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8% home loan scheme to stay: SBI

BS Reporter  |  Mumbai 

The country’s largest lender, State Bank of India (SBI), today said it has no plans to revise its most popular which charges 8 per cent interest for the first year.

The clarification comes amid media reports that may withdraw the scheme from November 7.

“News reports have been appearing in various newspapers across the country indicating that plans to withdraw its special home loan schemes carrying an interest rate of 8 per cent for the first year of the repayment period. has no immediate plans to revise interest rates on home loans,” the bank said.

The scheme was launched in February which other banks were forced to follow later. had extended this fixed rate scheme for auto loans too.

When launched the in February, it was applicable till April-end. However, the lender later extended the deadline to September, which was further extended with no deadline set for its closure.

First Published: Thu, November 05 2009. 00:33 IST