SBI freezes Home Loan Rate at 8% for one year

Breaking News! The State Bank of India has announced a unique scheme for its customers, which will freeze the interest rate on home loans at 8% for the first year. The new scheme is called, "SBI Lifestyle Loan". However, the 8% rate will be available to the extent of 10 per cent of home loans or up to a maximum of Rs 5 lakh only.

The new scheme will be applicable to the customers who will take loans during the period February 2 to April 30, 2009. The "SBI Lifestyle Loan" will apply to loans up to Rs. 5 lakh and Rs. 5 - 20 lakh.