Assess All Parameters

The very next crucial step for all customers is to weigh the pros cons of both the options at their disposal. You will have to calculate as to which option will be profitable for you – lowering your home loan interest by paying a conversion fee or switching banks. Both options have their ups and downs. You will have to base your calculation on various factors, like - nature of the loan (that is, fixed or floating), charges involved, difference between present and revised rates of interest, outstanding loan and balance tenure. The most decisive factor here is - fixed and floating rates.