BoI to launch 8% home loan plan on Jan 1

State-run Bank of India was set to launch an 8 per cent home loan scheme from January 1, M Narendra, executive director of the bank said today. “We are in the process of launching such a scheme. The scheme will be open to applicants from January 1 to February 28,” he said.

A senior official of the bank said an official announcement of the scheme was being finalised and would be made in the next 2 days. Under the scheme, the bank would offer home loans at 8 per cent for the first two years, after which floating rates would be charged, the official said.