Rising interest rates are bound to prompt home loan borrowers to scout for cheaper loan options and new lenders. However, you can also consider moving 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 their existing borrowers an option to switch from higher interest rates to their prevalent rack rates, which are lower. This switchover comes at a price – conversion fees range from 0.25-0.5 percent of the outstanding loan, depending on the lender. Conversion allows you to avoid documentation hassles and legal or inspection fees that balance transfer to other lenders will entail.