SBI extends teaser home loan scheme by 3 months

Country's largest lender State Bank of India  will extend its 8 per cent concessional home loan scheme, popularly called teaser rates, by another 3 months till December. The popular home loan and car loan schemes by SBI was due to expire on September 30.

For the first year, SBI home loan is offered at 8 per cent interest rate and at 9 per cent for the second and the third year. From the fourth year onwards, home loans up to Rs 50 lakh attract 9.25 per cent interest while higher loans carry 9.75 per cent interest rate. 

At present, the scheme carries 10 per cent interest rate from the fourth year onwards. Car loan is also available at 10 per cent concessional rate.