Encouraged by a good market response, country's largest lender, State Bank of India has extended its 8 per cent special home loan scheme till March 31, 2010.
The bank, which offers the special scheme under 'My Home Campaign', offers 8 per cent fixed interest rate for 5 years for loans upto Rs 5-lakh, with a maxium tenure of 10-years.
For loans above Rs 5-lakh and upto 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 press release issued here.
The bank is also offering SBI MaxGain, under which it offers home loan as overdraft with possibility of saving interest.
Targetting 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.
These schemes, which were originally slated to end on November 7, help clients to know about their loan repayment obligations at low interest rates for 3 to 5 years, the bank said.
After the offer period, customers will have the option to opt for a fixed rate with a reset frequency of 5 years or floating interest rate linked to SBI's advance rate for the remaining loan term, SBI said.
SBI had launched these products in August this year for a limited period of three months.
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