India's largest lender State Bank of India has extended its special home loan scheme at 8 per cent interest rate by over four months to March 31, 2010, a move, which would provide relief to small home loan borrowers.
The bank, which offers the special scheme under 'My Home Campaign',
offers 8 per cent fixed interest rate for 5 years for loans up to Rs 5 lakh, with a maximum tenure of 10 years.
The scheme was originally slated to end on Saturday.
For loans above Rs 5 lakh and up to Rs 50 lakh, interest rate has been fixed at 8 per cent during the first year and 8.5 per cent during second and third years, SBI said in a statement here.
The bank is also offering SBI MaxGain, under which it offers home loan as overdraft with possibility of saving interest.
Targeting customers buying high-end properties, the bank is offering SBI Advantage Home Loan, which would carry a fixed interest rate of 8 per cent during the first year and 9 per cent during second and third years, SBI said.