The country’s largest lender, State Bank of India (SBI), today said it has no plans to revise its most popular home loan scheme which charges 8 per cent interest for the first year.
The clarification comes amid media reports that SBI may withdraw the scheme from November 7.
“News reports have been appearing in various newspapers across the country indicating that SBI plans to withdraw its special home loan schemes carrying an interest rate of 8 per cent for the first year of the repayment period. SBI 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. SBI had extended this fixed rate scheme for auto loans too.
When SBI launched the home loan scheme 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.