On February 8, the Reserve Bank of India (RBI) announced a 25 basis-point (bps) hike in the repo rate to 6.50 percent, its highest level since August 2018. The central bank has hiked rates by a cumulative 250 bps since it started the rate tightening cycle since May 2022. The consecutive rate hikes are affecting individual borrowers who have taken a floating rate home loan. Given the high interest rate scenario, there are opportunities to switch lenders. The primary objective behind opting for switching is reduction in the overall interest cost on the outstanding home loan amount. Switch to a new lender even if interest rates are lower by just 35-50 bps compared to existing rates.