to avoid the hassle of documentation and legal fees or checks that will transfer the balance to another lender.
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