Home loan interest rates average around three per cent as of 2024, with many loan packages inching toward four per cent in later years (usually in the fourth year or thereafter). Along with the recent switch to SORA-based loans, many homeowners have been pondering if now is the right time to find a cheaper loan package. Here’s what you need to know, before making your decision: A note on SORA conversion packages Part of the reason we’re writing this is due to the SORA conversion. SORA is the new index that will replace SIBOR, for determining home loan interest rates. At this point, you’ve likely received a letter from your bank, offering conversion packages. Note that there’s no option to stay with SIBOR, and if you do nothing, the conversion will be automatic from 1st June this year. In addition, if you do switch loans due to the transition, and are unhappy about the switch later,...